EIN: 520848408
UEI: GSA_MIGRATION
Audited by: COHNREZNICK
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 February 13, 2022. 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 August 13, 2022 (1480 days ago).
What is a management decision? →Finding No. 2021-001 Statement of Condition A material adjustment related to prior reporting periods was required in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America. Criteria Internal controls over financial reporting should exist to ensure that material misstatements are detected and corrected by management in a timely manner. Effect Management may produce financial statements that are materially misstated. Liabilities previously reported in the 2020 audited financial statements were understated by $2,657,162. Context The Project received flexible subsidy funds from HUD in 1993 and again in 2002. These funds were improperly recorded as grants, instead of interest-bearing loans. The sponsor organization was informed of these loans and the repayment requirements as part of their discussions with HUD surrounding a future recapitalization of the Project. Cause Management did not properly account for loan funds received. Recommendation Management should undertake a review of loans to ensure they are properly recorded in the future. Auditor Noncompliance Code: S - Internal control deficiencies Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions The Organization agrees with the finding and the auditor's recommendations have been adopted. Finding No. 2021-002; Flexible Subsidy Loans CFDA No. 14.164 Statement of Condition A major program was not properly identified by management. Criteria Internal controls over compliance should exist to ensure that major programs are detected and monitored by management. Effect Major programs could exist without being detected. Context The Project received flexible subsidy funds from HUD in 1993 and again in 2002. These funds were improperly recorded as grants, instead of interest-bearing loans. The sponsor organization was informed of these loans and the repayment requirements as part of their discussions with HUD surrounding a future recapitalization of the Project. Cause Management did not properly account for loan funds received and therefore did not properly identify a major program. Recommendation Management should undertake a review of loans to ensure they are properly recorded in the future. Auditor Noncompliance Code: S - Internal control deficiencies Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions The Organization agrees with the finding and the auditor's recommendations have been adopted.
Show full finding ▾Hide full finding ▴Finding No. 2021-001 Statement of Condition A material adjustment related to prior reporting periods was required in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America. Criteria Internal controls over financial reporting should exist to ensure that material misstatements are detected and corrected by management in a timely manner. Effect Management may produce financial statements that are materially misstated. Liabilities previously reported in the 2020 audited financial statements were understated by $2,657,162. Context The Project received flexible subsidy funds from HUD in 1993 and again in 2002. These funds were improperly recorded as grants, instead of interest-bearing loans. The sponsor organization was informed of these loans and the repayment requirements as part of their discussions with HUD surrounding a future recapitalization of the Project. Cause Management did not properly account for loan funds received. Recommendation Management should undertake a review of loans to ensure they are properly recorded in the future. Auditor Noncompliance Code: S - Internal control deficiencies Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions The Organization agrees with the finding and the auditor's recommendations have been adopted. Finding No. 2021-002; Flexible Subsidy Loans CFDA No. 14.164 Statement of Condition A major program was not properly identified by management. Criteria Internal controls over compliance should exist to ensure that major programs are detected and monitored by management. Effect Major programs could exist without being detected. Context The Project received flexible subsidy funds from HUD in 1993 and again in 2002. These funds were improperly recorded as grants, instead of interest-bearing loans. The sponsor organization was informed of these loans and the repayment requirements as part of their discussions with HUD surrounding a future recapitalization of the Project. Cause Management did not properly account for loan funds received and therefore did not properly identify a major program. Recommendation Management should undertake a review of loans to ensure they are properly recorded in the future. Auditor Noncompliance Code: S - Internal control deficiencies Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions The Organization agrees with the finding and the auditor's recommendations have been adopted.
A. Current Findings on the Schedule of Findings, Questioned Costs and Recommendations 1. Finding 2021-001 a. Comments on the Finding and Each Recommendation Previous Management Company has been replaced with Humphrey Management, this change should help to mitigate previous issues. b. Action(s) Taken or Planned on the Finding The Organization agrees with the finding and the auditor?s recommendations have been adopted. 2. Finding 2021-002 a. Comments on the Finding and Each Recommendation Previous Management Company has been replaced with Humphrey Management, this change should help to mitigate previous issues. b. Action(s) Taken or Planned on the Finding The Organization agrees with the finding and the auditor?s recommendations have been adopted. B. Status of Corrective Actions on Findings Reported in the Schedule of the Status of Prior Year Findings, Questioned Costs and Recommendations NA
Department of Housing and Urban Development Finding No. 2021-002; Flexible Subsidy Loans CFDA No. 14.164 Statement of Condition A major program was not properly identified by management. Criteria Internal controls over compliance should exist to ensure that major programs are detected and monitored by management. Effect Major programs could exist without being detected. Context The Project received flexible subsidy funds from HUD in 1993 and again in 2002. These funds were improperly recorded as grants, instead of interest-bearing loans. The sponsor organization was informed of these loans and the repayment requirements as part of their discussions with HUD surrounding a future recapitalization of the Project.Cause Management did not properly account for loan funds received and therefore did not properly identify a major program. Recommendation Management should undertake a review of loans to ensure they are properly recorded in the future. Auditor Noncompliance Code: S - Internal control deficiencies Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions The Organization agrees with the finding and the auditor's recommendations have been adopted.
Show full finding ▾Hide full finding ▴Department of Housing and Urban Development Finding No. 2021-002; Flexible Subsidy Loans CFDA No. 14.164 Statement of Condition A major program was not properly identified by management. Criteria Internal controls over compliance should exist to ensure that major programs are detected and monitored by management. Effect Major programs could exist without being detected. Context The Project received flexible subsidy funds from HUD in 1993 and again in 2002. These funds were improperly recorded as grants, instead of interest-bearing loans. The sponsor organization was informed of these loans and the repayment requirements as part of their discussions with HUD surrounding a future recapitalization of the Project.Cause Management did not properly account for loan funds received and therefore did not properly identify a major program. Recommendation Management should undertake a review of loans to ensure they are properly recorded in the future. Auditor Noncompliance Code: S - Internal control deficiencies Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions The Organization agrees with the finding and the auditor's recommendations have been adopted.
A. Current Findings on the Schedule of Findings, Questioned Costs and Recommendations 1. Finding 2021-001 a. Comments on the Finding and Each Recommendation Previous Management Company has been replaced with Humphrey Management, this change should help to mitigate previous issues. b. Action(s) Taken or Planned on the Finding The Organization agrees with the finding and the auditor?s recommendations have been adopted. 2. Finding 2021-002 a. Comments on the Finding and Each Recommendation Previous Management Company has been replaced with Humphrey Management, this change should help to mitigate previous issues. b. Action(s) Taken or Planned on the Finding The Organization agrees with the finding and the auditor?s recommendations have been adopted. B. Status of Corrective Actions on Findings Reported in the Schedule of the Status of Prior Year Findings, Questioned Costs and Recommendations NA
FAC accepted this audit on October 20, 2020 — management decision was due April 20, 2021.
FAC accepted this audit on October 3, 2019 — management decision was due April 3, 2020.
FAC accepted this audit on October 15, 2018 — management decision was due April 15, 2019.
FAC accepted this audit on October 18, 2017 — management decision was due April 18, 2018.
FAC accepted this audit on October 17, 2016 — management decision was due April 17, 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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