EIN: 300087390
UEI: SLX6L7EQBWN9
Data as of August 22, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on July 23, 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 January 23, 2025 (577 days ago).
What is a management decision? →The managing agent engaged for the 2023 fiscal year was unresponsive to our initial and repeated requests for information for the annual audit. No information was received until January 27, 2024, and it was incomplete with key items such as bank reconciliations and support for reserves withdrawals missing. Additionally, significant areas such as revenues and receivables could not be reconciled to the general ledger and the tenant receivable subledger detail had obvious errors. Questions arising from the planning and initial fieldwork went unanswered. Criteria: HUD requires an owner-certified statement to be submitted through the FASSUB within 90 days of year end for all properties, with an audited statement to follow within 6 months for certain properties. Due to the information not being received in a timely manner from the managing agent, neither deadline was met. Effect: The property is out of compliance with the HUD regulations. The amount of missing information and unanswered questions led the auditors to disclaim rendering an opinion on the financial statements as a whole. Context: Managing agents and their companies are charged with stewardship over the properties funds and to maintain the properties to HUD and the owner’s standards. As a condition of that engagement, the books and records are to be made available to the owners and external auditors as required by HUD. The owners received no communication from the managing agent during the year and the year end records were incomplete and the audit not concluded. Cause: The managing agent made decisions that delayed the receipt of year end information and further chose not to respond to the auditor, nor the owners or new managing agent, for any missing information or to clarify what had been received. Recommendation: A change in management company has already been made by the owners as discussed in Note 15. Views of Responsible Officials and Planned Corrective Action: Prior to the September 30, 2023, fiscal year end the ownership had already decided to engage a new management company. We believe that change will eliminate the issues noted in this report going forward.
Show full finding ▾Hide full finding ▴Condition: The managing agent engaged for the 2023 fiscal year was unresponsive to our initial and repeated requests for information for the annual audit. No information was received until January 27, 2024, and it was incomplete with key items such as bank reconciliations and support for reserves withdrawals missing. Additionally, significant areas such as revenues and receivables could not be reconciled to the general ledger and the tenant receivable subledger detail had obvious errors. Questions arising from the planning and initial fieldwork went unanswered. Criteria: HUD requires an owner-certified statement to be submitted through the FASSUB within 90 days of year end for all properties, with an audited statement to follow within 6 months for certain properties. Due to the information not being received in a timely manner from the managing agent, neither deadline was met. Effect: The property is out of compliance with the HUD regulations. The amount of missing information and unanswered questions led the auditors to disclaim rendering an opinion on the financial statements as a whole. Context: Managing agents and their companies are charged with stewardship over the properties funds and to maintain the properties to HUD and the owner’s standards. As a condition of that engagement, the books and records are to be made available to the owners and external auditors as required by HUD. The owners received no communication from the managing agent during the year and the year end records were incomplete and the audit not concluded. Cause: The managing agent made decisions that delayed the receipt of year end information and further chose not to respond to the auditor, nor the owners or new managing agent, for any missing information or to clarify what had been received. Recommendation: A change in management company has already been made by the owners as discussed in Note 15. Views of Responsible Officials and Planned Corrective Action: Prior to the September 30, 2023, fiscal year end the ownership had already decided to engage a new management company. We believe that change will eliminate the issues noted in this report going forward.
2023-001 The management company over the operations during 2023 was replaced effective November 1, 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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