EIN: 351431573
UEI: MC56YLNWNNT5
Audited by: Dauby O'Connor & Zaleski, LLC
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 May 14, 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 November 14, 2026 (73 days from today).
What is a management decision? →FAC accepted this audit on April 29, 2025 — management decision was due October 29, 2025.
Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Housing Projects (073-11543 and 2011) Auditor non-compliance code: N-Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacements. Sample size population: 12 months of deposits to the reserve for replacements. Noncompliance information: See statement of condition 2024-001 for noncompliance. Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $6,108 Statement of condition # 2024-001: As of December 31, 2024, required deposits to the reserve for replacements totaling $6,108 had not been made. Criteria: Pursuant to item 2(a) of the Regulatory Agreement (form HUD-92465), the Corporation shall establish or continue to maintain a reserve fund for replacements in a separate account and make monthly deposits in amounts as approved in writing by HUD. Effect: The Corporation is not in compliance with the Regulatory Agreement and the reserve for replacements is underfunded by $6,108 as of December 31, 2024. Cause: Management oversight. Recommendation: The Corporation should transfer $6,108 from the operating account to the reserve for replacements account. Completion date: March 6, 2025 Management Response: Management concurs with the finding and agrees with the auditor's recommendation. A transfer was made to fully fund the reserve for replacements account on March 6, 2025.
Show full finding ▾Hide full finding ▴Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Housing Projects (073-11543 and 2011) Auditor non-compliance code: N-Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacements. Sample size population: 12 months of deposits to the reserve for replacements. Noncompliance information: See statement of condition 2024-001 for noncompliance. Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $6,108 Statement of condition # 2024-001: As of December 31, 2024, required deposits to the reserve for replacements totaling $6,108 had not been made. Criteria: Pursuant to item 2(a) of the Regulatory Agreement (form HUD-92465), the Corporation shall establish or continue to maintain a reserve fund for replacements in a separate account and make monthly deposits in amounts as approved in writing by HUD. Effect: The Corporation is not in compliance with the Regulatory Agreement and the reserve for replacements is underfunded by $6,108 as of December 31, 2024. Cause: Management oversight. Recommendation: The Corporation should transfer $6,108 from the operating account to the reserve for replacements account. Completion date: March 6, 2025 Management Response: Management concurs with the finding and agrees with the auditor's recommendation. A transfer was made to fully fund the reserve for replacements account on March 6, 2025.
Action(s) taken or planned on the finding: A transfer was made to fully fund the reserve for replacements account on March 6, 2025.
FAC accepted this audit on April 30, 2024 — management decision was due October 30, 2024.
FAC accepted this audit on March 27, 2023 — management decision was due September 27, 2023.
FAC accepted this audit on April 4, 2022 — management decision was due October 4, 2022.
FAC accepted this audit on April 6, 2021 — management decision was due October 6, 2021.
FAC accepted this audit on May 6, 2020 — management decision was due November 6, 2020.
Finding reference number: #2019-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 (073-11543 and Pre-2011) Auditor non-compliance code: N - Reserve for replacements deposits Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Noncompliance information: See statement of condition 2019-001 for noncompliance information. Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $1,833 Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to make monthly deposits into a separate reserve for replacements in the annual amount determined by HUD. Statement of condition #2019-001: At December 31, 2019, total required deposits to the reserve for replacements of $1,833 had not been made due to HUD not properly informing the mortgagee of the reserve for replacements increase for May 2017, 2018, or 2019. Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements is underfunded by $1,833 at December 31, 2019. Cause: HUD did not properly inform the mortgagee of the reserve for replacements increase for May 2017, 2018, or 2019. As a result, the required May 2016 deposit amount was still being used. Recommendation: Management should transfer $1,833 from the operating account to the reserve for replacements. Completion date: March 18, 2020 Management Response: Agree. Management made the required deposit to the reserve for replacements on March 18, 2020.
Show full finding ▾Hide full finding ▴Finding reference number: #2019-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 (073-11543 and Pre-2011) Auditor non-compliance code: N - Reserve for replacements deposits Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Noncompliance information: See statement of condition 2019-001 for noncompliance information. Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $1,833 Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to make monthly deposits into a separate reserve for replacements in the annual amount determined by HUD. Statement of condition #2019-001: At December 31, 2019, total required deposits to the reserve for replacements of $1,833 had not been made due to HUD not properly informing the mortgagee of the reserve for replacements increase for May 2017, 2018, or 2019. Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements is underfunded by $1,833 at December 31, 2019. Cause: HUD did not properly inform the mortgagee of the reserve for replacements increase for May 2017, 2018, or 2019. As a result, the required May 2016 deposit amount was still being used. Recommendation: Management should transfer $1,833 from the operating account to the reserve for replacements. Completion date: March 18, 2020 Management Response: Agree. Management made the required deposit to the reserve for replacements on March 18, 2020.
Name of auditee: Maryvale, Inc. HUD auditee identification number: 073-11543 Name of audit firm: Dauby O'Connor & Zaleski, LLC Period covered by the audit: Year ended December 31, 2019 CAP prepared by Name: Yvonne K. Avary Position: Executive Vice President Telephone number: 812-232-5083 Current Findings on the Schedule of Findings, Questioned Costs, and Recommendations Statement of Condition #2019-001: At December 31, 2019, total required deposits to the reserve for replacements of $1,833 had not been made due to HUD not properly informing the mortgagee of the reserve for replacements increase for May 2017, 2018, or 2019. Recommendation: Management should transfer $1,833 from the operating account to the reserve for replacements. Action(s) taken or planned on the finding: Management made the required deposit to the reserve for replacements on March 18, 2020.
FAC accepted this audit on April 4, 2019 — management decision was due October 4, 2019.
FAC accepted this audit on April 11, 2018 — management decision was due October 11, 2018.
FAC accepted this audit on April 25, 2017 — management decision was due October 25, 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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