EIN: 232097233
UEI: G6R1N4K5UN78
Audited by: WithumSmith+Brown P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 5, 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 June 5, 2026 (100 days ago).
What is a management decision? →Section 3 - Major Federal Awards Findings and Questioned Costs Finding No.: 2024-002: Failure to Make the Required Residual Receipt Deposit Timely Information on the Federal Program: U.S. Housing of Urban Development (HUD) -14.155 Mortgage Insurance for the Purchase or Refinance of Existing Multi-Family Housing Projects; January 1, 2024 – December 31, 2024 Finding Type: Significant Deficiency Criteria: Per the regulatory agreement, the Organization must calculate surplus cash as of the last day of the fiscal year. Surplus cash is required to be deposited within 90 days after the close of the fiscal year. Condition and Context: Based on the testing performed, the Organization did not deposit the required residual receipts deposit of $107,801 within 90 days after the close of the fiscal year. Cause: The Organization had significant turnover in its finance department and did not make the necessary deposit. Effect or Potential Effect: The required deposit was not timely made on a timely basis. Questioned Costs: $107,801 Recommendation: The Organization should ensure that amounts due to residual receipts are made as soon as possible and should implement controls to ensure compliance with the required deposit timing. Management’s Response: Management will initiate controls to ensure that the funds from the calculation of the prior year surplus cash calculation are deposited in the residual receipts reserve for the year ending December 31, 2025. Planned Implementation Date of Corrective Action: September 2025 Person Responsible for Corrective Action: David Fazio, Director of Finance
Show full finding ▾Hide full finding ▴Section 3 - Major Federal Awards Findings and Questioned Costs Finding No.: 2024-002: Failure to Make the Required Residual Receipt Deposit Timely Information on the Federal Program: U.S. Housing of Urban Development (HUD) -14.155 Mortgage Insurance for the Purchase or Refinance of Existing Multi-Family Housing Projects; January 1, 2024 – December 31, 2024 Finding Type: Significant Deficiency Criteria: Per the regulatory agreement, the Organization must calculate surplus cash as of the last day of the fiscal year. Surplus cash is required to be deposited within 90 days after the close of the fiscal year. Condition and Context: Based on the testing performed, the Organization did not deposit the required residual receipts deposit of $107,801 within 90 days after the close of the fiscal year. Cause: The Organization had significant turnover in its finance department and did not make the necessary deposit. Effect or Potential Effect: The required deposit was not timely made on a timely basis. Questioned Costs: $107,801 Recommendation: The Organization should ensure that amounts due to residual receipts are made as soon as possible and should implement controls to ensure compliance with the required deposit timing. Management’s Response: Management will initiate controls to ensure that the funds from the calculation of the prior year surplus cash calculation are deposited in the residual receipts reserve for the year ending December 31, 2025. Planned Implementation Date of Corrective Action: September 2025 Person Responsible for Corrective Action: David Fazio, Director of Finance
Management’s Response: Management will initiate controls to ensure that the funds from the calculation of the prior year surplus cash calculation are deposited in the residual receipts reserve for the year ending December 31, 2025.
FAC accepted this audit on July 24, 2024 — management decision was due January 24, 2025.
FAC accepted this audit on September 28, 2023 — management decision was due March 28, 2024.
FAC accepted this audit on August 25, 2022 — management decision was due February 25, 2023.
FAC accepted this audit on April 13, 2021 — management decision was due October 13, 2021.
FAC accepted this audit on April 20, 2020 — management decision was due October 20, 2020.
FAC accepted this audit on April 15, 2019 — management decision was due October 15, 2019.
FAC accepted this audit on April 19, 2018 — management decision was due October 19, 2018.
FAC accepted this audit on April 25, 2017 — management decision was due October 25, 2017.
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.
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