EIN: 371056963
UEI: NB87VNZ4YQ79
Audited by: CliftonLarsonAllen LLP
Oversight agency: 14 [Department of Housing and Urban Development]
View federal awards & risk assessment →
Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 21, 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 October 21, 2026 (47 days from today).
What is a management decision? →FAC accepted this audit on May 12, 2025 — management decision was due November 12, 2025.
The Corporation did not deposit the required amounts into the reserve for replacements for each month during the year ended December 31, 2024. Criteria or specific requirement: HUD regulations and the regulatory agreement required deposits into the reserve for replacements of $3,940 per month from January 2024 through November 2024 and a deposit of $4,209 for December 2024. Questioned Costs: None Context: The Corporation did not deposit the required amount into the reserve for replacements during December 2024. Cause: Management oversight. Effect: The Corporation’s reserve for replacements was underfunded by $269 at December 31, 2024. Repeat Finding: No Recommendation: Management should ensure the Corporation makes the required payment to the reserve for replacements on a monthly basis. Views of responsible officials and planned corrective actions: There is no disagreement with the Finding. Management made an additional deposit to make up for the deficit in February 2025.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program: Section 8 – Lower Income Housing Assistance Program Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Assistance Listing #: 14.195 14.155 Type of Finding: • Other Matters Condition: The Corporation did not deposit the required amounts into the reserve for replacements for each month during the year ended December 31, 2024. Criteria or specific requirement: HUD regulations and the regulatory agreement required deposits into the reserve for replacements of $3,940 per month from January 2024 through November 2024 and a deposit of $4,209 for December 2024. Questioned Costs: None Context: The Corporation did not deposit the required amount into the reserve for replacements during December 2024. Cause: Management oversight. Effect: The Corporation’s reserve for replacements was underfunded by $269 at December 31, 2024. Repeat Finding: No Recommendation: Management should ensure the Corporation makes the required payment to the reserve for replacements on a monthly basis. Views of responsible officials and planned corrective actions: There is no disagreement with the Finding. Management made an additional deposit to make up for the deficit in February 2025.
Section 8 – Lower Income Housing Assistance Program – Assistance Listing No. 14.195 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects – Assistance Listing No. 14.155 Recommendation: Management should ensure the Corporation makes the required payment to the reserve for replacements on a monthly basis. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: The additional deposit to make up for the deficit was made in February 2025. Name(s) of the contact person(s) responsible for corrective action: Jeff Cottingham, Property Manager
FAC accepted this audit on June 4, 2024 — management decision was due December 4, 2024.
There is not an ideal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. This condition is inherent in operations which, for sound economic conditions, must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Criteria or Specific Requirement: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Repeat Finding: Yes. Prior year finding 2022-001 Recommendation: When this condition exists, management’s and the board’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Views of Responsible Officials and Planned Corrective Actions: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Segregation of Duties Type of Finding: Material Weakness in Internal Control over Financial Reporting Condition: There is not an ideal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. This condition is inherent in operations which, for sound economic conditions, must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Criteria or Specific Requirement: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Repeat Finding: Yes. Prior year finding 2022-001 Recommendation: When this condition exists, management’s and the board’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Views of Responsible Officials and Planned Corrective Actions: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Recommendation: When this condition exists, management’s and the board’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Views of Responsible Officials and Planned Corrective Actions: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
2022-001
The Corporation prepares certain accounts on the cash basis of accounting. As part of the audit, these accounts were converted to the accrual basis as required by accounting principles generally accepted in the United States of America. Audit adjustments were also made to record depreciation and amortization. The Corporation also engages CliftonLarsonAllen LLP (CLA) to assist in preparing its financial statements and accompanying disclosures. Criteria or Specific Requirement: A strong system of internal controls requires the Corporation to prepare its own accounting records and financial statements in accordance with accounting principles generally accepted in the United States of America. Cause: The Corporation engages CLA to assist in this process. However, the Corporation has reviewed and approved the annual financial statements and the related disclosures. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Repeat Finding: Yes. Prior year finding 2022-002. Recommendation: Management should continue to evaluate their internal staff capacity to determine if an internal control policy over the annual financial reporting is beneficial. Views of Responsible Officials and Planned Corrective Actions: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Show full finding ▾Hide full finding ▴Financial Statement Preparation Type of Finding: Material Weakness in Internal Control over Financial Reporting Condition: The Corporation prepares certain accounts on the cash basis of accounting. As part of the audit, these accounts were converted to the accrual basis as required by accounting principles generally accepted in the United States of America. Audit adjustments were also made to record depreciation and amortization. The Corporation also engages CliftonLarsonAllen LLP (CLA) to assist in preparing its financial statements and accompanying disclosures. Criteria or Specific Requirement: A strong system of internal controls requires the Corporation to prepare its own accounting records and financial statements in accordance with accounting principles generally accepted in the United States of America. Cause: The Corporation engages CLA to assist in this process. However, the Corporation has reviewed and approved the annual financial statements and the related disclosures. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Repeat Finding: Yes. Prior year finding 2022-002. Recommendation: Management should continue to evaluate their internal staff capacity to determine if an internal control policy over the annual financial reporting is beneficial. Views of Responsible Officials and Planned Corrective Actions: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Recommendation: Management should continue to evaluate their internal staff capacity to determine if an internal control policy over the annual financial reporting is beneficial. Views of Responsible Officials and Planned Corrective Actions: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
2022-002
We noted a refund was not provided to a tenant within 30 days after the tenant’s move-out date. Criteria or specific requirement: HUD requires security deposit refunds to be disbursed to the former tenant and in the appropriate amount within 30 days of move-out. If no refund is given, the tenant should receive an itemized listing of any unpaid rent, damages to the unit and any estimated cost for repair. Questioned Costs: None Context: We noted a refund was not provided to a tenant within 30 days after the tenant’s move-out date. Cause: Management oversight. Effect: The Corporation is not in compliance with HUD requirements. Repeat Finding: No Recommendation: To establish proper internal control over security deposit refunds, the Corporation should design and implement the necessary procedures to ensure the move-out notifications are provided to the accounting office in a timely manner and ensure the tenant's security deposit is processed and refunded within 30 days of the move-out date. Views of responsible officials and planned corrective actions: There is no disagreement with the finding. Management will monitor future move-outs to ensure the security deposits are processed and refunded within 30 days of the move-out date.
Show full finding ▾Hide full finding ▴Security Deposits Federal Agency: U.S. Department of Housing and Urban Development Federal Program: Section 8 – Lower Income Housing Assistance Program Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Assistance Listing #: 14.195 14.155 Type of Finding: Other Matters Condition: We noted a refund was not provided to a tenant within 30 days after the tenant’s move-out date. Criteria or specific requirement: HUD requires security deposit refunds to be disbursed to the former tenant and in the appropriate amount within 30 days of move-out. If no refund is given, the tenant should receive an itemized listing of any unpaid rent, damages to the unit and any estimated cost for repair. Questioned Costs: None Context: We noted a refund was not provided to a tenant within 30 days after the tenant’s move-out date. Cause: Management oversight. Effect: The Corporation is not in compliance with HUD requirements. Repeat Finding: No Recommendation: To establish proper internal control over security deposit refunds, the Corporation should design and implement the necessary procedures to ensure the move-out notifications are provided to the accounting office in a timely manner and ensure the tenant's security deposit is processed and refunded within 30 days of the move-out date. Views of responsible officials and planned corrective actions: There is no disagreement with the finding. Management will monitor future move-outs to ensure the security deposits are processed and refunded within 30 days of the move-out date.
Recommendation: To establish proper internal control over security deposit refunds, the Corporation should design and implement the necessary procedures to ensure the move-out notifications are provided to the accounting office in a timely manner and ensure the tenant's security deposit is processed and refunded within 30 days of the move-out date. Views of responsible officials and planned corrective actions: There is no disagreement with the finding. Management will monitor future move-outs to ensure the security deposits are processed and refunded within 30 days of the move-out date.
FAC accepted this audit on May 15, 2023 — management decision was due November 15, 2023.
FAC accepted this audit on May 25, 2022 — management decision was due November 25, 2022.
FAC accepted this audit on July 19, 2021 — management decision was due January 19, 2022.
FAC accepted this audit on May 3, 2020 — management decision was due November 3, 2020.
FAC accepted this audit on May 7, 2019 — management decision was due November 7, 2019.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2017-001
FAC accepted this audit on April 12, 2018 — management decision was due October 12, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2016-001
FAC accepted this audit on May 23, 2017 — management decision was due November 23, 2017.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2015-001
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.
Browse other Single Audit organizations in Illinois →
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Add it to a monitored group and get alerted when a new audit, finding, repeat finding, or management-decision deadline shows up — instead of checking back.
Checking several at once? Portfolio view →
© 2026 Single Audit Intelligence. All data is public domain.
