EIN: 351820748
UEI: DCV3UWMLMJL9
Audited by: Dauby O'Connor & Zaleski, LLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on January 7, 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 July 7, 2026 (60 days ago).
What is a management decision? →FAC accepted this audit on October 7, 2024 — management decision was due April 7, 2025.
FAC accepted this audit on April 3, 2024 — management decision was due October 3, 2024.
FAC accepted this audit on December 20, 2022 — management decision was due June 20, 2023.
FAC accepted this audit on October 27, 2021 — management decision was due April 27, 2022.
FAC accepted this audit on October 1, 2020 — management decision was due April 1, 2021.
Finding reference number: #2020-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase of Existing Multifamily Housing Projects, CFDA No. 14.155 (073-11413 and 2010) Auditor non-compliance code: N-Reserve for Replacement Deposits Finding resolution status: Cleared 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: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass through entity: N/A Questioned costs: $11,583 Statement of condition #2020-001: During the year ended June 30, 2020, the February and March 2020 subsidy delay loan from the reserve for replacement fund in the amount of $11,583 was not repaid to the reserve for replacement fund when the related subsidy was received in April 2020. At June 30, 2020, the reserve for replacement fund is underfunded by $11,583. Criteria: The reserve for replacement fund authorization form (form HUD-9250) required the subsidy delay loan to be refunded when the subsidy payment was received. Effect: The Corporation is not in compliance with HUD requirements and the reserve for replacement fund is underfunded by $11,583. Cause: Due to cash flow shortages, the Corporation has insufficient funds to make the required deposit. Recommendation: Management should transfer $11,583 from the operating account to the reserve for replacement fund, request approval from HUD to retain funds received, or request an advance from the Sponsor. Completion date: September 23, 2020 Management's response: Agree. On September 23, 2020, Northeastern Center, the Sponsor, advanced $11,583 to the Corporation to fully fund the reserve for replacement fund.
Show full finding ▾Hide full finding ▴Finding reference number: #2020-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase of Existing Multifamily Housing Projects, CFDA No. 14.155 (073-11413 and 2010) Auditor non-compliance code: N-Reserve for Replacement Deposits Finding resolution status: Cleared 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: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass through entity: N/A Questioned costs: $11,583 Statement of condition #2020-001: During the year ended June 30, 2020, the February and March 2020 subsidy delay loan from the reserve for replacement fund in the amount of $11,583 was not repaid to the reserve for replacement fund when the related subsidy was received in April 2020. At June 30, 2020, the reserve for replacement fund is underfunded by $11,583. Criteria: The reserve for replacement fund authorization form (form HUD-9250) required the subsidy delay loan to be refunded when the subsidy payment was received. Effect: The Corporation is not in compliance with HUD requirements and the reserve for replacement fund is underfunded by $11,583. Cause: Due to cash flow shortages, the Corporation has insufficient funds to make the required deposit. Recommendation: Management should transfer $11,583 from the operating account to the reserve for replacement fund, request approval from HUD to retain funds received, or request an advance from the Sponsor. Completion date: September 23, 2020 Management's response: Agree. On September 23, 2020, Northeastern Center, the Sponsor, advanced $11,583 to the Corporation to fully fund the reserve for replacement fund.
Name of auditee: Opportunity Apartments, Inc. HUD auditee identification number: 073-11413 Name of audit firm: Dauby O'Connor & Zaleski, LLC Period covered by the audit: Year ended June 30, 2020 CAP prepared by Name: Rodney Ludwig Position: Senior VP, Multi-Housing Telephone number: 574-968-9267 Current Findings on the Schedule of Findings, Questioned Costs, and Recommendations Statement of condition #2020-001: During the year ended June 30, 2020, the February and March 2020 subsidy delay loan from the reserve for replacement fund in the amount of $11,583 was not repaid to the reserve for replacement fund when the related subsidy was received in April 2020. At June 30, 2020, the reserve for replacement fund is underfunded by $11,583. Recommendation: Management should transfer $11,583 from the operating account to the reserve for replacement fund, request approval from HUD to retain funds received, or request an advance from the Sponsor. Action(s) Taken or Planned on the Finding: Agree. On September 23, 2020, Northeastern Center, the Sponsor, advanced $11,583 to the Corporation to fully fund the reserve for replacement fund.
FAC accepted this audit on October 1, 2019 — management decision was due April 1, 2020.
FAC accepted this audit on September 27, 2018 — management decision was due March 27, 2019.
FAC accepted this audit on September 28, 2017 — management decision was due March 28, 2018.
FAC accepted this audit on October 19, 2016 — management decision was due April 19, 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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