EIN: 264314165
UEI: GSA_MIGRATION
Data as of August 27, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 21, 2021. 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 21, 2022 (1529 days ago).
What is a management decision? →Management distributed funds before surplus cash was demonstrated at the end of the annual and semi-annual fiscal periods. Criteria: In accordance with HUD guidelines and requirements regarding the Section 232 Insured Mortgage, distributions may only be made after the end of any annual or semi-annual fiscal period, and when positive surplus cash is demonstrated. Effect: Noncompliance with HUD program guidelines. Cause: Management did not follow the established policies or HUD regulations because of the timing of when they believed surplus cash was available. Recommendation: We recommend that management review the regulatory agreement of how surplus cash is calculated and timing of when a distribution is allowed. Management should ensure if net positive surplus is calculated it is only distributed at annual or semi-annual intervals. No deemed questioned costs because there was a net increase in funds contributed during the year. Auditor non-compliance code: Z-other Amount of questioned costs: $0.00 Reporting views of responsible officials: Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals. Concur or Do Not Concur with this finding: Concur Auditor's summary of the auditee's comments on the findings Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals.
Show full finding ▾Hide full finding ▴Finding No. 2020-1: Finding Resolution Status: Not resolved Information on Universe Population: Not applicable Statement of Condition: Management distributed funds before surplus cash was demonstrated at the end of the annual and semi-annual fiscal periods. Criteria: In accordance with HUD guidelines and requirements regarding the Section 232 Insured Mortgage, distributions may only be made after the end of any annual or semi-annual fiscal period, and when positive surplus cash is demonstrated. Effect: Noncompliance with HUD program guidelines. Cause: Management did not follow the established policies or HUD regulations because of the timing of when they believed surplus cash was available. Recommendation: We recommend that management review the regulatory agreement of how surplus cash is calculated and timing of when a distribution is allowed. Management should ensure if net positive surplus is calculated it is only distributed at annual or semi-annual intervals. No deemed questioned costs because there was a net increase in funds contributed during the year. Auditor non-compliance code: Z-other Amount of questioned costs: $0.00 Reporting views of responsible officials: Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals. Concur or Do Not Concur with this finding: Concur Auditor's summary of the auditee's comments on the findings Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals.
CORRECTIVE ACTION PLAN ? Not-for-profit Entity Project Legal Name: RMC Property Holdings, LLC HUD Project No.: 105-43079 Audit Firm: WSRP, LLC Period covered by the audit: Year Ended December 31, 2020 Corrective Action Plan prepared by: Name: LaMar Bangerter Position: CFO of Managing Entity Telephone Number: (801) 397-4051 1. Finding 2019-1 a. Current Findings on Schedule of Findings, Questioned Costs and Recommendations. During the year ended December 31, 2020, management distributed funds before surplus cash was demonstrated at the end of the annual and semi-annual fiscal periods. In accordance with HUD guidelines and requirements regarding the Section 232 Insured Mortgage, distributions may only be made after the end of any annual or semi-annual fiscal period, and when positive surplus cash is demonstrated. b. Actions Planned on the Finding. During the year, excess cash was distributed from the Project to pay for expenses incurred by the parent on behalf of the project as well as the Parent?s own operating expenses. Management was informed of restrictions on distributing excess cash to the parent and returned all distributions to the project prior to year-end. As of the end of 2020, management has put into effect cash handling polices that prohibit distributions from the project except as allowed under the Section 232 guidelines and at semi-annual intervals.
2019-001
FAC accepted this audit on October 11, 2020 — management decision was due April 11, 2021.
Management distributed funds before surplus cash was demonstrated at the end of the annual and semi-annual fiscal periods. Criteria: In accordance with HUD guidelines and requirements regarding the Section 232 Insured Mortgage, distributions may only be made after the end of any annual or semi-annual fiscal period, and when positive surplus cash is demonstrated. Effect: Noncompliance with HUD program guidelines. Cause: Management did not follow the established policies or HUD regulations because of the timing of when they believed surplus cash was available. Recommendation: We recommend that management review the regulatory agreement of how surplus cash is calculated and timing of when a distribution is allowed. Management should ensure if net positive surplus is calculated it is only distributed at annual or semi-annual intervals. No deemed questioned costs because there was a small net increase in funds contributed during the year. Auditor non-compliance code: H - Unathorized distribution of project assets Amount of questioned costs: $0.00 Reporting views of responsible officials: Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals. Concur or Do Not Concur with this finding: Concur Auditor's summary of the auditee's comments on the findings Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals.
Show full finding ▾Hide full finding ▴SECTION III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS Finding No. 2019-1: Finding Resolution Status: Not resolved Information on Universe Population: Not applicable Statement of Condition: Management distributed funds before surplus cash was demonstrated at the end of the annual and semi-annual fiscal periods. Criteria: In accordance with HUD guidelines and requirements regarding the Section 232 Insured Mortgage, distributions may only be made after the end of any annual or semi-annual fiscal period, and when positive surplus cash is demonstrated. Effect: Noncompliance with HUD program guidelines. Cause: Management did not follow the established policies or HUD regulations because of the timing of when they believed surplus cash was available. Recommendation: We recommend that management review the regulatory agreement of how surplus cash is calculated and timing of when a distribution is allowed. Management should ensure if net positive surplus is calculated it is only distributed at annual or semi-annual intervals. No deemed questioned costs because there was a small net increase in funds contributed during the year. Auditor non-compliance code: H - Unathorized distribution of project assets Amount of questioned costs: $0.00 Reporting views of responsible officials: Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals. Concur or Do Not Concur with this finding: Concur Auditor's summary of the auditee's comments on the findings Management has reviewed the loan requirements and will ensure that excess cash will not be pulled from the Project except as allowed under the Section 232 guidelines and at annual or semi-annual intervals.
Management was informed of restrictions on distributing excess cash to the parent and returned all distributions to the project prior to year-end. As of May 2020, management has put into effect cash handling polices that prohibit distributions from the project except as allowed under the Section 232 guidelines and at semi-annual intervals.
FAC accepted this audit on September 29, 2019 — management decision was due March 29, 2020.
GSA_MIGRATION
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GSA_MIGRATION
2017-001
FAC accepted this audit on October 1, 2018 — management decision was due April 1, 2019.
GSA_MIGRATION
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GSA_MIGRATION
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