EIN: 392030436
UEI: GJUSLVQJZWR9
Data as of August 27, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 27, 2021. 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 June 27, 2022 (1523 days ago).
What is a management decision? →Finding reference number: #2021-001 Assistance Listing No. title and number (federal award identification number and year): Housing Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2012) Auditor non-compliance code: N ? Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacement Sample size information: 12 months of deposits to the reserve for replacement Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $46 Statement of condition #2021-001: At September 30, 2021, deposits to the reserve for replacements account totaling $46 had not been made. Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466M), the Company shall make monthly deposits into a separate reserve for replacements account at an amount and date as established by HUD. These required monthly deposits were $1,052 for October 2020 to February of 2021 and were increased to $1,075 effective March of 2021 through September of 2021. Effect: The Company is not in compliance with the Regulatory Agreement. The reserve for replacements account is underfunded by $46 at September 30, 2021. Cause: Management received a deposit increase to the reserve for replacements account that was effective beginning March 1, 2021. Management did not notify the lender of the deposit increase and failed to catch up the reserve prior to year-end. Recommendation: Management should transfer $46 from the operating account to the reserve for replacements account to fund the reserve for replacements account. Completion date: December 8, 2021 Reporting views of responsible officials: Management concurs with the finding and recommendation and transferred $46 on December 8, 2021 to the reserve for replacements account.
Show full finding ▾Hide full finding ▴Finding reference number: #2021-001 Assistance Listing No. title and number (federal award identification number and year): Housing Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2012) Auditor non-compliance code: N ? Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacement Sample size information: 12 months of deposits to the reserve for replacement Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $46 Statement of condition #2021-001: At September 30, 2021, deposits to the reserve for replacements account totaling $46 had not been made. Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466M), the Company shall make monthly deposits into a separate reserve for replacements account at an amount and date as established by HUD. These required monthly deposits were $1,052 for October 2020 to February of 2021 and were increased to $1,075 effective March of 2021 through September of 2021. Effect: The Company is not in compliance with the Regulatory Agreement. The reserve for replacements account is underfunded by $46 at September 30, 2021. Cause: Management received a deposit increase to the reserve for replacements account that was effective beginning March 1, 2021. Management did not notify the lender of the deposit increase and failed to catch up the reserve prior to year-end. Recommendation: Management should transfer $46 from the operating account to the reserve for replacements account to fund the reserve for replacements account. Completion date: December 8, 2021 Reporting views of responsible officials: Management concurs with the finding and recommendation and transferred $46 on December 8, 2021 to the reserve for replacements account.
Finding 2021-001: Comments on finding and recommendation: Statement of condition #2021-001: At September 30, 2021, deposits to the reserve for replacements account totaling $46 had not be made. Recommendation: Management should transfer $46 from the operating account to the reserve for replacements account to fund the reserve for replacements account. Action(s) taken or planned on the finding: Agree. Management deposited $46 into the reserve for replacements account on December 8, 2021.
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 14.155 (075-11123, year 2012) Auditor non-compliance code: M - Security Deposits Finding resolution status: Resolved Universe population size: 12 months Sample size information: 1 month 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: $2,944 Statement of Condition #2020-001 (CFDA 14.155): The Company did not maintain a cash account for residents' security deposits in an amount equal to or greater than the outstanding balance of the residents' security deposit liability for eight months during the year ended September 30, 2020, and at September 30, 2020, the residents' security deposit cash account was underfunded by $2,944. Criteria: Pursuant to Section 13 of the Regulatory Agreement, residents' security deposits should be funded in a separate account in an amount which shall at all times equal or exceed the aggregate of all outstanding obligations. Effect or potential effect: Failure to fund residents' security deposits could result in the inability of the Company to return security deposits to residents upon termination of the residents' leases. Cause: Due to operating cash flow shortages, management was unable to sufficiently fund the balance of the residents' security deposits cash account throughout the year.Recommendation: Management should ensure the residents' security deposits cash account is adequately funded and transfer funds from the Community's operating cash account, as able, to adequately fund the residents' security deposits cash account. In the event there is insufficient operating cash flow to fund both the operating account and security deposit account, the Sole Member should advance funds to the Community to fund these deficits. Completion date: December 7, 2020 Reporting view of responsible officials: Management concurs with the finding and agrees with the auditor's recommendation. On December 7, 2020, management transferred $2,944 from the operating cash account to fully fund the security deposit cash account.
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 14.155 (075-11123, year 2012) Auditor non-compliance code: M - Security Deposits Finding resolution status: Resolved Universe population size: 12 months Sample size information: 1 month 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: $2,944 Statement of Condition #2020-001 (CFDA 14.155): The Company did not maintain a cash account for residents' security deposits in an amount equal to or greater than the outstanding balance of the residents' security deposit liability for eight months during the year ended September 30, 2020, and at September 30, 2020, the residents' security deposit cash account was underfunded by $2,944. Criteria: Pursuant to Section 13 of the Regulatory Agreement, residents' security deposits should be funded in a separate account in an amount which shall at all times equal or exceed the aggregate of all outstanding obligations. Effect or potential effect: Failure to fund residents' security deposits could result in the inability of the Company to return security deposits to residents upon termination of the residents' leases. Cause: Due to operating cash flow shortages, management was unable to sufficiently fund the balance of the residents' security deposits cash account throughout the year.Recommendation: Management should ensure the residents' security deposits cash account is adequately funded and transfer funds from the Community's operating cash account, as able, to adequately fund the residents' security deposits cash account. In the event there is insufficient operating cash flow to fund both the operating account and security deposit account, the Sole Member should advance funds to the Community to fund these deficits. Completion date: December 7, 2020 Reporting view of responsible officials: Management concurs with the finding and agrees with the auditor's recommendation. On December 7, 2020, management transferred $2,944 from the operating cash account to fully fund the security deposit cash account.
Comment on the finding and each recommendation The Company did not maintain a cash account for residents' security deposits in an amount equal to or greater than the outstanding balance of the residents' security deposit liability for eight months during the year ended September 30, 2020, and at September 30, 2020, the residents' security deposit cash account was underfunded by $2,944. Management should ensure the residents' security deposits cash account is adequately funded and transfer funds from the Community's operating cash account, as able, to adequately fund the residents' security deposits cash account. In the event there is insufficient operating cash flow to fund both the operating account and security deposit account, the Sole Member should advance funds to the Community to fund these deficits. Action(s) taken or planned on the finding Management concurs with the finding and agrees with the auditor's recommendation. On December 7, 2020, management transferred $2,944 from the operating cash account to fully fund the security deposit cash account.
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