EIN: 261738122
UEI: K3BADDTM58B5
Audit also covers 4 related EINs: 331533743, 392355408, 392363673, 862301071 · unlinked EINs have no separate FAC filing
Audited by: SORREN CPAS P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 20, 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 October 20, 2026 (47 days from today).
What is a management decision? →IDAHO HOUSING AND FINANCE ASSOCIATION ADMINISTRATIVE PLAN AND OMB COMPLIANCE SUPPLEMENT REQUIRES ORGANIZATION’S TO ANNUALLY RECERTIFY TENANT ELIGIBILITY, WHICH MUST OCCUR NO LATER THAN ONE YEAR FROM THE EFFECTIVE DATE OF THE PRIOR RECERTIFICATION. THE ORGANIZATION DID NOT COMPLETE THE RECERTIFICATION WITHIN ONE YEAR OF THE EFFECTIVE DATE OF THE PREVIOUS RECERTIFICATION FOR CERTAIN TENANTS.
Show full finding ▾Hide full finding ▴IDAHO HOUSING AND FINANCE ASSOCIATION ADMINISTRATIVE PLAN AND OMB COMPLIANCE SUPPLEMENT REQUIRES ORGANIZATION’S TO ANNUALLY RECERTIFY TENANT ELIGIBILITY, WHICH MUST OCCUR NO LATER THAN ONE YEAR FROM THE EFFECTIVE DATE OF THE PRIOR RECERTIFICATION. THE ORGANIZATION DID NOT COMPLETE THE RECERTIFICATION WITHIN ONE YEAR OF THE EFFECTIVE DATE OF THE PREVIOUS RECERTIFICATION FOR CERTAIN TENANTS.
PRIOR TO THE COMPLETION OF THE AUDIT, ALL CERTIFICATIONS WERE COMPLETED AND NO ISSUES FOUND IN THE SUBSEQUENTLY COMPLETED LATE RECERTIFICATIONS. WE HAVE INSPECTED FILES AND VERIFIED THAT ANNUAL INCOME RECERTIFICATIONS HAVE BEEN COMPLETED FOR HTF, HOME AND NSP PROPERTIES EXCLUSIVELY OWNED BY LEAP CHARITIES, INC. MANAGEMENT HAS TAKEN CORRECTIVE ACTIONS TO CREATE QUALITY ASSURANCE CHECKPOINTS THAT REDUCE THE LIKELIHOOD OF LATE RECERTIFICATIONS OF INCOME IN THE FUTURE. SPECIFIC INTERVENTIONS ALREADY IMPLEMENTED INCLUDE THE USE OF PROPERTY MANAGEMENT SOFTWARE THAT PROVIDES AUTOMATIC REMINDERS RELATED TO INCOME COMPLIANCE REQUIREMENTS, STAFF TRAINING, AND INTERNAL COMPLIANCE DEPARTMENT REVIEWS. MANAGEMENT IS ADDITIONALLY SEEKING EXTERNAL COMPLIANCE REVIEWS. WE HAVE COMPLETED ALL RECERTIFICATIONS AS OF FEBRUARY 20, 2026. WE HAVE COMPLETED IMPLEMENTATION OF NEW SOFTWARE THAT PROVIDES REMINDERS FOR COMPLIANCE DEADLINES PER INDIVIDUAL HOMEOWNER. INTERNAL COMPLIANCE DEPARTMENT REVIEWS WERE IMPLEMENTED STARTING IN MARCH 2026. WE EXPECT ADDITIONAL STAFF TRAINING TO OCCUR BY APRIL 30, 2026. WE EXPECT TO ENGAGE AN EXTERNAL COMPLIANCE REVIEW ORGANIZATION BY JUNE 2026.
FAC accepted this audit on May 7, 2025 — management decision was due November 7, 2025.
FAC accepted this audit on May 3, 2024 — management decision was due November 3, 2024.
FAC accepted this audit on June 28, 2023 — management decision was due December 28, 2023.
The Organization did not complete and submit its single audit within nine months after the end of the audit period. Cause: The Organization does not have a proper internal control structure in place to complete its single audit requirement in a timely manner. Effect: Users of the financial statements do not have timely access to the Organization?s financial information. Questioned Costs: None. Recommendation: Management should develop a review process to ensure that the financial information is recorded appropriately in accordance with generally accepted accounting principles, is properly reconciled and recorded at year-end in a timely manner, and audits are completed in a timely manner in accordance with 2 CFR Section 200.512. Views of Responsible Officials: Management will work to develop the proper procedures to ensure that balances are appropriately reconciled at year-end and recorded in accordance with generally accepted accounting principles, so the reporting requirements in 2 CFR Section 200.512 are met.
Show full finding ▾Hide full finding ▴Criteria: 2 CFR Section 200.512 (a)(1) states that LEAP Charities, Inc.?s single audit must be completed and the data collection form must be submitted nine months after the end of the audit period. Condition: The Organization did not complete and submit its single audit within nine months after the end of the audit period. Cause: The Organization does not have a proper internal control structure in place to complete its single audit requirement in a timely manner. Effect: Users of the financial statements do not have timely access to the Organization?s financial information. Questioned Costs: None. Recommendation: Management should develop a review process to ensure that the financial information is recorded appropriately in accordance with generally accepted accounting principles, is properly reconciled and recorded at year-end in a timely manner, and audits are completed in a timely manner in accordance with 2 CFR Section 200.512. Views of Responsible Officials: Management will work to develop the proper procedures to ensure that balances are appropriately reconciled at year-end and recorded in accordance with generally accepted accounting principles, so the reporting requirements in 2 CFR Section 200.512 are met.
The Organization started its remediation of its accounting closing processes during 2021. As a part of the Organization?s remediation they hired an external consultant to provide chief financial officer/controller level services over the Organization?s accounting and financial processes. Timely and accurate accounting records will ensure the timely completion of future reporting requirements for the Organization.
2021-002
FAC accepted this audit on June 8, 2023 — management decision was due December 8, 2023.
The Organization did not complete and submit its single audit within nine months after the end of the audit period. Cause: The Organization does not have a proper internal control structure in place to complete its single audit requirement in a timely manner. Effect: Users of the financial statements do not have timely access to the Organization?s financial information. Questioned Costs: None. Recommendation: Management should develop a review process to ensure that the financial information is recorded appropriately in accordance with generally accepted accounting principles, is properly reconciled and recorded at year-end in a timely manner, and audits are completed in a timely manner in accordance with 2 CFR Section 200.512. Views of Responsible Officials: Management will work to develop the proper procedures to ensure that balances are appropriately reconciled at year-end and recorded in accordance with generally accepted accounting principles, so the reporting requirements in 2 CFR Section 200.512 are met.
Show full finding ▾Hide full finding ▴Criteria: 2 CFR Section 200.512 (a)(1) states that LEAP Charities, Inc.?s single audit must be completed and the data collection form must be submitted nine months after the end of the audit period. Condition: The Organization did not complete and submit its single audit within nine months after the end of the audit period. Cause: The Organization does not have a proper internal control structure in place to complete its single audit requirement in a timely manner. Effect: Users of the financial statements do not have timely access to the Organization?s financial information. Questioned Costs: None. Recommendation: Management should develop a review process to ensure that the financial information is recorded appropriately in accordance with generally accepted accounting principles, is properly reconciled and recorded at year-end in a timely manner, and audits are completed in a timely manner in accordance with 2 CFR Section 200.512. Views of Responsible Officials: Management will work to develop the proper procedures to ensure that balances are appropriately reconciled at year-end and recorded in accordance with generally accepted accounting principles, so the reporting requirements in 2 CFR Section 200.512 are met.
In response to the finding labeled 2021-002, LEAP has improved its processes to close year-end books in a timely manner and produce financial statements in a manner that accommodates a single audit filing within published timeframes. The 2020 single audit was LEAP?s first single audit. The first audit requires the creation of new systems and procedures. Successive audits are now able to follow this preset pattern. In preparation for the 2022 single audit, LEAP scheduled its field work with the auditor during the first week of May 2023. Previous to the field work, the audit team and LEAP met in person and virtually several times. This level of collaboration sets up the audit team to complete its general audit in Summer 2023. Subsequently, the Single Audit for 2022 should be completed prior to the 2023 deadline in September.
FAC accepted this audit on March 9, 2023 — management decision was due September 9, 2023.
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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