EIN: 416161167
UEI: MYRYZNPTJLK1
Audited by: Mahoney Ulbrich Christiansen & Russ, PA
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 13, 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 13, 2026 (37 days from today).
What is a management decision? →FAC accepted this audit on April 12, 2025 — management decision was due October 12, 2025.
FAC accepted this audit on May 8, 2024 — management decision was due November 8, 2024.
2023-001 – Income Certifications Federal Program – U.S. Department of Housing and Urban Development Assistance Listing Number 14.134 – Insured Mortgage – Rental Housing Noncompliance and Significant Deficiency Category of Finding – Special Tests and Provisions Use of Surplus Cash Criteria – Under HUD’s Mark-to-Market (M2M) program, the HUD Audit Guide states that the incentive performance fee is provided to recognize owner equity and as an incentive for demonstrating operating efficiencies. The owner can collect this payment annually if certain conditions are met. One of the conditions to payment are that required HUD Restructuring Note payments are made by April 10 of each year. Condition – The required payments on the HUD Restructuring Note were not made by April 10, 2023. The Organization still paid an incentive performance fee even though the conditions to payment were not met. Context – The Organization paid an incentive performance fee to CommonBond of $37,387 when it was disallowed. Cause – Turnover and inexperience in the property accounting role caused the Restructuring Note payment to be late. Effect - The Organization was not in compliance with the M2M program. The incentive performance fee is not allowed. Identification of repeat finding - No Recommendation – CommonBond Communities should return the incentive performance fee to the organization. Employees should be reminded of the M2M program requirements and conditions for making incentive performance fee payments. Views of responsible officials and planned corrective actions - The Organization agrees with the finding, and CommonBond Communities has repaid the incentive performance fee to the Organization as of March 22, 2024.
Show full finding ▾Hide full finding ▴2023-001 – Income Certifications Federal Program – U.S. Department of Housing and Urban Development Assistance Listing Number 14.134 – Insured Mortgage – Rental Housing Noncompliance and Significant Deficiency Category of Finding – Special Tests and Provisions Use of Surplus Cash Criteria – Under HUD’s Mark-to-Market (M2M) program, the HUD Audit Guide states that the incentive performance fee is provided to recognize owner equity and as an incentive for demonstrating operating efficiencies. The owner can collect this payment annually if certain conditions are met. One of the conditions to payment are that required HUD Restructuring Note payments are made by April 10 of each year. Condition – The required payments on the HUD Restructuring Note were not made by April 10, 2023. The Organization still paid an incentive performance fee even though the conditions to payment were not met. Context – The Organization paid an incentive performance fee to CommonBond of $37,387 when it was disallowed. Cause – Turnover and inexperience in the property accounting role caused the Restructuring Note payment to be late. Effect - The Organization was not in compliance with the M2M program. The incentive performance fee is not allowed. Identification of repeat finding - No Recommendation – CommonBond Communities should return the incentive performance fee to the organization. Employees should be reminded of the M2M program requirements and conditions for making incentive performance fee payments. Views of responsible officials and planned corrective actions - The Organization agrees with the finding, and CommonBond Communities has repaid the incentive performance fee to the Organization as of March 22, 2024.
Name of contact person – Angela Riley, CFO Corrective action – The Corporation agrees with the finding and should return the incentive performance fee to the organization. Employees should be reminded of the M2M program requirements and conditions for making incentive performance fee payments. Proposed completion date – Management has begun the corrective action and the incentive performance fee has been repaid to the Organization as of March 22, 2024.
FAC accepted this audit on March 29, 2023 — management decision was due September 29, 2023.
FAC accepted this audit on April 20, 2022 — management decision was due October 20, 2022.
FAC accepted this audit on July 18, 2021 — management decision was due January 18, 2022.
FAC accepted this audit on May 19, 2020 — management decision was due November 19, 2020.
FAC accepted this audit on April 2, 2019 — management decision was due October 2, 2019.
FAC accepted this audit on April 10, 2018 — management decision was due October 10, 2018.
FAC accepted this audit on April 2, 2017 — management decision was due October 2, 2017.
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.
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