EIN: 371302159
UEI: JPPKUKJMGXN4
Audited by: CliftonLarsonAllen LLP
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 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 (48 days from today).
What is a management decision? →The Project has bank accounts at one bank that are over the FDIC limit that are not covered by additional collateral or insurance. Additionally, the bank has not received one of HUD’s acceptable ratings, as described in HUD Handbook 4350.1. Criteria or Specific Requirement: HUD requires that funds held at banks in excess of FDIC limits either be collateralized or insured, or the bank has received one of HUD’s acceptable rating. Questioned Costs: None Context: The Project has bank accounts over the FDIC limit. Cause: The bank balance increased in the current year. Effect: The Project is not in compliance with the regulatory agreement. Repeat Finding: No Recommendation: We recommend the funds over the FDIC limit either be collateralized or insured, or moved to a bank with a HUD acceptable rating. Views of Responsible Officials and Planned Corrective Actions: Management agrees and will monitor funds held at the bank and take steps to ensure compliance with HUD regulations.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program: Supportive Housing for the Elderly (Section 202) Mortgage Financing Assistance Listing #: 14.157 Type of Finding: * Other Matters Condition: The Project has bank accounts at one bank that are over the FDIC limit that are not covered by additional collateral or insurance. Additionally, the bank has not received one of HUD’s acceptable ratings, as described in HUD Handbook 4350.1. Criteria or Specific Requirement: HUD requires that funds held at banks in excess of FDIC limits either be collateralized or insured, or the bank has received one of HUD’s acceptable rating. Questioned Costs: None Context: The Project has bank accounts over the FDIC limit. Cause: The bank balance increased in the current year. Effect: The Project is not in compliance with the regulatory agreement. Repeat Finding: No Recommendation: We recommend the funds over the FDIC limit either be collateralized or insured, or moved to a bank with a HUD acceptable rating. Views of Responsible Officials and Planned Corrective Actions: Management agrees and will monitor funds held at the bank and take steps to ensure compliance with HUD regulations.
Section 202 - Supportive Housing for the Elderly Mortgage Financing– Assistance Listing No. 14.157 Recommendation: We recommend the funds over the FDIC limit be collateralized or insured, or invested at a bank with an approved HUD accepted rating. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management will monitor funds held at Busey closely and exercise one of the following two options mentioned above. Name(s) of the contact person(s) responsible for corrective action: Jeff Cottingham, Property Manager Planned completion date for corrective action plan: 2026
FAC accepted this audit on May 12, 2025 — management decision was due November 12, 2025.
FAC accepted this audit on March 25, 2025 — management decision was due September 25, 2025.
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 Project 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 are 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 ▴2023-001 – Segregation of Duties Federal Agency: U.S. Department of Housing and Urban Development Federal Program: Supportive Housing for the Elderly (Section 202) Mortgage Financing Assistance Listing #: 14.157 Questioned Costs: None Type of Finding: Material Weakness in Internal Control over Compliance 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 Project 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 are 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.
We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
At December 30, 2023, the security deposit liabilities exceeded the balance of the security deposit cash account by $453. Criteria or Specific Requirement: The Project’s regulatory agreement with HUD requires that security deposits be maintained in a separate bank account which equals or exceeds the aggregate of all security deposit liabilities. Cause: Management oversight. Effect: The Project is not in compliance with its regulatory agreement. Repeat Finding: No Recommendation: We recommend management compare the security deposit cash account to the security deposit liability account on at least a monthly basis to ensure the asset is larger than the liability. Views of Responsible Officials and Planned Corrective Actions: Management agrees and will continue to monitor the security deposit balances to ensure they maintain compliance with the regulatory agreement.
Show full finding ▾Hide full finding ▴2023-003 – Security Deposit Account Federal Agency: U.S. Department of Housing and Urban Development Federal Program: Supportive Housing for the Elderly (Section 202) Mortgage Financing Assistance Listing #: 14.157 Questioned Costs: None Type of Finding: Other Matters Condition: At December 30, 2023, the security deposit liabilities exceeded the balance of the security deposit cash account by $453. Criteria or Specific Requirement: The Project’s regulatory agreement with HUD requires that security deposits be maintained in a separate bank account which equals or exceeds the aggregate of all security deposit liabilities. Cause: Management oversight. Effect: The Project is not in compliance with its regulatory agreement. Repeat Finding: No Recommendation: We recommend management compare the security deposit cash account to the security deposit liability account on at least a monthly basis to ensure the asset is larger than the liability. Views of Responsible Officials and Planned Corrective Actions: Management agrees and will continue to monitor the security deposit balances to ensure they maintain compliance with the regulatory agreement.
Management agrees and will continue to monitor the security deposit balances to ensure they maintain compliance with the regulatory agreement.
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 May 3, 2021 — management decision was due November 3, 2021.
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
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GSA_MIGRATION
2017-001
FAC accepted this audit on April 12, 2018 — management decision was due October 12, 2018.
GSA_MIGRATION
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GSA_MIGRATION
2016-001
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on May 23, 2017 — management decision was due November 23, 2017.
GSA_MIGRATION
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GSA_MIGRATION
2015-001
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