EIN: 391518076
UEI: FHA4ANGHBVD5
Single Audit filed under EIN: 391904367
331203116, 331203117, 391844829, 392015525, 392030436, 392035771, 392036326, 392043528, 900884253 · unlinked EINs have no separate FAC filing
Audited by: Dauby O'Connor & Zaleski, LLC
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 January 23, 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 23, 2026 (40 days ago).
What is a management decision? →FAC accepted this audit on May 2, 2025 — management decision was due November 2, 2025.
FAC accepted this audit on April 16, 2024 — management decision was due October 16, 2024.
FAC accepted this audit on December 27, 2022 — management decision was due June 27, 2023.
FAC accepted this audit on December 27, 2021 — management decision was due June 27, 2022.
Finding Reference Number: #2021-001 Assistance title and number (federal award identification and year): 14.155 ? Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (075-11045, 2005) Auditor non-compliance code: B. Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: 1 residual receipts deposit Sample size information: 1 residual receipts deposit Pass-through entity: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Questioned Costs: $8,873 Statement of condition #2021-001: The Corporation's required deposit into the residual receipts account per the September 30, 2020 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the Regulatory Agreement (form HUD-92466-E) Section 5, and superseded by 24 CFR, Section 5.801 UFRS, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal period ends. Effect: The Corporation is not in compliance with the Regulatory Agreement, UFRS or communications that the Corporation has received from HUD. Cause: The Corporation did not make the required deposit within 90 days of fiscal year end. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Completion date: March 26, 2021 Reporting views of responsible officials: Agree. Management deposited $8,873 into the residual receipts fund on March 26, 2021. No further action is required.
Show full finding ▾Hide full finding ▴Finding Reference Number: #2021-001 Assistance title and number (federal award identification and year): 14.155 ? Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (075-11045, 2005) Auditor non-compliance code: B. Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: 1 residual receipts deposit Sample size information: 1 residual receipts deposit Pass-through entity: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Questioned Costs: $8,873 Statement of condition #2021-001: The Corporation's required deposit into the residual receipts account per the September 30, 2020 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the Regulatory Agreement (form HUD-92466-E) Section 5, and superseded by 24 CFR, Section 5.801 UFRS, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal period ends. Effect: The Corporation is not in compliance with the Regulatory Agreement, UFRS or communications that the Corporation has received from HUD. Cause: The Corporation did not make the required deposit within 90 days of fiscal year end. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Completion date: March 26, 2021 Reporting views of responsible officials: Agree. Management deposited $8,873 into the residual receipts fund on March 26, 2021. No further action is required.
Finding 2021-001: Comments on finding and recommendation: Statement of condition #2021-001: The Corporation's required deposit into the residual receipts account per the September 30, 2020 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Action(s) taken or planned on the finding: Agree. Management deposited $8,873 into the residual receipts fund on March 26, 2021. No further action is required.
FAC accepted this audit on December 21, 2020 — management decision was due June 21, 2021.
Finding reference number: #2020-001 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 (Project identification number 075-11045 and 2005) Auditor non-compliance code: N - Reserve for Replacement Deposits Finding resolution statue: Resolved Universe population size: 12 months of deposits to the reserve for replacements Sample size information: 12 months of deposits to the reserve for replacements Noncompliance information: See statement of condition #2020-001 for noncompliance information. Statistically valid sample: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $30 Statement of condition #2020-001 (CFDA No. 14.155): At September 30, 2020, deposits to the reserve for replacements account totaling $30 had not been made. Criteria: Pursuant to item 10(b) of the Regulatory (form HUD-92466), the Corporation shall make monthly deposits into a separate reserve for replacements account. The required monthly deposit was $1,508 effective September 1, 2020. Effect or potential effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. As of September 30, 2020, the reserve for replacements is underfunded by $30. Cause: Management received a deposit increase to the reserve for replacement account that was effective beginning September 1, 2020. Management did not notify the lender of the deposit increase and failed to catch up the reserve prior to year-end. Management did notify the lender subsequent to year-end to increase the October 2020 reserve deposit to account for the increases as well as the shortage from the prior month. Recommendation: Management should transfer $30 from the operating account to the reserve for replacement account to fund the reserve for replacement account. Completion Date: October 5, 2020 Management Response: Management concurs with the finding and recommendation. No further action required. The deposit shortage was cleared on October 5, 2020 with the October 2020 reserve deposit.
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 or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (Project identification number 075-11045 and 2005) Auditor non-compliance code: N - Reserve for Replacement Deposits Finding resolution statue: Resolved Universe population size: 12 months of deposits to the reserve for replacements Sample size information: 12 months of deposits to the reserve for replacements Noncompliance information: See statement of condition #2020-001 for noncompliance information. Statistically valid sample: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $30 Statement of condition #2020-001 (CFDA No. 14.155): At September 30, 2020, deposits to the reserve for replacements account totaling $30 had not been made. Criteria: Pursuant to item 10(b) of the Regulatory (form HUD-92466), the Corporation shall make monthly deposits into a separate reserve for replacements account. The required monthly deposit was $1,508 effective September 1, 2020. Effect or potential effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. As of September 30, 2020, the reserve for replacements is underfunded by $30. Cause: Management received a deposit increase to the reserve for replacement account that was effective beginning September 1, 2020. Management did not notify the lender of the deposit increase and failed to catch up the reserve prior to year-end. Management did notify the lender subsequent to year-end to increase the October 2020 reserve deposit to account for the increases as well as the shortage from the prior month. Recommendation: Management should transfer $30 from the operating account to the reserve for replacement account to fund the reserve for replacement account. Completion Date: October 5, 2020 Management Response: Management concurs with the finding and recommendation. No further action required. The deposit shortage was cleared on October 5, 2020 with the October 2020 reserve deposit.
Finding 2020-001: Comments on the Finding and Each Recommendation At September 30, 2020, deposits to the reserve for replacements account totaling $30 had not been made. Management should transfer $30 from the operating account to the reserve for replacement account to fund the reserve for replacement account. Action(s) taken or planned on the finding: Management concurs with the finding and recommendation. No further action required. The deposit shortage was cleared on October 5, 2020 with the October 2020 reserve deposit.
Finding reference number: #2020-002 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 (Project identification number 075-11045 and 2005) Auditor non-compliance code: J - Unauthorized Management Fees Finding resolution statue: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size is not applicable to the finding Noncompliance information: See statement of condition #2020-002 for noncompliance information. Statistically valid sample: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $981 Statement of condition #2020-002 (CFDA No. 14.155): During the year ended September 30, 2020, the Corporation paid management fees in excess of management fees earned resulting in prepaid management fees of $981 at September 30, 2020. Criteria: In accordance with the HUD approved the Management Agent Certification (HUD-9839-B), the management agent earns a fee based on an established rate of 8.80% of residential income collected capped at $48.68 per unit per month, plus 8.80% of miscellaneous income collected. Effect or potential effect: The Corporation is not in compliance with the HUD approved Management Agent Certification. As a result, the Property's cash position at September 30, 2020 has been reduced by $981. This amount has been considered in the surplus cash calculation for the year ended September 30, 2020. Cause: Management oversight. Management did not take into account the management fee cap and was also paying fees based on a percentage of net income earned, rather than actual residential and miscellaneous income collected during the period. Recommendation: The management agent should review its calculation of management fees on monthly basis and ensure the monthly fee is in accordance with the HUD approved Management Agent Certification. In addition, the Management Agent should reimburse the Corporation $981 for the management fees prepaid as of September 30, 2020. Completion Date: December 11, 2020 Management Response: Agreed. Management will review its calculation of management fees and will calculate future management fees as permitted in the HUD approved management certification. On December 11, 2020, the management agent reimbursed the Corporation $981 for the management fees prepaid as of September 30, 2020.
Show full finding ▾Hide full finding ▴Finding reference number: #2020-002 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 (Project identification number 075-11045 and 2005) Auditor non-compliance code: J - Unauthorized Management Fees Finding resolution statue: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size is not applicable to the finding Noncompliance information: See statement of condition #2020-002 for noncompliance information. Statistically valid sample: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $981 Statement of condition #2020-002 (CFDA No. 14.155): During the year ended September 30, 2020, the Corporation paid management fees in excess of management fees earned resulting in prepaid management fees of $981 at September 30, 2020. Criteria: In accordance with the HUD approved the Management Agent Certification (HUD-9839-B), the management agent earns a fee based on an established rate of 8.80% of residential income collected capped at $48.68 per unit per month, plus 8.80% of miscellaneous income collected. Effect or potential effect: The Corporation is not in compliance with the HUD approved Management Agent Certification. As a result, the Property's cash position at September 30, 2020 has been reduced by $981. This amount has been considered in the surplus cash calculation for the year ended September 30, 2020. Cause: Management oversight. Management did not take into account the management fee cap and was also paying fees based on a percentage of net income earned, rather than actual residential and miscellaneous income collected during the period. Recommendation: The management agent should review its calculation of management fees on monthly basis and ensure the monthly fee is in accordance with the HUD approved Management Agent Certification. In addition, the Management Agent should reimburse the Corporation $981 for the management fees prepaid as of September 30, 2020. Completion Date: December 11, 2020 Management Response: Agreed. Management will review its calculation of management fees and will calculate future management fees as permitted in the HUD approved management certification. On December 11, 2020, the management agent reimbursed the Corporation $981 for the management fees prepaid as of September 30, 2020.
Finding 2020-002: Comments on the Finding and Each Recommendation During the year ended September 30, 2020, the Corporation paid management fees in excess of management fees earned resulting in prepaid management fees of $981 at September 30, 2020. The management agent should review its calculation of management fees on a monthly basis and ensure the monthly fee is in accordance with the HUD approved Management Agent Certification. In addition, the Management Agent should reimburse the Corporation $981 for the management fees prepaid as of September 30, 2020. Action(s) taken or planned in the finding: Agreed Management will review its calculation of management fees and will calculate future management fees as permitted in the HUD approved management certification. On December 11, 2020.
FAC accepted this audit on November 19, 2019 — management decision was due May 19, 2020.
FAC accepted this audit on December 12, 2018 — management decision was due June 12, 2019.
FAC accepted this audit on January 22, 2018 — management decision was due July 22, 2018.
FAC accepted this audit on January 10, 2017 — management decision was due July 10, 2017.
GSA_MIGRATION
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GSA_MIGRATION
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