EIN: 237032226
UEI: ZRGLTURHL3A3
Audited by: CliftonLarsonAllen LLP
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on May 26, 2026. 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 November 26, 2026 (88 days from today).
What is a management decision? →During our testing, we noted that First Rising Mount Zion Baptist Church Housing Corporation, Inc. failed to make the 50% required deposit of surplus cash that was calculated in the 2024 audited financial statements within the 90-day time frame prescribed by HUD. Questioned costs: None. Context: Tested deposit to residual receipt account. Cause: Administrative error. Effect: The residual receipts account is not in compliance with HUD Residual Receipts Provisions and is underfunded. Repeat Finding: No Recommendation: We recommend that First Rising Mount Zion Baptist Church Housing Corporation, Inc. design and implement controls to prevent non-compliance with HUD requirements surrounding surplus cash deposits such as recalculating surplus cash at the end of the year after all transactions have been posted. Views of responsible officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Section 221(d)(3) Insured Mortgage Assistance Listing Number: 14.135 Award Period: January 1, 2025 to December 31, 2025 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Per HUD requirements, 50% of surplus cash calculated in the prior year must be deposited into a separate residual receipts account within 90 days of year end. The other 50% is applied to the HUD retrofit loan. Condition: During our testing, we noted that First Rising Mount Zion Baptist Church Housing Corporation, Inc. failed to make the 50% required deposit of surplus cash that was calculated in the 2024 audited financial statements within the 90-day time frame prescribed by HUD. Questioned costs: None. Context: Tested deposit to residual receipt account. Cause: Administrative error. Effect: The residual receipts account is not in compliance with HUD Residual Receipts Provisions and is underfunded. Repeat Finding: No Recommendation: We recommend that First Rising Mount Zion Baptist Church Housing Corporation, Inc. design and implement controls to prevent non-compliance with HUD requirements surrounding surplus cash deposits such as recalculating surplus cash at the end of the year after all transactions have been posted. Views of responsible officials: There is no disagreement with the audit finding.
Recommendation: We recommend that First Rising Mount Zion Baptist Church Housing Corporation, Inc. design and implement controls to prevent non-compliance with HUD requirements surrounding surplus cash deposits such as recalculating surplus cash at the end of the year after all transactions have been posted. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: First Rising Mount Zion Baptist Church Housing Corporation, Inc. T/A Gibson Plaza Apartments will implement enhanced internal controls to ensure compliance with HUD requirements related to surplus cash calculations and deposits. Specifically: - Management will perform a final recalculation of surplus cash at year-end after all accounting transactions have been recorded and reviewed. - A standardized checklist will be developed and utilized to ensure that all required steps in the surplus cash calculation process are completed accurately. - The surplus cash calculation will be reviewed and approved by a secondary individual independent of the preparer to ensure accuracy and compliance. Name(s) of the contact person(s) responsible for corrective action: Asa Ewings Planned completion date for corrective action plan: 5/31/2026
FAC accepted this audit on April 24, 2025 — management decision was due October 24, 2025.
FAC accepted this audit on July 11, 2024 — management decision was due January 11, 2025.
FAC accepted this audit on August 18, 2023 — management decision was due February 18, 2024.
FAC accepted this audit on August 17, 2022 — management decision was due February 17, 2023.
FAC accepted this audit on August 8, 2021 — management decision was due February 8, 2022.
FAC accepted this audit on September 24, 2020 — management decision was due March 24, 2021.
FAC accepted this audit on September 29, 2019 — management decision was due March 29, 2020.
FAC accepted this audit on September 16, 2018 — management decision was due March 16, 2019.
FAC accepted this audit on September 27, 2017 — management decision was due March 27, 2018.
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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