EIN: 454556482
UEI: JHZ3A4VMQE88
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 27, 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 27, 2026 (53 days from today).
What is a management decision? →FAC accepted this audit on April 28, 2025 — management decision was due October 28, 2025.
FAC accepted this audit on April 8, 2024 — management decision was due October 8, 2024.
FAC accepted this audit on May 30, 2023 — management decision was due November 30, 2023.
FAC accepted this audit on August 22, 2022 — management decision was due February 22, 2023.
FAC accepted this audit on October 20, 2021 — management decision was due April 20, 2022.
During our testing, we noted the Corporation did not have adequate internal controls designed to ensure it was making the required replacement reserve deposits as indicated by HUD. Questioned costs: None Context: During our testing, it was noted that the Corporation?s replacement reserve deposit requirement increased in June 2019 and again in June 2020. However, the Corporation did not start making the increased deposits until HUD mentioned this discrepancy in August 2020. Cause: The Corporation was not properly communicating with the lender regarding changes to the Corporation?s structure (conversion to RAD) that impacted its replacement reserve requirement. Effect: This could potentially impact the Corporation?s funding from HUD and FWHS in the future. Recommendation: We recommend the Corporation design controls to ensure an adequate review of all HUD documents to determine it is in compliance with HUD?s guidelines. Views of responsible officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴2020-002 Federal agency: U.S. Department of Housing and Urban Development Federal program title: Mortgage Insurance Program CFDA Number: 14.135 Award Period: January 1, 2020 ? December 31, 2020 Type of Finding: ? Significant Deficiency in Internal Control over Compliance ? Other Matters Criteria or specific requirement: 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award requires compliance with the provisions of replacement reserve guidelines. Specifically, 24 CFR 891.605 states the Borrower shall make monthly deposits to the replacement reserve in an amount determined by HUD. The Corporation should have internal controls designed to ensure compliance with those provisions. Condition: During our testing, we noted the Corporation did not have adequate internal controls designed to ensure it was making the required replacement reserve deposits as indicated by HUD. Questioned costs: None Context: During our testing, it was noted that the Corporation?s replacement reserve deposit requirement increased in June 2019 and again in June 2020. However, the Corporation did not start making the increased deposits until HUD mentioned this discrepancy in August 2020. Cause: The Corporation was not properly communicating with the lender regarding changes to the Corporation?s structure (conversion to RAD) that impacted its replacement reserve requirement. Effect: This could potentially impact the Corporation?s funding from HUD and FWHS in the future. Recommendation: We recommend the Corporation design controls to ensure an adequate review of all HUD documents to determine it is in compliance with HUD?s guidelines. Views of responsible officials: There is no disagreement with the audit finding.
FINDINGS?FEDERAL AWARD PROGRAMS AUDITS 2020-002 Mortgage Insurance Program ? CFDA No. 14.135 Recommendation: We recommend the Corporation design controls to ensure an adequate review of all HUD documents to determine it is in compliance with HUD?s guidelines. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: The new property management company, Pace Realty Corporation, began management of the property in late October 2019. The property management company was notified by HUD and the lender in August 2020 of the increase and retro-active amount due. At that time the new monthly amount was paid to the lender with the monthly debt service payment and the retro-active ?catch-up? balance was paid. Going forward we will confirm periodically with HUD and the lender that the correct Replacement Reserve deposit is being made. In addition, the Compliance Department of the property manager will continue to review HUD documents to determine compliance with HUD guidelines. Name(s) of the contact person(s) responsible for corrective action: David Rothwell Planned completion date for corrective action plan: August 2020 and ongoing If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call David Rothwell at 469-374-5854.
FAC accepted this audit on October 17, 2020 — management decision was due April 17, 2021.
FAC accepted this audit on September 19, 2019 — management decision was due March 19, 2020.
FAC accepted this audit on September 9, 2018 — management decision was due March 9, 2019.
FAC accepted this audit on September 26, 2017 — management decision was due March 26, 2018.
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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