EIN: 223095974
UEI: RG5FVNUM7SB1
Data as of August 26, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on October 21, 2024. 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 April 21, 2025 (493 days ago).
What is a management decision? →The replacement reserve account was underfunded by $4,000. Context: The Project received a budget-based rent increase adjustment letter from HUD stating that the required replacement reserve deposit amount will be increasing from $1,350 to $1,850 effective November 10, 2023. The Project did not increase the reserve deposits to the new required amounts before year end. Therefore, the replacement reserve account was underfunded by $4,000 at year end. Cause: The required replacement reserve deposits were not increased to $1,850 per month effective November 10, 2023. This left the replacement reserve account underfunded by $4,000. Effect: Insufficient funds in the replacement reserve account could lead to the inability to cover necessary repairs and replacements, potentially affecting the quality and safety of the housing provided. Recommendation: The Project should review its budgeting process to ensure compliance with HUD funding requirements for the replacement reserve account. Additionally, they should implement regular monitoring to prevent future underfunding. Views of responsible officials: In July 2024 management identified the increase in the monthly deposits and made a deposit in July 2024 to the replacement reserve cash account for the deficiency.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Section 811 Project Rental Assistance Payments and Section 811 Capital Advances Assistance Listing Number: 14.181 Award Period: July 1, 2023 – June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: According to HUD regulations, Nonprofit Organizations are required to maintain a certain level of funding in their replacement reserve accounts to ensure the availability of funds for future repairs and replacements. Condition: The replacement reserve account was underfunded by $4,000. Context: The Project received a budget-based rent increase adjustment letter from HUD stating that the required replacement reserve deposit amount will be increasing from $1,350 to $1,850 effective November 10, 2023. The Project did not increase the reserve deposits to the new required amounts before year end. Therefore, the replacement reserve account was underfunded by $4,000 at year end. Cause: The required replacement reserve deposits were not increased to $1,850 per month effective November 10, 2023. This left the replacement reserve account underfunded by $4,000. Effect: Insufficient funds in the replacement reserve account could lead to the inability to cover necessary repairs and replacements, potentially affecting the quality and safety of the housing provided. Recommendation: The Project should review its budgeting process to ensure compliance with HUD funding requirements for the replacement reserve account. Additionally, they should implement regular monitoring to prevent future underfunding. Views of responsible officials: In July 2024 management identified the increase in the monthly deposits and made a deposit in July 2024 to the replacement reserve cash account for the deficiency.
2024-001 Underfunding of the replacement reserve account. Recommendation: The Project should review its budgeting process to ensure compliance with HUD funding requirements for the replacement reserve account. Additionality, they should implement regular monitoring to prevent future underfunding. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: In July 2024 management identified the increase in monthly deposits and made a deposit in July 2024 to the replacement reserve cash account for the deficiency. Name(s) of the contact person(s) responsible for corrective action: David Bishop, CEO and President Planned completion date for corrective action plan: July 2024. If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call David Bishop at 973-763-9900.
FAC accepted this audit on October 16, 2022 — management decision was due April 16, 2023.
See Schedule of Findings and Questioned Costs for chart/table.
Show full finding ▾Hide full finding ▴See Schedule of Findings and Questioned Costs for chart/table.
See Corrective Action Plan for chart/table.
See Schedule of Findings and Questioned Costs for chart/table.
Show full finding ▾Hide full finding ▴See Schedule of Findings and Questioned Costs for chart/table.
See Corrective Action Plan for chart/table.
FAC accepted this audit on June 12, 2019 — management decision was due December 12, 2019.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and compliance status.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.