EIN: 480818197
UEI: PFXGB5BU5TV5
Audit also covers 3 related EINs: 480978676, 481125245, 481125246 · unlinked EINs have no separate FAC filing
Audited by: Rowe & Gorges, LLC
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 July 2, 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 January 2, 2027 (126 days from today).
What is a management decision? →Federal Program - Assistance Listing Number 14.155 - Section 223 Mortgage Insurance Population, sample size, and instances of non-compliance The population consists of two reserve for replacements reimbursement requests made by SDSI Housing Corporation, Inc. (SDSI Housing). Both of the reimbursement requests were tested, and one instance of non-compliance was noted. Condition SDSI Housing received reimbursement from the reserve for replacements of $135,824 for roof repairs that were previously funded with insurance proceeds. Criteria Under HUD Occupancy Handbook 4350.3 REV-1, the reserve for replacements is generally used to help defray the costs of replacing a project's capital items. Effect SDSI Housing’s reserve for replacements is under funded by $135,824 due to the reimbursement of ineligible items. Cause A reimbursement request was submitted for SDSI Housing’s major roof repairs which are traditionally contemplated as eligible for draws under HUD Occupancy Handbook 4350.3 REV-1. However, management did not consider the fact that such repairs had already been funded by insurance proceeds, so the major roof repairs resulted in no cost to SDSI Housing. Recommendation Management should return $135,824 to SDSI Housing’s reserve for replacements for the ineligible withdrawal. Reporting views of management Management agrees with the finding. Management returned ineligible funds of $135,824 to SDSI Housing’s reserve for replacements on April 16, 2026. Auditor Non-Compliance Classification Special Tests and Provisions - Unauthorized withdrawals from replacement reserve account
Show full finding ▾Hide full finding ▴Federal Program - Assistance Listing Number 14.155 - Section 223 Mortgage Insurance Population, sample size, and instances of non-compliance The population consists of two reserve for replacements reimbursement requests made by SDSI Housing Corporation, Inc. (SDSI Housing). Both of the reimbursement requests were tested, and one instance of non-compliance was noted. Condition SDSI Housing received reimbursement from the reserve for replacements of $135,824 for roof repairs that were previously funded with insurance proceeds. Criteria Under HUD Occupancy Handbook 4350.3 REV-1, the reserve for replacements is generally used to help defray the costs of replacing a project's capital items. Effect SDSI Housing’s reserve for replacements is under funded by $135,824 due to the reimbursement of ineligible items. Cause A reimbursement request was submitted for SDSI Housing’s major roof repairs which are traditionally contemplated as eligible for draws under HUD Occupancy Handbook 4350.3 REV-1. However, management did not consider the fact that such repairs had already been funded by insurance proceeds, so the major roof repairs resulted in no cost to SDSI Housing. Recommendation Management should return $135,824 to SDSI Housing’s reserve for replacements for the ineligible withdrawal. Reporting views of management Management agrees with the finding. Management returned ineligible funds of $135,824 to SDSI Housing’s reserve for replacements on April 16, 2026. Auditor Non-Compliance Classification Special Tests and Provisions - Unauthorized withdrawals from replacement reserve account
2025-001 Finding SDSI Housing Corporation, Inc. (SDSI Housing) received reimbursement from the reserve for replacements of $135,824 for roof repairs that were previously funded with insurance proceeds. The reserve for replacements is under funded by $135,824 due to the reimbursement of ineligible items. A reimbursement request was submitted for major roof repairs which are traditionally contemplated as eligible for draws under HUD Occupancy Handbook 4350.3 REV-1. However, management did not consider the fact that such repairs had already been funded by insurance proceeds, so the major roof repairs resulted in no cost to the Project. Comments on Finding and Recommendations Management agrees with the finding and recomendations. Actions Taken Management returned ineligible funds of $135,824 to reserve for replacements on April 16, 2026.
FAC accepted this audit on July 18, 2025 — management decision was due January 18, 2026.
FAC accepted this audit on June 7, 2024 — management decision was due December 7, 2024.
FAC accepted this audit on June 14, 2023 — management decision was due December 14, 2023.
FAC accepted this audit on June 19, 2022 — management decision was due December 19, 2022.
FAC accepted this audit on June 10, 2021 — management decision was due December 10, 2021.
FAC accepted this audit on June 3, 2020 — management decision was due December 3, 2020.
FAC accepted this audit on June 18, 2019 — management decision was due December 18, 2019.
FAC accepted this audit on June 13, 2018 — management decision was due December 13, 2018.
FAC accepted this audit on June 12, 2017 — management decision was due December 12, 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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