EIN: 454896566
UEI: PA9KNTMTA6C8
Audited by: Eide Bailly LLP
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 10, 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 10, 2026 (40 days from today).
What is a management decision? →FAC accepted this audit on April 8, 2025 — management decision was due October 8, 2025.
FAC accepted this audit on April 25, 2024 — management decision was due October 25, 2024.
FAC accepted this audit on May 9, 2023 — management decision was due November 9, 2023.
FAC accepted this audit on April 9, 2022 — management decision was due October 9, 2022.
Certain disbursements made during the year amounting to $1,755 were not related to the operations of the Corporation. Cause: Due to an oversight by the managing agent resulting from managing multiple properties with similar names, certain expenses were improperly disbursed from project funds for expenses of another project. Effect: The Corporation was not in compliance with the requirements of the HUD Handbook or the HUD approved Regulatory Agreement. Questioned Costs: $1,755 Context: Cash disbursements from the project fund are to solely be for the benefit and operations of the Corporation. Recommendation: We recommend that management review its internal control over compliance with the requirements of the HUD Handbook and Regulatory agreement to ensure the Corporation is in compliance with HUD requirements and to ensure disbursements from project funds relate to the operation of the Corporation. Views of Responsible Officials and Planned Corrective Action: The Corporation concurs with this recommendation and is working with its managing agent to enhance its internal controls over financial reporting and compliance.
Show full finding ▾Hide full finding ▴Finding No. 2021-001 Federal Program: Federal Assistance Listing #14.181 US Department of Housing and Urban Development Supportive Housing for Persons with Disabilities Project: Sheltering Tree Housing Corporation ? HUD Project No. 103-HD039 Criteria: HUD Handbook 4370.2 REV-1, Financial Operations and Accounting Procedures for Insured, and the Regulatory Agreement with HUD require that disbursements from project funds be solely for the reasonable and necessary operation of the project. Condition: Certain disbursements made during the year amounting to $1,755 were not related to the operations of the Corporation. Cause: Due to an oversight by the managing agent resulting from managing multiple properties with similar names, certain expenses were improperly disbursed from project funds for expenses of another project. Effect: The Corporation was not in compliance with the requirements of the HUD Handbook or the HUD approved Regulatory Agreement. Questioned Costs: $1,755 Context: Cash disbursements from the project fund are to solely be for the benefit and operations of the Corporation. Recommendation: We recommend that management review its internal control over compliance with the requirements of the HUD Handbook and Regulatory agreement to ensure the Corporation is in compliance with HUD requirements and to ensure disbursements from project funds relate to the operation of the Corporation. Views of Responsible Officials and Planned Corrective Action: The Corporation concurs with this recommendation and is working with its managing agent to enhance its internal controls over financial reporting and compliance.
Finding No. 2021-001 Criteria: The HUD Handbook 4370.2 REV-1, Financial Operations and Accounting Procedures for Insured, and the Regulatory Agreement with HUD require that disbursements from project funds be solely for the reasonable and necessary operation of the project. Condition: Certain disbursements made during the year amounting to $1,755 were not related to the operations of the Corporation. Corrective Action: Management is aware of the requirement and will work to improve the processes and controls to ensure that only costs related to the operation of the project will be paid from project funds. A receivable from the other project was recognized in the financial statements for amounts disbursed and the amounts were refunded to the Corporation subsequent to year end. Completion Date: March 21, 2022 Person Responsible: Jessica Ward, CFO, Seldin Company (Managing Agent)
FAC accepted this audit on April 1, 2021 — management decision was due October 1, 2021.
FAC accepted this audit on April 15, 2020 — management decision was due October 15, 2020.
Upon transfer of funds occurring with the change in the managing agent in 2017, a separate reserve for replacement account was not established and being maintained by the new managing agent. The Corporation did not obtain proper HUD approval for withdrawal of funds from the replacement reserve and previous loan from replacement reserve has not yet been repaid. The account was reestablished in 2019 and the new form HUD-9250 Funds Authorizations required a minimum balance of 24 monthly deposits, but the account remains underfunded as of December 31, 2019. Cause: As a result of the transition to the previous managing agent in 2017 and the previous managing agent being unfamiliar with the requirement to maintain a separate replacement reserve account, the existing replacement reserve funds were improperly deposited into operating cash. Effect: Sufficient funds are not available to fully replenish the replacement reserve account so the replacement reserve account remains underfunded as of December 31, 2019. Context: Form HUD-9250, Funds Authorizations, is required to be submitted and approved by HUD prior to withdrawing funds from the replacement reserve account. The HUD Handbook also calls for HUD approval to suspend deposits into the replacement reserve account and for such funds to be maintained in a separate interest bearing account. Recommendation: We recommend that continue to work to replenish the reserve for replacement account to maintain the account at the minimum balance as required by HUD. Views of Responsible Officials and Planned Corrective Action: The Corporation contracted a new management agent beginning in November 2018 and reestablished the replacement reserve account in March 2019. The Corporation received approval from HUD to suspend deposits from August 2017 through May 2019. Required monthly deposits started again in June 2019 and the Corporation has been making regular monthly deposits to reestablish the replacement reserve balance.
Show full finding ▾Hide full finding ▴Finding No. 2019-001 Federal Program: CFDA #14.181 US Department of Housing and Urban Development Supportive Housing for Persons with Disabilities Project: Sheltering Tree Housing Corporation ? HUD Project No. 103-HD039 Criteria: Chapter 4 of HUD Handbook 4350.1 REV-1, Multifamily Asset Management and Project Servicing, and the Corporation's Regulatory Agreement with HUD requires that the project maintain a reserve for replacement fund in a separate interest bearing account. The Regulatory Agreement requires monthly deposits into the account and proper approval from HUD must be obtained for any withdrawals from the replacement reserve account. Condition: Upon transfer of funds occurring with the change in the managing agent in 2017, a separate reserve for replacement account was not established and being maintained by the new managing agent. The Corporation did not obtain proper HUD approval for withdrawal of funds from the replacement reserve and previous loan from replacement reserve has not yet been repaid. The account was reestablished in 2019 and the new form HUD-9250 Funds Authorizations required a minimum balance of 24 monthly deposits, but the account remains underfunded as of December 31, 2019. Cause: As a result of the transition to the previous managing agent in 2017 and the previous managing agent being unfamiliar with the requirement to maintain a separate replacement reserve account, the existing replacement reserve funds were improperly deposited into operating cash. Effect: Sufficient funds are not available to fully replenish the replacement reserve account so the replacement reserve account remains underfunded as of December 31, 2019. Context: Form HUD-9250, Funds Authorizations, is required to be submitted and approved by HUD prior to withdrawing funds from the replacement reserve account. The HUD Handbook also calls for HUD approval to suspend deposits into the replacement reserve account and for such funds to be maintained in a separate interest bearing account. Recommendation: We recommend that continue to work to replenish the reserve for replacement account to maintain the account at the minimum balance as required by HUD. Views of Responsible Officials and Planned Corrective Action: The Corporation contracted a new management agent beginning in November 2018 and reestablished the replacement reserve account in March 2019. The Corporation received approval from HUD to suspend deposits from August 2017 through May 2019. Required monthly deposits started again in June 2019 and the Corporation has been making regular monthly deposits to reestablish the replacement reserve balance.
Finding No. 2019-001 Criteria: Chapter 4 of HUD Handbook 4350.1 REV-1, Multifamily Asset Management and Project Servicing, and the Corporation's Regulatory Agreement with HUD requires that the project maintain a reserve for replacement fund in a separate interest bearing account. The Regulatory Agreement requires monthly deposits into the account and proper approval from HUD must be obtained for any withdrawals from the replacement reserve account. Condition: Upon transfer of funds occurring with the change in the managing agent in 2017, a separate reserve for replacement account was not established and being maintained by the new managing agent. The Corporation did not obtain proper HUD approval for withdrawal of funds from the replacement reserve and previous loan from replacement reserve has not yet been repaid. The account was reestablished in 2019 and the new form HUD-9250 Funds Authorizations required a minimum balance of 24 monthly deposits, but the account remains underfunded as of December 31, 2019. Planned Corrective Action: This resulted with the change in the managing agent in 2017 and continued throughout 2018. The replacement reserve fund was not established and maintained by the previous management agent upon transition in the fall of 2017. We entered into an agreement with a new management agent in November 2018 and have reestablished a separate reserve for replacement account in March 2019 at Great Western Bank. We worked with HUD to receive a suspension on previously missed deposits and this was granted for the period August 2017 through May 2019. Required monthly deposits began in June 2019 and we have been making regular deposits as required by the Regulatory Agreement in order to reestablish the required minimum balance in the reserve for replacement account. Planned Completion Date: Ongoing Person Responsible: Anne Carter, Treasurer
2018-001
FAC accepted this audit on May 13, 2019 — management decision was due November 13, 2019.
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2017-002
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2017-003
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2017-004
FAC accepted this audit on February 25, 2019 — management decision was due August 25, 2019.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on March 21, 2017 — management decision was due September 21, 2017.
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