EIN: 461571800
UEI: C22QDMC5KBD3
Audited by: PLANTE & MORAN, PLLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 4, 2025. 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 March 4, 2026 (182 days ago).
What is a management decision? →FAC accepted this audit on September 6, 2024 — management decision was due March 6, 2025.
FAC accepted this audit on January 12, 2024 — management decision was due July 12, 2024.
FAC accepted this audit on February 21, 2023 — management decision was due August 21, 2023.
FAC accepted this audit on August 16, 2021 — management decision was due February 16, 2022.
FAC accepted this audit on September 27, 2020 — management decision was due March 27, 2021.
Finding Type Significant deficiency in internal control over compliance Title and CFDA Number of Federal Program U.S. Department of Housing and Urban Development Section 232/223(a)(7) Multifamily loan program for refinancing of existing FHA insured mortgages CFDA Number 14.129 Finding Resolution Status In Process Criteria The regulatory agreement with HUD requires that the Project's cash should only be used to for pay for the Project's expenses. Statement of Condition The Project advanced $70,000 of project funds to a related party, resulting in an unauthorized use of operating cash. $18,529 was paid back during the fiscal year ended May 31, 2020. The remaining $51,471 is included in Accounts and Notes Receivable Operating at May 31, 2020. Cause The Project failed to monitor cash use requirements as specified by the Regulatory Agreement. Effect or Potential Effect The Project advanced project funds to a related party during the fiscal year ended May 31, 2020. Auditor Noncompliance Code H Unauthorized distribution of project assets Recommendation The related party should reimburse the Project for the remaining $51,471 immediately. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations When requesting withdrawals from the replacement reserve account, management should reconcile the funds prior to transferring to related party for reimbursement. Response Indicator Agree Completion Date May 31, 2021 Response Management will investigate internal controls it implement to improve oversight of related party cash transfers.
Show full finding ▾Hide full finding ▴Finding Type Significant deficiency in internal control over compliance Title and CFDA Number of Federal Program U.S. Department of Housing and Urban Development Section 232/223(a)(7) Multifamily loan program for refinancing of existing FHA insured mortgages CFDA Number 14.129 Finding Resolution Status In Process Criteria The regulatory agreement with HUD requires that the Project's cash should only be used to for pay for the Project's expenses. Statement of Condition The Project advanced $70,000 of project funds to a related party, resulting in an unauthorized use of operating cash. $18,529 was paid back during the fiscal year ended May 31, 2020. The remaining $51,471 is included in Accounts and Notes Receivable Operating at May 31, 2020. Cause The Project failed to monitor cash use requirements as specified by the Regulatory Agreement. Effect or Potential Effect The Project advanced project funds to a related party during the fiscal year ended May 31, 2020. Auditor Noncompliance Code H Unauthorized distribution of project assets Recommendation The related party should reimburse the Project for the remaining $51,471 immediately. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations When requesting withdrawals from the replacement reserve account, management should reconcile the funds prior to transferring to related party for reimbursement. Response Indicator Agree Completion Date May 31, 2021 Response Management will investigate internal controls it implement to improve oversight of related party cash transfers.
Finding Number: 2020-001 Condition: The Project advanced $70,000 of project funds to a related party, resulting in an unauthorized use of operating cash. $18,529 was paid back during the fiscal year ended May 31, 2020. The remaining $51,471 is included in Accounts and Notes Receivable - Operating at May 31, 2020. Planned Corrective Action: Improve oversight of related party cash transfers. Contact person responsible for corrective action: Effie Galetsis-Lalios, Chief Financial Officer Anticipated Completion Date: May 31, 2021
FAC accepted this audit on October 6, 2019 — management decision was due April 6, 2020.
FAC accepted this audit on August 21, 2018 — management decision was due February 21, 2019.
FAC accepted this audit on August 16, 2017 — management decision was due February 16, 2018.
FAC accepted this audit on September 6, 2016 — management decision was due March 6, 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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