EIN: 341313004
UEI: LL6CMC8TVUK9
Audited by: PLANTE & MORAN, PLLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 17, 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 September 17, 2026 (18 days from today).
What is a management decision? →FAC accepted this audit on March 20, 2025 — management decision was due September 20, 2025.
FAC accepted this audit on April 1, 2024 — management decision was due October 1, 2024.
Finding Type - Immaterial noncompliance with major program requirements Title and Assistance Listing Number of Federal Program - 14.135 - U.S. Department of Housing and Urban Development Mortgage Insurance_Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate Finding Resolution Status - None Information on Universe and Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A Criteria - The Organization should fund, on a monthly basis, the reserve for replacements account as required by the regulatory agreement in the amount specified in regulatory agreement and any subsequent amendments to required deposit amounts approved by HUD. Statement of Condition - The Organization failed to make, on a monthly basis, the required reserve for replacements deposits in the amounts specified in the subsequent amendments to required deposit amounts approved by HUD. Cause - The Organization failed to monitor the cash requirements of the reserve for replacement account as specified by the amendments to required deposit amounts approved by HUD. Effect or Potential Effect - A corrective deposit to the replacement reserve account was necessary in the current fiscal year to catch up previously underfunded amounts. Auditor Noncompliance Code - N - Reserve for replacements deposits Context - Updates to the monthly reserve for replacements account deposit amounts were not made timely by the lender to reflect the HUD-approved changes made to the required monthly deposit amounts. As a result of the corrective deposit made during the current year, the replacement reserve account is properly funded as of December 31, 2023. Recommendation - All required deposits should be made in accordance with the regulatory agreement and any subsequent amendments to required deposit amounts approved by HUD. The Organization should implement appropriate internal controls over compliance to ensure monthly deposits are made in the amount required by HUD. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations Response Indicator - Agree Response - Management detected the error and worked with the Organization's lender to calculate and remit a corrective deposit in the current fiscal year to catch up previously underfunded amounts. Management acknowledges noncompliance and has taken measures to improve internal controls over compliance.
Show full finding ▾Hide full finding ▴Finding Type - Immaterial noncompliance with major program requirements Title and Assistance Listing Number of Federal Program - 14.135 - U.S. Department of Housing and Urban Development Mortgage Insurance_Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate Finding Resolution Status - None Information on Universe and Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A Criteria - The Organization should fund, on a monthly basis, the reserve for replacements account as required by the regulatory agreement in the amount specified in regulatory agreement and any subsequent amendments to required deposit amounts approved by HUD. Statement of Condition - The Organization failed to make, on a monthly basis, the required reserve for replacements deposits in the amounts specified in the subsequent amendments to required deposit amounts approved by HUD. Cause - The Organization failed to monitor the cash requirements of the reserve for replacement account as specified by the amendments to required deposit amounts approved by HUD. Effect or Potential Effect - A corrective deposit to the replacement reserve account was necessary in the current fiscal year to catch up previously underfunded amounts. Auditor Noncompliance Code - N - Reserve for replacements deposits Context - Updates to the monthly reserve for replacements account deposit amounts were not made timely by the lender to reflect the HUD-approved changes made to the required monthly deposit amounts. As a result of the corrective deposit made during the current year, the replacement reserve account is properly funded as of December 31, 2023. Recommendation - All required deposits should be made in accordance with the regulatory agreement and any subsequent amendments to required deposit amounts approved by HUD. The Organization should implement appropriate internal controls over compliance to ensure monthly deposits are made in the amount required by HUD. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations Response Indicator - Agree Response - Management detected the error and worked with the Organization's lender to calculate and remit a corrective deposit in the current fiscal year to catch up previously underfunded amounts. Management acknowledges noncompliance and has taken measures to improve internal controls over compliance.
Condition: The Organization failed to make, on a monthly basis, the required reserve for replacements deposits in the amounts specified in the subsequent amendments to required deposit amounts approved by HUD. Planned Corrective Action: Management detected the error and worked with the Organization's lender to calculate and remit a corrective deposit in the current fiscal year to catch-up previously underfunded amounts. Management acknowledges noncompliance and has taken measures to improve internal controls over compliance. Contact person responsible for corrective action: Lorinda Schalk, Chief Financial Officer / Treasurer Anticipated Completion Date: March 31, 2024
FAC accepted this audit on March 28, 2023 — management decision was due September 28, 2023.
FAC accepted this audit on March 9, 2022 — management decision was due September 9, 2022.
FAC accepted this audit on March 25, 2021 — management decision was due September 25, 2021.
FAC accepted this audit on March 22, 2020 — management decision was due September 22, 2020.
FAC accepted this audit on March 13, 2019 — management decision was due September 13, 2019.
FAC accepted this audit on March 20, 2018 — management decision was due September 20, 2018.
FAC accepted this audit on March 22, 2017 — management decision was due September 22, 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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