EIN: 311248895
UEI: F6FGX2XGQLL6
Audited by: PLANTE & MORAN, PLLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 15, 2025. 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 June 15, 2026 (79 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 three move-outs during the fiscal year. Sample Size Information - A sample size of two move-outs was tested for the year ended August 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 dates.The Corporation refunded the security deposit 70 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 70 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 August 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 - August 11, 2025 Response - The security deposit was refunded August 11, 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 three move-outs during the fiscal year. Sample Size Information - A sample size of two move-outs was tested for the year ended August 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 dates.The Corporation refunded the security deposit 70 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 70 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 August 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 - August 11, 2025 Response - The security deposit was refunded August 11, 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: August 11, 2025
FAC accepted this audit on December 16, 2024 — management decision was due June 16, 2025.
FAC accepted this audit on May 2, 2024 — management decision was due November 2, 2024.
FAC accepted this audit on January 4, 2023 — management decision was due July 4, 2023.
Title and CFDA 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 5 move outs during the fiscal year. Sample Size Information - A sample size of 2 move outs were tested for the year ended August 31, 2022. Identification of Repeat Finding and Finding Reference Number - N/A - not a repeat finding. 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 37 days after their move out. 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 errors that occurred during the year ended August 31, 2022 and has taken measures to change their process of issuing refunds to reduce the likelihood of late refunds. Response Indicator - Agree Completion Date - April 20, 2022 Response - The security deposit has been refunded and management is currently reviewing internal controls over security deposit refunds to ensure all deposits are refunded timely.
Show full finding ▾Hide full finding ▴Title and CFDA 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 5 move outs during the fiscal year. Sample Size Information - A sample size of 2 move outs were tested for the year ended August 31, 2022. Identification of Repeat Finding and Finding Reference Number - N/A - not a repeat finding. 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 37 days after their move out. 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 errors that occurred during the year ended August 31, 2022 and has taken measures to change their process of issuing refunds to reduce the likelihood of late refunds. Response Indicator - Agree Completion Date - April 20, 2022 Response - The security deposit has been refunded and management is currently reviewing internal controls over security deposit refunds to ensure all deposits are refunded timely.
Finding Number: 2022-001 Condition: HUD requires the Corporation to refund the security deposit to tenants within 30 days of the move out. The Corporation failed to monitor the deposit refund requirements for the security deposits as specified by the regulatory agreement and failed to return security deposits withing 30 days. Planned Corrective Action: Management acknowledged the errors that occurred during the year ended August 31, 2022 and has taken measures to change their process of issuing refunds to reduce the likelihood of late refunds. Contact person responsible for corrective action: Jill Kolb, Vice President ? Housing Accounting Completion Date: April 20, 2022
FAC accepted this audit on November 29, 2021 — management decision was due May 29, 2022.
FAC accepted this audit on March 18, 2021 — management decision was due September 18, 2021.
FAC accepted this audit on October 30, 2019 — management decision was due April 30, 2020.
FAC accepted this audit on November 14, 2018 — management decision was due May 14, 2019.
FAC accepted this audit on December 5, 2017 — management decision was due June 5, 2018.
FAC accepted this audit on November 27, 2016 — management decision was due May 27, 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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