EIN: 391363010
UEI: MX2QZCGKTAN4
Audited by: CliftonLarsonAllen LLP
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 March 31, 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 1, 2026 (30 days from today).
What is a management decision? →FAC accepted this audit on February 24, 2026 — management decision was due August 24, 2026.
FAC accepted this audit on April 11, 2025 — management decision was due October 11, 2025.
FAC accepted this audit on November 1, 2024 — management decision was due May 1, 2025.
FAC accepted this audit on April 25, 2024 — management decision was due October 25, 2024.
During our testing, we noted that Lincoln Vilas North, Inc., did not have adequate internal controls designed to ensure management fees were charged in accordance with the provisions of the project/management agent certification. Questioned costs: None Context: During our testing, we noted that the management fees charged to Lincoln Villas North, Inc., were in excess of the agreed upon amount based on the provisions of the management agent certification. Cause: The management agent charged Lincoln Villas North, Inc., fees based on revenue recorded and not revenue collected as described in the project/management agent certification. Effect: Noncompliance with the HUD regulatory agreement. Recommendation: We recommend that management develop procedures to ensure management fees are charged in accordance with the project/management agent certification. Views of responsible officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Section 223(f) Mortgage Insurance for the Purchase of Refinance of Existing Multi-Family Housing Units Assistance Listing Number: 14.155 Federal Award Identification Number and Year: 075-11187 - 2022 Pass-Through Agency: N/A Pass-Through Number(s): N/A Award Period: 2023 Type of Finding: Significant Deficiency of Internal Control over Compliance Criteria or specific requirement: 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards requires compliance with the provisions of regulatory agreement. Lincoln Villas North, Inc., should have internal controls designed to ensure compliance with those provisions. Condition: During our testing, we noted that Lincoln Vilas North, Inc., did not have adequate internal controls designed to ensure management fees were charged in accordance with the provisions of the project/management agent certification. Questioned costs: None Context: During our testing, we noted that the management fees charged to Lincoln Villas North, Inc., were in excess of the agreed upon amount based on the provisions of the management agent certification. Cause: The management agent charged Lincoln Villas North, Inc., fees based on revenue recorded and not revenue collected as described in the project/management agent certification. Effect: Noncompliance with the HUD regulatory agreement. Recommendation: We recommend that management develop procedures to ensure management fees are charged in accordance with the project/management agent certification. Views of responsible officials: There is no disagreement with the audit finding.
2023-002 Management Fees Recommendation: We recommend that management develop procedures to ensure management fees are charged in accordance with the project/management agent certification. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management has developed processes to verify management fees are charged in accordance with the project/management agent certification. Name of contact person responsible for corrective action: Nicole Chwala Planned completion date for corrective action plan: April 2024
2022-003
FAC accepted this audit on December 27, 2023 — management decision was due June 27, 2024.
FAC accepted this audit on April 18, 2023 — management decision was due October 18, 2023.
During our testing, we noted that Lincoln Villas North, Inc., did not have adequate internal controls designed to ensure surplus cash was deposited into the residual receipts account 90 days after fiscal year end. Questioned costs: None Context: During our testing, it was noted that Lincoln Villas North, Inc., deposited surplus cash after March 31, 2022. Cause: Lincoln Villas North, Inc.?s residual receipts deposit was completed on August 5, 2022, which is more than 90 days after fiscal year-end. Effect: Noncompliance with the HUD regulatory agreement. Recommendation: We recommend that management develop procedures to deposit the residual receipts prior to March 31 on the following year to ensure compliance with the HUD regulatory agreement. Views of responsible officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Section 223(f) Mortgage Insurance for the Purchase or Refinance of Existing Multi-Family Housing Units Assistance Listing Number: 14.155 Federal Award Identification Number and Year: 075-11187 - 2022 Pass-Through Agency: N/A Pass-Through Number(s): N/A Award Period: 2022 Type of Finding: ? Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards requires compliance with the provisions of regulatory agreement. Lincoln Villas North, Inc., should have internal controls designed to ensure compliance with those provisions. Condition: During our testing, we noted that Lincoln Villas North, Inc., did not have adequate internal controls designed to ensure surplus cash was deposited into the residual receipts account 90 days after fiscal year end. Questioned costs: None Context: During our testing, it was noted that Lincoln Villas North, Inc., deposited surplus cash after March 31, 2022. Cause: Lincoln Villas North, Inc.?s residual receipts deposit was completed on August 5, 2022, which is more than 90 days after fiscal year-end. Effect: Noncompliance with the HUD regulatory agreement. Recommendation: We recommend that management develop procedures to deposit the residual receipts prior to March 31 on the following year to ensure compliance with the HUD regulatory agreement. Views of responsible officials: There is no disagreement with the audit finding.
Residual Receipts Deposit Recommendation: We recommend that management develop procedures to deposit residual receipts prior to March 31 on the following year to ensure compliance with the HUD regulatory agreement. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management has developed processes to verify replacement reserve deposits are updated based on the regulatory agreement annually. Name(s) of contact person(s) responsible for corrective action: Nicole Chwala Planned completion date for corrective action plan: April 2023
During our testing, we noted that Lincoln Vilas North, Inc., did not have adequate internal controls designed to ensure management fees were charged in accordance with the provisions of the project/management agent certification. Questioned costs: None Context: During our testing, we noted that the management fees charged to Lincoln Villas North, Inc., were in excess of the agreed upon amount based on the provisions of the management agent certification. Cause: The management agent charged Lincoln Villas North, Inc., fees based on revenue recorded and not revenue collected as described in the project/management agent certification. Effect: Noncompliance with the HUD regulatory agreement. Recommendation: We recommend that management develop procedures to ensure management fees are charged in accordance with the project/management agent certification. Views of responsible officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Section 223(f) Mortgage Insurance for the Purchase or Refinance of Existing Multi-Family Housing Units Assistance Listing Number: 14.155 Federal Award Identification Number and Year: 075-11187 - 2022 Pass-Through Agency: N/A Pass-Through Number(s): N/A Award Period: 2022 Type of Finding: ? Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards requires compliance with the provisions of regulatory agreement. Lincoln Villas North, Inc., should have internal controls designed to ensure compliance with those provisions. Condition: During our testing, we noted that Lincoln Vilas North, Inc., did not have adequate internal controls designed to ensure management fees were charged in accordance with the provisions of the project/management agent certification. Questioned costs: None Context: During our testing, we noted that the management fees charged to Lincoln Villas North, Inc., were in excess of the agreed upon amount based on the provisions of the management agent certification. Cause: The management agent charged Lincoln Villas North, Inc., fees based on revenue recorded and not revenue collected as described in the project/management agent certification. Effect: Noncompliance with the HUD regulatory agreement. Recommendation: We recommend that management develop procedures to ensure management fees are charged in accordance with the project/management agent certification. Views of responsible officials: There is no disagreement with the audit finding.
Management Fees Recommendation: We recommend that management develop procedures to ensure management fees are charged in accordance with the project/management agent certification. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management has developed processes to verify management fees are charged in accordance with the project/management agent certification. Name(s) of contact person(s) responsible for corrective action: Nicole Chwala Planned completion date for corrective action plan: April 2023
FAC accepted this audit on December 27, 2023 — management decision was due June 27, 2024.
No separate reserve account has been established. All funds related to the loan resolutions’ deposit requirements are retained in the general account. Questioned Costs: None Context: The Organization maintains sufficient deposits to meet the debt service reserve requirements in accordance with the loan resolutions. The resolutions require that certain reserves be deposited into distinct accounts. A separate reserve account was not established in accordance with those requirements. Cause: Management was not aware of the requirement for a separate reserve account. Effect: As a result of this condition, the Organization was not in compliance with the loan resolutions. This did not result in any questioned costs or material noncompliance. Recommendation: The Organization should establish a separate reserve as set forth in the loan resolutions. Views of responsible officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴Finding 2022-003 Federal Agency: U.S. Department of Agriculture Federal Program Name: Community Facilities Loans and Grants Assistance Listing Number: 10.766 Award Period: July 1, 2021 - June 30, 2022 Type of Finding: Significant Deficiency in Internal Control over Compliance and Nonmaterial Noncompliance. Compliance Requirement: Borrowers shall establish accounts into which borrower funds shall be deposited in accordance with the loan resolutions authorizing the incurrence of indebtedness related to the Agency loan proceeds. Criteria or Specific Requirement: The Organization’s loan resolutions require establishment of a general account and reserve account. The accounts will be maintained in accordance with the loan resolutions as long as the authorized indebtedness to the agency is outstanding. Per the loan resolutions, the Organization shall set aside into the reserve account the sum of $521,016. Condition: No separate reserve account has been established. All funds related to the loan resolutions’ deposit requirements are retained in the general account. Questioned Costs: None Context: The Organization maintains sufficient deposits to meet the debt service reserve requirements in accordance with the loan resolutions. The resolutions require that certain reserves be deposited into distinct accounts. A separate reserve account was not established in accordance with those requirements. Cause: Management was not aware of the requirement for a separate reserve account. Effect: As a result of this condition, the Organization was not in compliance with the loan resolutions. This did not result in any questioned costs or material noncompliance. Recommendation: The Organization should establish a separate reserve as set forth in the loan resolutions. Views of responsible officials: There is no disagreement with the audit finding.
Management will open a separate account and deposit the required funds as required by the loan resolutions.
FAC accepted this audit on April 18, 2022 — management decision was due October 18, 2022.
FAC accepted this audit on April 6, 2021 — management decision was due October 6, 2021.
FAC accepted this audit on April 16, 2020 — management decision was due October 16, 2020.
FAC accepted this audit on April 3, 2019 — management decision was due October 3, 2019.
FAC accepted this audit on April 20, 2018 — management decision was due October 20, 2018.
FAC accepted this audit on September 29, 2017 — management decision was due March 29, 2018.
GSA_MIGRATION
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