EIN: 222813779
UEI: FCVMXQ5JM3L9
Data as of August 22, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 4, 2025. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by February 4, 2026 (200 days ago).
What is a management decision? →The Project is required by HUD to make monthly deposits to the replacement reserve in the amount prescribed by HUD. Payments for the year under audit were lower than the required deposits. Cause: The Project made monthly deposits to the replacement reserve using the previous HUD communicated amount and did not update the deposit with the new amount. Effect: The Project was not in compliance with HUD requirements regarding monthly deposits to the replacement reserve. Perspective Information: At December 31, 2024, cumulative replacement reserve account deposits were short by $6,222. Recommendation: Management should make a catch-up deposit to the reserve for replacements for $6,222. We recommend the Project strengthen procedures to ensure updates to the monthly replacement reserve deposits are made in the correct amount. View of Responsible Officials: Managing Agent concurs with the finding and agrees with the auditors' recommendation. Management made a deposit of $6,222 on June 5, 2025. No further action is required.
Show full finding ▾Hide full finding ▴US Department of Housing and Urban Development Section 207/223(f) Mortgage Insurance Program Assistance Listing No. 14.134 Criteria: The Project is required by HUD to make monthly deposits to the replacement reserve in the amount prescribed by HUD. Condition: The Project is required by HUD to make monthly deposits to the replacement reserve in the amount prescribed by HUD. Payments for the year under audit were lower than the required deposits. Cause: The Project made monthly deposits to the replacement reserve using the previous HUD communicated amount and did not update the deposit with the new amount. Effect: The Project was not in compliance with HUD requirements regarding monthly deposits to the replacement reserve. Perspective Information: At December 31, 2024, cumulative replacement reserve account deposits were short by $6,222. Recommendation: Management should make a catch-up deposit to the reserve for replacements for $6,222. We recommend the Project strengthen procedures to ensure updates to the monthly replacement reserve deposits are made in the correct amount. View of Responsible Officials: Managing Agent concurs with the finding and agrees with the auditors' recommendation. Management made a deposit of $6,222 on June 5, 2025. No further action is required.
Managing Agent concurs with the finding and agrees with the auditors' recommendation. We are working on implementing policies and procedures to ensure compliance requirements are being met in a timely manner. Management made a deposit of $6,222 on June 5, 2025. No further action is required.
FAC accepted this audit on April 30, 2023 — management decision was due October 30, 2023.
The required deposit of $2,234, per the December 31, 2021 Computation of Surplus Cash was not deposited into the Residual Receipts account in a timely manner. Cause: Managing Agent was unaware that compliance requirement was not being met as the intention was to offset HAP vouchers instead of making the deposit. Effect: Noncompliance with any part of the regulatory agreement may cause HUD to terminate assistance to the property. Perspective Information: This finding represents an isolated incident of management oversight of compliance requirements. Recommendation: We recommend that management implements a checklist of all compliance requirements, with applicable deadlines, that would be reviewed by appropriate individuals regularly, to ensure requirements are being met in a timely manner. Views of Responsible Officials: Management agrees with the finding and the auditor's recommendation. The required deposit was made on April 7, 2023. No further action required.
Show full finding ▾Hide full finding ▴FEDERAL AWARD FINDINGS AND QUESTIONED COSTS 2022-001 US Department of Housing and Urban Development Section 207/223(f) Mortgage Insurance Program Principal, CFDA 14.134. Criteria: The Regulatory Agreement with HUD states that Surplus Cash is to be deposited into the Residual Receipts account within 90 days of the fiscal year end. Condition: The required deposit of $2,234, per the December 31, 2021 Computation of Surplus Cash was not deposited into the Residual Receipts account in a timely manner. Cause: Managing Agent was unaware that compliance requirement was not being met as the intention was to offset HAP vouchers instead of making the deposit. Effect: Noncompliance with any part of the regulatory agreement may cause HUD to terminate assistance to the property. Perspective Information: This finding represents an isolated incident of management oversight of compliance requirements. Recommendation: We recommend that management implements a checklist of all compliance requirements, with applicable deadlines, that would be reviewed by appropriate individuals regularly, to ensure requirements are being met in a timely manner. Views of Responsible Officials: Management agrees with the finding and the auditor's recommendation. The required deposit was made on April 7, 2023. No further action required.
CORRECTIVE ACTION PLAN April 07, 2023 St. Matthews Housing Development, Inc. respectfully submits the following corrective action plan for the year ended December 31, 2022. Name and address of public accounting firm: Capaldi Reynolds & Pelosi 332 Tilton Road Northfield, NJ 08225 Audit period: January 1, 2022 to December 31, 2022. Contact name: Derek Pew, Managing Agent. Contact phone number: 609-646-8861 The finding from the December 31, 2022 schedule of findings and questioned costs are discussed below. FINDINGS ? FEDERAL AWARD PROGRAMS AUDITS 2022-001: The required deposit of $2,234, per the December 31, 2021 Computation of Surplus Cash was not deposited into the Residual Receipts account within 90 days after the fiscal year end. It is recommended that management implements a checklist t of all compliance requirements with its applicable deadlines that would be reviewed by appropriate individuals regularly to ensure requirements are being met in a timely manner. Action(s) taken or planned on the finding: The Executive Board and management agree with the finding and the auditor?s recommendation. We have implemented policies and procedures to ensure compliance requirements are being met in a timely manner. The required deposit to the Residual Receipts account was made on April 7, 2023. No further action required.
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