EIN: 311070783
UEI: DQEHN56HRYX5
Audited by: PLANTE & MORAN, PLLC
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 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 July 7, 2026 (61 days ago).
What is a management decision? →Finding Type: Immaterial noncompliance with major program requirements Title and Assistance Listing Number of Federal Program - 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 207/223(f)) Finding Resolution Status - Resolved Information on Universe and Population Size - The Corporation had seven move-outs during the fiscal year. Sample Size Information - A sample size of two move-outs was tested for the year ended July 31, 2025. 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.The Corporation refunded the security deposit 37 days after 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 37 days after their move out date. Auditor Noncompliance Code - M - Security Deposits Recommendation - All security deposit refunds should be made within 30 days of the tenant move-out. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management acknowledged the error that occurred during the year end July 31, 2025 and has taken measures to change their process of issuing refunds to reduce the likelihood of late refunds. Response Indicator - Agree Completion Date - January 22, 2025 Response - The security deposit was refunded Janaury 22, 2025, and management is currently reviewing internal controls over security deposit refunds to ensure all deposits are refunded timely.
Show full finding ▾Hide full finding ▴Finding Type: Immaterial noncompliance with major program requirements Title and Assistance Listing Number of Federal Program - 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 207/223(f)) Finding Resolution Status - Resolved Information on Universe and Population Size - The Corporation had seven move-outs during the fiscal year. Sample Size Information - A sample size of two move-outs was tested for the year ended July 31, 2025. 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.The Corporation refunded the security deposit 37 days after 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 37 days after their move out date. Auditor Noncompliance Code - M - Security Deposits Recommendation - All security deposit refunds should be made within 30 days of the tenant move-out. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management acknowledged the error that occurred during the year end July 31, 2025 and has taken measures to change their process of issuing refunds to reduce the likelihood of late refunds. Response Indicator - Agree Completion Date - January 22, 2025 Response - The security deposit was refunded Janaury 22, 2025, and management is currently reviewing internal controls over security deposit refunds to ensure all deposits are refunded timely.
Condition: The Corporation failed to refund a security deposit to a tenant within 30 days of their move out date. Planned Corrective Action: The security deposit has been refunded, and management is currently reviewing internal controls over security deposit refunds to ensure all deposits are returned timely. Contact person responsible for corrective action: Sean Alexander, Vice President – Housing Accounting Completion Date: January 22, 2025
FAC accepted this audit on October 31, 2024 — management decision was due May 1, 2025.
FAC accepted this audit on March 21, 2024 — management decision was due September 21, 2024.
FAC accepted this audit on December 18, 2022 — management decision was due June 18, 2023.
FAC accepted this audit on November 1, 2021 — management decision was due May 1, 2022.
FAC accepted this audit on September 21, 2020 — management decision was due March 21, 2021.
FAC accepted this audit on September 30, 2019 — management decision was due March 30, 2020.
FAC accepted this audit on October 8, 2018 — management decision was due April 8, 2019.
FAC accepted this audit on November 8, 2017 — management decision was due May 8, 2018.
FAC accepted this audit on November 3, 2016 — management decision was due May 3, 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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