EIN: 470772471
UEI: FDC9BBKKJ8V9
Audited by: Herley & Reinke Accounting, P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on October 29, 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 April 29, 2026 (135 days ago).
What is a management decision? →In order to be in compliance with U.S. Department of Housing & Urban Development, Section 811 Capital Advance (Supportive Housing for persons with Disabilities) Federal Assistance Listing number 14.181, Building Futures, Inc. is required to make monthly deposits to the Replacement Reserve account. During our audit procedures, we noted that only 11 of the 12 required monthly deposits to the Replacement Reserves account were made during the fiscal year ending June 30, 2025. Written approval to suspend deposits was not obtained from HUD. We recommend that management have a heightened awareness of the timeliness regarding the Replacement Reserve deposits to ensure that deposits are made timely or that written approval to suspend deposits is obtained from HUD.
Show full finding ▾Hide full finding ▴In order to be in compliance with U.S. Department of Housing & Urban Development, Section 811 Capital Advance (Supportive Housing for persons with Disabilities) Federal Assistance Listing number 14.181, Building Futures, Inc. is required to make monthly deposits to the Replacement Reserve account. During our audit procedures, we noted that only 11 of the 12 required monthly deposits to the Replacement Reserves account were made during the fiscal year ending June 30, 2025. Written approval to suspend deposits was not obtained from HUD. We recommend that management have a heightened awareness of the timeliness regarding the Replacement Reserve deposits to ensure that deposits are made timely or that written approval to suspend deposits is obtained from HUD.
Building Futures, Inc. will ensure monthly replacement reserve deposits are made or obtain approval from HUD to suspend deposits.
In order to be in compliance with U.S. Department of Housing & Urban Development, Section 811 Capital Advance (Supportive Housing for persons with Disabilities) Federal Assistance Listing number 14.181, Building Futures, Inc. is required to make a deposit to the Residual Receipts account if there is a surplus of cash in the project funds account at fiscal year-end. During our audit procedures, we noted that there was a surplus of cash in the projected funds account for the year ending June 30, 2025. Building Futures, Inc. did not make a deposit into the Residual Receipts account within 60 days following the end of the fiscal year. We recommend that management have a heightened awareness of the cash balance is the project funds less accounts payable, prepaid rents, and tenant deposits at fiscal year-end in order to ensure that Residual Receipts deposits are made in the correct manner.
Show full finding ▾Hide full finding ▴In order to be in compliance with U.S. Department of Housing & Urban Development, Section 811 Capital Advance (Supportive Housing for persons with Disabilities) Federal Assistance Listing number 14.181, Building Futures, Inc. is required to make a deposit to the Residual Receipts account if there is a surplus of cash in the project funds account at fiscal year-end. During our audit procedures, we noted that there was a surplus of cash in the projected funds account for the year ending June 30, 2025. Building Futures, Inc. did not make a deposit into the Residual Receipts account within 60 days following the end of the fiscal year. We recommend that management have a heightened awareness of the cash balance is the project funds less accounts payable, prepaid rents, and tenant deposits at fiscal year-end in order to ensure that Residual Receipts deposits are made in the correct manner.
Building Futures, Inc. will make deposits to the Residual Receipts account within 60 days of year-end if there is a cash surplus. The cash surplus for the year ended June 30, 2025 was made on September 11, 2025.
FAC accepted this audit on November 27, 2024 — management decision was due May 27, 2025.
FAC accepted this audit on November 1, 2023 — management decision was due May 1, 2024.
FAC accepted this audit on October 17, 2022 — management decision was due April 17, 2023.
FAC accepted this audit on October 20, 2021 — management decision was due April 20, 2022.
FAC accepted this audit on October 4, 2020 — management decision was due April 4, 2021.
FAC accepted this audit on October 3, 2019 — management decision was due April 3, 2020.
FAC accepted this audit on September 27, 2018 — management decision was due March 27, 2019.
FAC accepted this audit on September 25, 2017 — management decision was due March 25, 2018.
FAC accepted this audit on September 20, 2016 — management decision was due March 20, 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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