EIN: 460634069
UEI: GSA_MIGRATION
Data as of August 19, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 26, 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 October 26, 2021, which was (1759 days ago).
What is a management decision? →2020-001 GENERAL OPERATING RESERVE Significant deficiency Criteria Under the terms of the Regulatory Agreement, the Cooperative is required to establish and maintain a general operating reserve. Monthly allocations to the general operating reserve are equal to 3 percent of the monthly amount otherwise chargeable to the members pursuant to their occupancy agreement. Upon the general operating reserve balance reaching 15 percent of the current annual amount chargeable to the members, the monthly allocation may be reduced to 2 percent. However, in the event withdrawals from the reserve reduce the balance below the 15 percent accrual, the monthly allocation will once again be restored to 3 percent. Restrictions from the reserve in excess of 20 percent of the balance annually require approval from HUD. Condition During the year, the general operating reserve fund balance was reduced below 15 percent of the current annual amount chargeable to the members, however, the Cooperative did not increase the monthly allocation back to 3 percent, as required by the Regulatory Agreement. Furthermore, disbursements from the general operating reserve exceeded 20 percent of the reserve?s balance. However, the Cooperative did not receive permission from HUD prior to initiating these disbursements. Cause Cooperative staff were not monitoring the general operating reserve for compliance with the Regulatory Agreement. Effect The Cooperative was not in compliance with the Regulatory Agreement. Recommendation The Cooperative should evaluate opportunities to retroactively comply with the general operating reserve requirements for 2020. The Cooperative should evaluate policies and procedures and ensure staff are properly trained on the requirements of the Regulatory Agreement. Response Matured general operating reserve CD?s were incorrectly deposited into another bank account during the year. The Cooperative has since remediated the issue by placing these funds back into the general operating reserve account. The Cooperative will monitor the general operating reserve for compliance with the regulatory agreement going forward. Conclusion Response accepted.
See Corrective action plan for table
Criteria Under the terms of the Regulatory Agreement, the Cooperative is required to establish and maintain a general operating reserve. Monthly allocations to the general operating reserve are equal to 3 percent of the monthly amount otherwise chargeable to the members pursuant to their occupancy agreement. Upon the general operating reserve balance reaching 15 percent of the current annual amount chargeable to the members, the monthly allocation may be reduced to 2 percent. However, in the event withdrawals from the reserve reduce the balance below the 15 percent accrual, the monthly allocation will once again be restored to 3 percent. Restrictions from the reserve in excess of 20 percent of the balance annually require approval from HUD. Condition During the year, the general operating reserve fund balance was reduced below 15 percent of the current annual amount chargeable to the members, however, the Cooperative did not increase the monthly allocation back to 3 percent, as required by the Regulatory Agreement. Furthermore, disbursements from the general operating reserve exceeded 20 percent of the reserve?s balance. However, the Cooperative did not receive permission from HUD prior to initiating these disbursements. Cause Cooperative staff were not monitoring the general operating reserve for compliance with the Regulatory Agreement. Effect The Cooperative was not in compliance with the Regulatory Agreement. Recommendation The Cooperative should evaluate opportunities to retroactively comply with the general operating reserve requirements for 2020. The Cooperative should evaluate policies and procedures and ensure staff are properly trained on the requirements of the Regulatory Agreement. Response Matured general operating reserve CD?s were incorrectly deposited into another bank account during the year. The Cooperative has since remediated the issue by placing these funds back into the general operating reserve account. The Cooperative will monitor the general operating reserve for compliance with the regulatory agreement going forward. Conclusion Response accepted
GSA_MIGRATION
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 23, 2018. 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 23, 2018, which was (2858 days ago).
What is a management decision? →GSA_MIGRATION
GSA_MIGRATION
2016-001
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 31, 2017. 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 1, 2017, which was (3245 days ago).
What is a management decision? →GSA_MIGRATION
GSA_MIGRATION
2015-001
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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