EIN: 341908342
UEI: MZGJDQ1N8G18
Data as of August 25, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 23, 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 23, 2026 (63 days ago).
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 - 14.129 - U.S. Department of Housing and Urban Development - Section 232 Mortgage Insurance Finding Resolution Status - Resolved Information on Universe and Population Size - Population includes prior year surplus cash. Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A Criteria - The Corporation should deposit surplus cash within the time frame specified in the FRAG Guide. Statement of Condition - The Corporation deposited prior year surplus cash 340 days after the deadline stated in the Real Estate Assessment Center's Summary of Financial Reporting and Auditing Guidance for HUD (FRAG Guide) under Section 2.8. Cause - The Corporation failed to monitor the cash requirements of the residual receipts account as specified by the FRAG Guide. Effect or Potential Effect - The residual receipts account was not funded in accordance with the FRAG Guide. Auditor Noncompliance Code - B - Failure to make required residual receipt deposits Reporting Views of Responsible Officials - Management agrees with the finding as reported. Context - The Corporation did not deposit prior year surplus cash within the time frame specified in the FRAG Guide. Recommendation - Surplus cash deposit amounts should be deposited within the specified time frame required by the FRAG Guide. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management should deposit surplus cash within the time frame required by the FRAG Guide. Response Indicator - Agree Completion Date - September 3, 2025 Response - Management acknowledges noncompliance in the current fiscal year and has taken measures to improve internal controls over compliance. Management deposited the surplus cash amount of $18,871 into residual receipts on September 3, 2025.
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 - 14.129 - U.S. Department of Housing and Urban Development - Section 232 Mortgage Insurance Finding Resolution Status - Resolved Information on Universe and Population Size - Population includes prior year surplus cash. Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A Criteria - The Corporation should deposit surplus cash within the time frame specified in the FRAG Guide. Statement of Condition - The Corporation deposited prior year surplus cash 340 days after the deadline stated in the Real Estate Assessment Center's Summary of Financial Reporting and Auditing Guidance for HUD (FRAG Guide) under Section 2.8. Cause - The Corporation failed to monitor the cash requirements of the residual receipts account as specified by the FRAG Guide. Effect or Potential Effect - The residual receipts account was not funded in accordance with the FRAG Guide. Auditor Noncompliance Code - B - Failure to make required residual receipt deposits Reporting Views of Responsible Officials - Management agrees with the finding as reported. Context - The Corporation did not deposit prior year surplus cash within the time frame specified in the FRAG Guide. Recommendation - Surplus cash deposit amounts should be deposited within the specified time frame required by the FRAG Guide. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management should deposit surplus cash within the time frame required by the FRAG Guide. Response Indicator - Agree Completion Date - September 3, 2025 Response - Management acknowledges noncompliance in the current fiscal year and has taken measures to improve internal controls over compliance. Management deposited the surplus cash amount of $18,871 into residual receipts on September 3, 2025.
Condition: The Corporation deposited prior year surplus cash 340 days after the deadline stated in the Real Estate Assessment Center's Summary of Financial Reporting and Auditing Guidance for HUD (FRAG Guide) under Section 2.8. Planned Corrective Action: Management acknowledges noncompliance in the current fiscal year and has taken measures to improve internal controls over compliance. Management deposited the surplus cash amount of $18,871 into residual receipts on September 3, 2025. Contact person responsible for corrective action: Julie Fratianne, CFO Anticipated Completion Date: 9/3/2025
FAC accepted this audit on January 31, 2025 — management decision was due July 31, 2025.
Finding Type: - Immaterial noncompliance with major program requirements - Material weakness in internal control over compliance Title and Assistance Listing Number of Federal Program - U.S. Department of Housing and Urban Development - Section 232 Mortgage Insurance; 14.129 Finding Resolution Status - Resolved Information on Universe and Population Size - Surplus cash calculated as of June 30, 2023 is required to be deposited within 90 days of June 30, 2023. Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A - not a repeat finding Criteria - The Corporation should deposit surplus cash within the time frame specified in the FRAG Guide. Statement of Condition - The Corporation did not deposit prior year surplus cash totaling $56,345 to the residual receipts account during the year ended June 30, 2024, which was calculated as of June 30, 2023, as required by the regulatory agreement and FRAG Guide. Cause - The Corporation failed to monitor the cash requirements of the residual receipts account as specified by the FRAG Guide. Effect or Potential Effect - The residual receipts account was not funded in accordance with the FRAG Guide. Auditor Noncompliance Code - B - Failure to make required residual receipt deposits Reporting Views of Responsible Officials - Management agrees with the finding as reported and has taken steps to improve internal controls over required deposits to the residual receipts account. Context - During our audit procedures performed over residual receipts, it was noted that prior year surplus cash totaling $56,345 was not deposited to the residual receipts account as required by the regulatory agreement and the FRAG Guide. Recommendation - The underfunded amount of surplus cash during the year ended June 30, 2024 of $56,345 should be deposited into the residual receipts account as soon as possible. In addition, management should calculate surplus cash annually and deposit the amount of surplus cash within 90 days of year end. Auditor’s Summary of the Auditee’s Comments on the Findings and Recommendations - Management should deposit surplus cash within the time frame required by the FRAG Guide Response Indicator - Agree Completion Date - November 12, 2024 Response - Management acknowledges noncompliance in the current fiscal year and has taken measures to improve internal controls over compliance. Management deposited the surplus cash amount of $56,345 into residual receipts on November 12, 2024.
Show full finding ▾Hide full finding ▴Finding Type: - Immaterial noncompliance with major program requirements - Material weakness in internal control over compliance Title and Assistance Listing Number of Federal Program - U.S. Department of Housing and Urban Development - Section 232 Mortgage Insurance; 14.129 Finding Resolution Status - Resolved Information on Universe and Population Size - Surplus cash calculated as of June 30, 2023 is required to be deposited within 90 days of June 30, 2023. Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A - not a repeat finding Criteria - The Corporation should deposit surplus cash within the time frame specified in the FRAG Guide. Statement of Condition - The Corporation did not deposit prior year surplus cash totaling $56,345 to the residual receipts account during the year ended June 30, 2024, which was calculated as of June 30, 2023, as required by the regulatory agreement and FRAG Guide. Cause - The Corporation failed to monitor the cash requirements of the residual receipts account as specified by the FRAG Guide. Effect or Potential Effect - The residual receipts account was not funded in accordance with the FRAG Guide. Auditor Noncompliance Code - B - Failure to make required residual receipt deposits Reporting Views of Responsible Officials - Management agrees with the finding as reported and has taken steps to improve internal controls over required deposits to the residual receipts account. Context - During our audit procedures performed over residual receipts, it was noted that prior year surplus cash totaling $56,345 was not deposited to the residual receipts account as required by the regulatory agreement and the FRAG Guide. Recommendation - The underfunded amount of surplus cash during the year ended June 30, 2024 of $56,345 should be deposited into the residual receipts account as soon as possible. In addition, management should calculate surplus cash annually and deposit the amount of surplus cash within 90 days of year end. Auditor’s Summary of the Auditee’s Comments on the Findings and Recommendations - Management should deposit surplus cash within the time frame required by the FRAG Guide Response Indicator - Agree Completion Date - November 12, 2024 Response - Management acknowledges noncompliance in the current fiscal year and has taken measures to improve internal controls over compliance. Management deposited the surplus cash amount of $56,345 into residual receipts on November 12, 2024.
Finding Number: 2024-002 Condition: The Corporation did not deposit prior year surplus cash totaling $56,345 to the residual receipts account during the year ended June 30, 2024, which was calculated as of June 30, 2023, as required by the regulatory agreement and FRAG Guide. Planned Corrective Action: Corrected Contact person responsible for corrective action: Fikru Nigusse, CFO Anticipated Completion Date: N/A
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