EIN: 351601281
UEI: ZMMDGJWK8TN7
Data as of August 27, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 15, 2021. 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 February 15, 2022 (1654 days ago).
What is a management decision? →Finding reference number: 2021-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (073-11834 and 2015) 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. Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $240 Statement of Condition 2021-001 (CFDA No. 14.155): The Corporation did not make all of the required reserve for replacement deposits for the year ended April 30, 2021. Criteria: Pursuant to Section 10(b) of the Regulatory Agreement, the Property is required to make monthly deposits to the reserve for replacements fund as required by HUD. Effect: The Corporation is not in compliance with the Regulatory Agreement and the reserve for replacements is underfunded by $240 at April 30, 2021. Cause: The required deposits to the reserve for replacements for the year ended April 30, 2021, were $240 less than the deposits required by HUD. Recommendation: Management should transfer $240 from the operating cash account to the reserve for replacements fund. Completion date: July 6, 2021 Management Response: Agree. On July 6, 2021, management transferred $240 from the operating account to the reserve for replacements fund.
Show full finding ▾Hide full finding ▴Finding reference number: 2021-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (073-11834 and 2015) 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. Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $240 Statement of Condition 2021-001 (CFDA No. 14.155): The Corporation did not make all of the required reserve for replacement deposits for the year ended April 30, 2021. Criteria: Pursuant to Section 10(b) of the Regulatory Agreement, the Property is required to make monthly deposits to the reserve for replacements fund as required by HUD. Effect: The Corporation is not in compliance with the Regulatory Agreement and the reserve for replacements is underfunded by $240 at April 30, 2021. Cause: The required deposits to the reserve for replacements for the year ended April 30, 2021, were $240 less than the deposits required by HUD. Recommendation: Management should transfer $240 from the operating cash account to the reserve for replacements fund. Completion date: July 6, 2021 Management Response: Agree. On July 6, 2021, management transferred $240 from the operating account to the reserve for replacements fund.
Statement of Condition 2021-001 (CFDA No. 14.155): The Corporation did not make all of the required reserve for replacement deposits for the year ended April 30, 2021. Recommendation: Management should transfer $240 from the operating cash account to the reserve for replacements fund. Action(s) taken or planned on the finding: Agree. On July 6, 2021, management transferred $240 from the operating account to the reserve for replacements fund.
FAC accepted this audit on August 20, 2019 — management decision was due February 20, 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 (073-11834 and 2015) Auditor non-compliance code: G - Unauthorized Loans from Project Funds 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. Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $165 Statement of Condition 2019-001 (CFDA 14.155): During the year ended April 30, 2019, the Property inadvertently reimbursed the Sponsor $165 in excess of actual disbursements from the central disbursing account. As of April 30, 2019, the Sponsor owes the Property $165. Criteria: Paragraph 14 of the Regulatory Agreement, states that owners shall not without the prior written approval of the Secretary, pay out any funds except from surplus cash, except for reasonable operating expenses and necessary repairs. Effect: The Corporation is not in compliance with the Regulatory Agreement. The Property's operating cash account has been reduced by $165. This amount has been considered in the surplus cash calculation for the year ended April 30, 2019. Cause: Management inadvertently reimbursed the central disbursing account more than was disbursed on behalf of the Property. Recommendation: The Sponsor should reimburse the Property's operating cash account in the amount of $165. Management should review its policies and procedures relating to its central disbursing account in order to prevent future occurrences. Completion Date: June 12, 2019 Management Response: Agree. On June 12, 2019, the Sponsor reimbursed the Property's operating cash account. Management will review and modify, if necessary, its policies and procedures relating to its central disbursing account.
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 (073-11834 and 2015) Auditor non-compliance code: G - Unauthorized Loans from Project Funds 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. Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $165 Statement of Condition 2019-001 (CFDA 14.155): During the year ended April 30, 2019, the Property inadvertently reimbursed the Sponsor $165 in excess of actual disbursements from the central disbursing account. As of April 30, 2019, the Sponsor owes the Property $165. Criteria: Paragraph 14 of the Regulatory Agreement, states that owners shall not without the prior written approval of the Secretary, pay out any funds except from surplus cash, except for reasonable operating expenses and necessary repairs. Effect: The Corporation is not in compliance with the Regulatory Agreement. The Property's operating cash account has been reduced by $165. This amount has been considered in the surplus cash calculation for the year ended April 30, 2019. Cause: Management inadvertently reimbursed the central disbursing account more than was disbursed on behalf of the Property. Recommendation: The Sponsor should reimburse the Property's operating cash account in the amount of $165. Management should review its policies and procedures relating to its central disbursing account in order to prevent future occurrences. Completion Date: June 12, 2019 Management Response: Agree. On June 12, 2019, the Sponsor reimbursed the Property's operating cash account. Management will review and modify, if necessary, its policies and procedures relating to its central disbursing account.
Name of auditee: Madison Heritage Apartments, Inc. HUD auditee identification number: 073-11834 Name of audit firm: Dauby O'Connor & Zaleski, LLC Period covered by the audit: Year ended April 30, 2019 CAP prepared by Name: Christopher Purcell Position: Controller Telephone number: (562) 257-5100 Current Findings on the Schedule of Findings, Questioned Costs, and Recommendations Statement of Condition 2019-001 (CFDA 14.155): During the year ended April 30, 2019, the Property inadvertently reimbursed the Sponsor $165 in excess of actual disbursements from the central disbursing account. As of April 30, 2019, the Sponsor owes the Property $165. Recommendation: The Sponsor should reimburse the Property's operating cash account in the amount of $165. Management should review its policies and procedures relating to its central disbursing account in order to prevent future occurrences. Action(s) Taken or Planned on the Finding: Agree. On June 12, 2019, the Sponsor reimbursed the Property's operating cash account. Management will review and modify, if necessary, its policies and procedures relating to its central disbursing account.
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