EIN: 263697620
UEI: RJMFKN2XSGW8
Audited by: CBIZ CPAs P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 14, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 13, 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 May 13, 2025 (490 days ago).
What is a management decision? →Replacement reserve deposits in the amount of $2,878 as of June 30, 2024, were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2022 and 2023, as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditors’ Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs: $0 Reporting Views of Responsible Officials: The Company will make the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditors’ Summary of Auditee’s Comments on the Findings and Recommendations: Auditee agreed with auditors’ findings. Response Indicator: Accepted Completion Date: Open Response: Management will fund the delinquent amount as soon as possible. Contact Person: Lauren Rodriguez
Show full finding ▾Hide full finding ▴Criteria: Pursuant to the Regulatory Agreement, monthly deposits to a reserve for replacement account must be made in the amount established by HUD. Statement of Condition: Replacement reserve deposits in the amount of $2,878 as of June 30, 2024, were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2022 and 2023, as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditors’ Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs: $0 Reporting Views of Responsible Officials: The Company will make the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditors’ Summary of Auditee’s Comments on the Findings and Recommendations: Auditee agreed with auditors’ findings. Response Indicator: Accepted Completion Date: Open Response: Management will fund the delinquent amount as soon as possible. Contact Person: Lauren Rodriguez
Findings - Financial Statement Audit: None Findings - Federal Award Programs Audit: U.S. Department of Housing and Urban Development Finding 2024-001: Section 223(f) Loan Program, CFDA 14.155 Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Action Taken: Management will fund delinquent deposit amount as soon as possible.
2023-001
FAC accepted this audit on October 31, 2023 — management decision was due May 1, 2024.
Replacement reserve deposits in the amount of $1,612 as of June 30, 2023, were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2021 and 2022, as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditor’s Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs: $0 Reporting Views of Responsible Officials: The Company will make the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditor’s Summary of Auditee’s Comments on the Findings and Recommendations: Auditee agreed with auditor’s findings. Response Indicator: Accepted Completion Date: Open Response: Management will fund the delinquent deposit amount as soon as possible. Contact Person: Rod Ludwig
Show full finding ▾Hide full finding ▴Criteria: Pursuant to the Regulatory Agreement, monthly deposits to a reserve for replacement account must be made in the amount established by HUD. Statement of Condition: Replacement reserve deposits in the amount of $1,612 as of June 30, 2023, were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2021 and 2022, as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditor’s Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs: $0 Reporting Views of Responsible Officials: The Company will make the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditor’s Summary of Auditee’s Comments on the Findings and Recommendations: Auditee agreed with auditor’s findings. Response Indicator: Accepted Completion Date: Open Response: Management will fund the delinquent deposit amount as soon as possible. Contact Person: Rod Ludwig
Findings - Financial Statement Audit: None Findings - Federal Award Programs Audit: U.S. Department of Housing and Urban Development Finding 2023-001: Section 223(f) Loan Program, CFDA 14.155 Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Action Taken: Management will make the required replacement reserve deposits as soon as possible and will ensure compliance in the future.
2022-001
FAC accepted this audit on December 8, 2022 — management decision was due June 8, 2023.
Replacement reserve deposits in the amount of $581 as of June 30, 2022 were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2021 as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditor?s Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs: $-0- Reporting Views of Responsible Officials: The Company will make the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Auditee agreed with auditor?s findings. Response Indicator: Accepted Completion Date: Open Response: Management will fund the delinquent deposit amount as soon as possible. Contact Person: Rod Ludwig
Show full finding ▾Hide full finding ▴Section 223(f) Loan Program, CFDA 14.155 Finding# 2022-001 Criteria: Pursuant to the Regulatory Agreement, monthly deposits to a reserve for replacement account must be made in the amount established by HUD. Statement of Condition: Replacement reserve deposits in the amount of $581 as of June 30, 2022 were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2021 as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditor?s Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs: $-0- Reporting Views of Responsible Officials: The Company will make the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Auditee agreed with auditor?s findings. Response Indicator: Accepted Completion Date: Open Response: Management will fund the delinquent deposit amount as soon as possible. Contact Person: Rod Ludwig
CORRECTIVE ACTION PLAN October 11, 2022 U.S. Department of Housing and Urban Development Multifamily Midwest Region Chicago Regional Center 77 West Jackson Boulevard Chicago, IL 60604 Kenwood Place I, Inc. respectfully submits the following corrective action plan for the year ended June 30, 2022. Name and address of independent public accounting firm: Somerset CPAs, P.C. 3925 River Crossing Pkwv, Suite 100, Indianapolis, IN 46240 Audit period: Year ended June 30, 2022 The findings from the June 30, 2022 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the number assigned in the schedule. Section A of the schedule, Summary of Audit Results, does not include findings and is not addressed. Findings - Financial Statement Audit: None Findings - Federal Award Programs Audit: U.S. Department of Housing and Urban Development Finding 2022-001: Section 223(f) Loan Program, CFDA 14.155 Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Action Taken: Management will make the required replacement reserve deposits as soon as possible and will ensure compliance in the future. If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call Rod Ludwig at 574-968-9267. Sincerely yours, Rod Ludwig Bradley Company (Management Agent) Senior Managing Director
2021-001
FAC accepted this audit on October 5, 2021 — management decision was due April 5, 2022.
Replacement reserve deposits in the amount of $518 as of June 30, 2021 were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2020 as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditor?s Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs $-0- Reporting Views of Responsible Officials: The Company made the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Auditee agreed with auditor?s findings. Response Indicator Accepted Completion Date Open Response: Management will fund the delinquent deposit amount as soon as possible. Contact Person John Mullins
Show full finding ▾Hide full finding ▴Section 223(f) Loan Program, CFDA 14.155 Finding# 2021-001 Criteria: Pursuant to the Regulatory Agreement, monthly deposits to a reserve for replacement account must be made in the amount established by HUD. Statement of Condition: Replacement reserve deposits in the amount of $518 as of June 30, 2021 were not deposited into the account as required by the Regulatory Agreement. Cause: The mortgage servicer did not increase the monthly billings for replacement reserves on December 1, 2020 as required by HUD. The Company failed to notice and correct this oversight. Effect: The Company was not in compliance with the Regulatory Agreement relative to the required replacement reserve deposits. Auditor?s Non-Compliance Code: B - Owners must deposit replacement reserves monthly in the amount prescribed by HUD. Amount of Questioned Costs $-0- Reporting Views of Responsible Officials: The Company made the delinquent deposit subsequent to year end. Context: This was not a sampling audit procedure. Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Auditee agreed with auditor?s findings. Response Indicator Accepted Completion Date Open Response: Management will fund the delinquent deposit amount as soon as possible. Contact Person John Mullins
Kenwood Place I, Inc. 3755 East 82nd Street, Suite 230, Indianapolis, IN 46240 CORRECTIVE ACTION PLAN September 14, 2021 U.S. Department of Housing and Urban Development Multifamily Midwest Region Chicago Regional Center 77 West Jackson Boulevard Chicago, IL 60604 Kenwood Place I, Inc. respectfully submits the following corrective action plan for the year ended June 30, 2021. Name and address of independent public accounting firm: Somerset CPAs, P.C. 3925 River Crossing Pkwv, Suite 100, Indianapolis, IN 46240 Audit period: Year ended June 30, 2021 The findings from the June 30, 2021 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the number assigned in the schedule. Section A of the schedule, Summary of Audit Results, does not include findings and is not addressed. Findings - Financial Statement Audit: None Findings - Federal Award Programs Audit: U.S. Department of Housing and Urban Development Finding 2021-001: Section 223(f) Loan Program, CFDA 14.155 Recommendation: Make the required delinquent deposit to the replacement reserve account and ensure that all future deposits are made as required by the Regulatory Agreement. Action Taken: Management will make the required replacement reserve deposits as soon as possible and will ensure compliance in the future. If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call John Mullins at 317-845-4171. Sincerely yours, John Mullins, CFO
FAC accepted this audit on October 18, 2020 — management decision was due April 18, 2021.
FAC accepted this audit on September 19, 2019 — management decision was due March 19, 2020.
FAC accepted this audit on March 29, 2019 — management decision was due September 29, 2019.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on September 18, 2017 — management decision was due March 18, 2018.
FAC accepted this audit on September 20, 2016 — management decision was due March 20, 2017.
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