EIN: 300143523
UEI: FYSMWCNSHL37
Audited by: Maddox & Associates, APC
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 January 5, 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 July 5, 2026 (60 days ago).
What is a management decision? →FAC accepted this audit on October 7, 2024 — management decision was due April 7, 2025.
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $292.
Show full finding ▾Hide full finding ▴REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $292.
MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDED. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.
2023-001
FINANCIAL STATEMENTS WERE NOT FILED WITH HUD BY THE 90 DAY DEADLINE.
Show full finding ▾Hide full finding ▴FINANCIAL STATEMENTS WERE NOT FILED WITH HUD BY THE 90 DAY DEADLINE.
MANAGEMENT AGREES WITH THE FINDING. THE FINANCIAL STATEMENTS WERE SUBMITTED TO HUD ON AUGUST 16, 2024.
FAC accepted this audit on August 27, 2024 — management decision was due February 27, 2025.
Required monthly deposits to the replacement reserve are deficient in the amount of $1,500.
Show full finding ▾Hide full finding ▴Required monthly deposits to the replacement reserve are deficient in the amount of $1,500.
Management agrees with the finding. The replacement reserve deficiency will be funded. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
2022-001
FAC accepted this audit on November 30, 2022 — management decision was due May 30, 2023.
Finding No. 2022-1 Statement of Condition During the year ended June 30, 2022, the project did not make the required monthly deposits to the replacement reserve in the amount of $3,000. Criteria The regulatory agreement requires that the project make monthly deposits to its replacement reserve in the amount of $1,000. Cause Insufficient cash flow caused the replacement reserve to be underfunded. Questioned Costs $3,000 Effect Failure to make monthly payments resulted in an underfunding the replacement reserve and a violation of the regulatory agreement. Auditor Noncompliance Code N ? Reserve for replacements deposits Recommendations Management should ensure all monthly required deposits to the replacement reserve are made in a timely manner. Views of Responsible Officials Management agrees with the finding and has requested approval from HUD to withdraw funds from the residual receipts reserve to fund current deficits. As disclosed in Note 13, the Trustees are working on replacing the current Board Members of the Corporation.
Show full finding ▾Hide full finding ▴Finding No. 2022-1 Statement of Condition During the year ended June 30, 2022, the project did not make the required monthly deposits to the replacement reserve in the amount of $3,000. Criteria The regulatory agreement requires that the project make monthly deposits to its replacement reserve in the amount of $1,000. Cause Insufficient cash flow caused the replacement reserve to be underfunded. Questioned Costs $3,000 Effect Failure to make monthly payments resulted in an underfunding the replacement reserve and a violation of the regulatory agreement. Auditor Noncompliance Code N ? Reserve for replacements deposits Recommendations Management should ensure all monthly required deposits to the replacement reserve are made in a timely manner. Views of Responsible Officials Management agrees with the finding and has requested approval from HUD to withdraw funds from the residual receipts reserve to fund current deficits. As disclosed in Note 13, the Trustees are working on replacing the current Board Members of the Corporation.
Statement of Condition During the year ended June 30, 2022, the project did not make the required monthly deposits to the replacement reserve in the amount of $3,000. Views of Responsible Officials Management agrees with the finding and has requested approval from HUD to withdraw funds from the residual receipts reserve to fund current deficits. As disclosed in Note 13, the Trustees are working on replacing the current Board Members of the Corporation. Contact Person Responsible: Tom Farris, Director of Accounting and Finance
FAC accepted this audit on November 9, 2021 — management decision was due May 9, 2022.
Statement of Condition As of June 30, 2021, the security deposit cash account is underfunded compared to the security deposit liability by $186. Criteria The terms of the Regulatory Agreement require that the security deposit cash account meet or exceed the total security deposit liability. Cause An administrative oversight in the funding of the security deposit cash account caused the deficiency. Questioned Costs $186 Effect The security deposit cash account was underfunded and therefore considered to be questioned costs. Auditor Noncompliance Code M - Security Deposits Recommendations Management should deposit $186 into the security deposit cash account to cover the deficiency. Views of Responsible Officials Management agrees with the finding and deposited the required amount into the security deposit cash account on July 30, 2021.
Show full finding ▾Hide full finding ▴Statement of Condition As of June 30, 2021, the security deposit cash account is underfunded compared to the security deposit liability by $186. Criteria The terms of the Regulatory Agreement require that the security deposit cash account meet or exceed the total security deposit liability. Cause An administrative oversight in the funding of the security deposit cash account caused the deficiency. Questioned Costs $186 Effect The security deposit cash account was underfunded and therefore considered to be questioned costs. Auditor Noncompliance Code M - Security Deposits Recommendations Management should deposit $186 into the security deposit cash account to cover the deficiency. Views of Responsible Officials Management agrees with the finding and deposited the required amount into the security deposit cash account on July 30, 2021.
Statement of Condition: As of June 30, 2021, the security deposit cash account is underfunded compared to the security deposit liability by $186. View of Responsible Officials and Corrective Actions: Management agrees with the finding and deposited the required amount into the security deposit cash account on July 30, 2021. Contact Person Responsible: Tom Farris, Director of Accounting and Finance Completion Date: July 30, 2021
FAC accepted this audit on November 22, 2020 — management decision was due May 22, 2021.
FAC accepted this audit on October 24, 2019 — management decision was due April 24, 2020.
Statement of Condition The Corporation did not deposit residual receipts in the amount of $2,710 as determined by the prior year surplus cash computation into the residual receipts account within 60 days following year-end. Criteria The Corporation is required to deposit residual receipts as determined by the prior year surplus cash computation into the residual receipts account within 60 days of year-end. Cause An administrative oversight in the process of payment caused the required time period for the deposit to lapse. Effect The Corporation was not in compliance with HUD guidelines for timely required deposits to the residual receipts account. Auditor Noncompliance Code: B - Failure to make required residual receipts deposit. Recommendation: Management should put procedures in place to ensure that required deposits to residual receipts, if required, are made within 60 days of year-end. Views of Responsible Officials Management concurs with the finding and will implement procedures to remain in compliance with HUD residual receipts going forward. The required residual receipts deposit was made prior to June 30, 2019.
Show full finding ▾Hide full finding ▴Statement of Condition The Corporation did not deposit residual receipts in the amount of $2,710 as determined by the prior year surplus cash computation into the residual receipts account within 60 days following year-end. Criteria The Corporation is required to deposit residual receipts as determined by the prior year surplus cash computation into the residual receipts account within 60 days of year-end. Cause An administrative oversight in the process of payment caused the required time period for the deposit to lapse. Effect The Corporation was not in compliance with HUD guidelines for timely required deposits to the residual receipts account. Auditor Noncompliance Code: B - Failure to make required residual receipts deposit. Recommendation: Management should put procedures in place to ensure that required deposits to residual receipts, if required, are made within 60 days of year-end. Views of Responsible Officials Management concurs with the finding and will implement procedures to remain in compliance with HUD residual receipts going forward. The required residual receipts deposit was made prior to June 30, 2019.
Finding Reference Number: 2019-001 View of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and has deposited the required amount due to the residual receipts account. Bookkeeping staff have been reminded about the policies and procedures regarding required deposits to the residual receipts account. Contact Person Responsible: Tanika Nash, Director of Finance Completion Date: December 17, 2018
FAC accepted this audit on October 14, 2018 — management decision was due April 14, 2019.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴FAC accepted this audit on November 12, 2017 — management decision was due May 12, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴FAC accepted this audit on September 27, 2017 — management decision was due March 27, 2018.
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