LBB Corporation

EIN: 320225691

UEI: FXJLYVF34KU5

Data as of August 23, 2026

LBB Corporation10 audit years3 findings
10
Audit Years
3
Total Findings
0
Repeat Findings

FY 2023-12-31

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on March 20, 2024. 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 20, 2024 (702 days ago).

What is a management decision? →
2023-001
Cash Management

Federal program - Section 202: Criteria - Federal regulations require the Corporation to deposit surplus cash to the residual receipts within 90 days of year end; Condition - the deposit was not made until the 5th month after year end; Cause - management oversight; Recommendation - future deposits, if any, should be deposited on a timely basis. Response:

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Full finding narrative

Federal program - Section 202: Criteria - Federal regulations require the Corporation to deposit surplus cash to the residual receipts within 90 days of year end; Condition - the deposit was not made until the 5th month after year end; Cause - management oversight; Recommendation - future deposits, if any, should be deposited on a timely basis. Response:

Corrective Action Plan

Finding 2023-001: late deposit of residual receipts. Corrective action plan: none required.

About Cash Management →
2023-002
Special Tests & Provisions

Federal program - Section 202: Criteria - HUD handbook 4350 specifies the nature and content of tenant income certifications; Condition - tenant assets were not verified (2 of 2 files tested); Cause - management oversight; Recommendation - management should verify the assets to determine if the tenant portion of the rent should change and staff should follow the checklist provided to ascertain all items are complete and the files are accurate. Response:

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Full finding narrative

Federal program - Section 202: Criteria - HUD handbook 4350 specifies the nature and content of tenant income certifications; Condition - tenant assets were not verified (2 of 2 files tested); Cause - management oversight; Recommendation - management should verify the assets to determine if the tenant portion of the rent should change and staff should follow the checklist provided to ascertain all items are complete and the files are accurate. Response:

Corrective Action Plan

Finding 2023-002: tenant assets not verified as part of recertification. Corrective action plan: management will make every effort that recertifications are complete and accurate in the future.

About Special Tests and Provisions →

FY 2021-12-31

FAC accepted this audit on March 6, 2022 — management decision was due September 6, 2022.

2021-001
Eligibility

in testing tenant certification files, I noted the following error- no 90 day EIV obtained (2 of 4 files); Cause: management oversight; Effect: tenants certification may be incorrect; Recommendation: Management should obtain EIV?s within 90 days for all new move-ins. Management response: Management will obtain 90 day EIV?s for all new move-ins in the future.

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Full finding narrative

Finding 2021-001: Criteria: The HUD Occupancy handbook specifies the nature and content of the tenant income certifications upon move-in; Condition: in testing tenant certification files, I noted the following error- no 90 day EIV obtained (2 of 4 files); Cause: management oversight; Effect: tenants certification may be incorrect; Recommendation: Management should obtain EIV?s within 90 days for all new move-ins. Management response: Management will obtain 90 day EIV?s for all new move-ins in the future.

Corrective Action Plan

Management will obtain 90 day EIV's for all new move-ins in the future. Responsible party - John Burnes, property manager.

About Eligibility →

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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