EIN: 310827809
UEI: HFJPGLBJT7C7
Audited by: BARNES DENNIG & CO., LTD
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 March 21, 2023. 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 September 21, 2023 (1079 days ago).
What is a management decision? →The Organization and its lender did not fund the replacement reserve in the full amount as required by HUD. Cause: HUD issued increase notices via HUD-9250 forms effective May 1, 2021 on March 11, 2021 and effective May 1, 2022 on December 31, 2022. Adjustments were not made by the Organization and lender to adjust the monthly remittance to account for the increases. Effect: The replacement reserve account is underfunded by $2,985 at July 31, 2022. Recommendation: The regulatory agreement was terminated upon closing of the refinance in December 2022. Going forward management should coordinate with the lender to ensure a process is in place to adjust the monthly remittance annually as deposit increase notices are received.
Show full finding ▾Hide full finding ▴FINDING NO. 2022-001 Questioned Costs: $2,985 Information on Universe And Population Size: Total amount of replacement reserve deposits Sample Size Information: N/A Criteria: In accordance with Section 2(a) of the Regulatory Agreement, the Organization is required to fund the replacement reserve monthly in an amount determined by HUD. Condition: The Organization and its lender did not fund the replacement reserve in the full amount as required by HUD. Cause: HUD issued increase notices via HUD-9250 forms effective May 1, 2021 on March 11, 2021 and effective May 1, 2022 on December 31, 2022. Adjustments were not made by the Organization and lender to adjust the monthly remittance to account for the increases. Effect: The replacement reserve account is underfunded by $2,985 at July 31, 2022. Recommendation: The regulatory agreement was terminated upon closing of the refinance in December 2022. Going forward management should coordinate with the lender to ensure a process is in place to adjust the monthly remittance annually as deposit increase notices are received.
MANAGEMENT ACKNOWLEDGES THE FINDING AND GOING FORWARD WILL COMPLETE ANNUAL ADJUSTMENTS TO INCREASE THE DEPOSIT AMOUNT TO THE HUD REQUIRED VALUE.
FAC accepted this audit on April 28, 2022 — management decision was due October 28, 2022.
FAC accepted this audit on March 21, 2021 — management decision was due September 21, 2021.
FAC accepted this audit on February 11, 2020 — management decision was due August 11, 2020.
FAC accepted this audit on November 29, 2018 — management decision was due May 29, 2019.
FAC accepted this audit on February 13, 2018 — management decision was due August 13, 2018.
FAC accepted this audit on December 5, 2016 — management decision was due June 5, 2017.
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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