EIN: 311068010
UEI: LS9ZH2A958H9
Audited by: PLANTE & MORAN, PLLC
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 April 7, 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 October 7, 2026 (22 days from today).
What is a management decision? →Finding Type: Immaterial noncompliance with major program requirements Significant deficiency in internal control over compliance Title and Assistance Listing Number of Federal Program - 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Finding Resolution Status - Resolved Information on Universe and Population Size - The population size was five, which includes all tenant move-outs that occurred during the audit period. Sample Size Information - A sample size of two was determined based on attribute sampling. Identification of Repeat Finding and Finding Reference Number - N/A Criteria - HUD requires the Corporation to refund the security deposit to tenants within 30 days of the move out. Statement of Condition - The Corporation failed to refund the security deposit to a tenant within 30 days of their move out date. Cause - The Corporation failed to monitor the deposit refund requirements for the security deposits as specified by the regulatory agreement. Effect or Potential Effect - The tenant did not receive their security deposit refund until 41 days after their move out. Auditor Noncompliance Code - M - Security Deposits Reporting Views of Responsible Officials - Management agrees with the finding as reported. Context - The Corporation did not refund the security deposit to a tenant within 30 days of their move out. Recommendation - Management should strengthen controls to ensure security deposits are returned within the 30-day requirement. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management acknowledged that the error occurred during the year ended December 31, 2025 and has taken measures to change the process of issuing refunds to reduce the likelihood of late refunds. Response Indicator - Agree Completion Date - April 10, 2025 Response - Management acknowledged the noncompliance which occurred during the year ended December 31, 2025, and has reiterated the 30-day HUD requirement to the Corporation’s managing staff and emphasized the importance of timely recording move-outs in the property management software. In addition, management implemented a weekly monitoring review performed by the Senior Accountant to ensure moveouts are processed and security deposits are issued within the required timeframe.
Show full finding ▾Hide full finding ▴Finding Type: Immaterial noncompliance with major program requirements Significant deficiency in internal control over compliance Title and Assistance Listing Number of Federal Program - 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Finding Resolution Status - Resolved Information on Universe and Population Size - The population size was five, which includes all tenant move-outs that occurred during the audit period. Sample Size Information - A sample size of two was determined based on attribute sampling. Identification of Repeat Finding and Finding Reference Number - N/A Criteria - HUD requires the Corporation to refund the security deposit to tenants within 30 days of the move out. Statement of Condition - The Corporation failed to refund the security deposit to a tenant within 30 days of their move out date. Cause - The Corporation failed to monitor the deposit refund requirements for the security deposits as specified by the regulatory agreement. Effect or Potential Effect - The tenant did not receive their security deposit refund until 41 days after their move out. Auditor Noncompliance Code - M - Security Deposits Reporting Views of Responsible Officials - Management agrees with the finding as reported. Context - The Corporation did not refund the security deposit to a tenant within 30 days of their move out. Recommendation - Management should strengthen controls to ensure security deposits are returned within the 30-day requirement. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management acknowledged that the error occurred during the year ended December 31, 2025 and has taken measures to change the process of issuing refunds to reduce the likelihood of late refunds. Response Indicator - Agree Completion Date - April 10, 2025 Response - Management acknowledged the noncompliance which occurred during the year ended December 31, 2025, and has reiterated the 30-day HUD requirement to the Corporation’s managing staff and emphasized the importance of timely recording move-outs in the property management software. In addition, management implemented a weekly monitoring review performed by the Senior Accountant to ensure moveouts are processed and security deposits are issued within the required timeframe.
Condition: The Corporation failed to refund the security deposit to a tenant within 30 days of their move out date. Planned Corrective Action: Management acknowledges noncompliance which occurred during the year ended December 31, 2025, and has reiterated the 30-day HUD requirement to the Corporation's managing staff and emphasized the importance of timely recording move-outs in the property management software. In addition, management implemented a weekly monitoring review performed by the Senior Accountant to ensure moveouts are processed and security deposits are issued within the required timeframe. Contact person responsible for corrective action: Bob Reichard, Vice President, Finance Anticipated Completion Date: April 10, 2025
FAC accepted this audit on April 7, 2025 — management decision was due October 7, 2025.
FAC accepted this audit on April 29, 2024 — management decision was due October 29, 2024.
FAC accepted this audit on April 27, 2023 — management decision was due October 27, 2023.
FAC accepted this audit on April 11, 2022 — management decision was due October 11, 2022.
FAC accepted this audit on April 4, 2021 — management decision was due October 4, 2021.
FAC accepted this audit on April 29, 2020 — management decision was due October 29, 2020.
FAC accepted this audit on April 8, 2019 — management decision was due October 8, 2019.
FAC accepted this audit on April 25, 2018 — management decision was due October 25, 2018.
FAC accepted this audit on April 19, 2017 — management decision was due October 19, 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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