EIN: 521330040
UEI: TSFDV6YR8RJ9
Data as of August 26, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 28, 2023. 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 28, 2024 (882 days ago).
What is a management decision? →Finding 2022-001: Mortgage Insurance for the purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number 14.155 Information on the Universe Population Size All HUD mandated cash accounts Sample Size Information All HUD mandated cash accounts Identification of Repeat Finding Reference Number No Criteria During review of cash management activities, it was noted that the Entity had a disproportionate share of payroll expenses paid on behalf of a related party and these amounts were not repaid by the related party in a timely manner. Statement of Condition Large balances of intercompany receivables existed at December 31, 2022, that should have been reimbursed. Cause The Entity is self-managed and reimburses a related party who pays all employees who provide services to the Project. Effect or Potential Effect Excess balances of cash and intercompany payables were recorded at December 31, 2022. Auditor Non-Compliance Code Z ? Other Questioned Costs There were no known questioned costs. Recommendation Management should reconcile intercompany activity in a timely manner and reimburse related parties as activities occur. Views of Responsible officials See corrective action plan.
Show full finding ▾Hide full finding ▴Finding 2022-001: Mortgage Insurance for the purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number 14.155 Information on the Universe Population Size All HUD mandated cash accounts Sample Size Information All HUD mandated cash accounts Identification of Repeat Finding Reference Number No Criteria During review of cash management activities, it was noted that the Entity had a disproportionate share of payroll expenses paid on behalf of a related party and these amounts were not repaid by the related party in a timely manner. Statement of Condition Large balances of intercompany receivables existed at December 31, 2022, that should have been reimbursed. Cause The Entity is self-managed and reimburses a related party who pays all employees who provide services to the Project. Effect or Potential Effect Excess balances of cash and intercompany payables were recorded at December 31, 2022. Auditor Non-Compliance Code Z ? Other Questioned Costs There were no known questioned costs. Recommendation Management should reconcile intercompany activity in a timely manner and reimburse related parties as activities occur. Views of Responsible officials See corrective action plan.
Name and Number of Project: Cedar Lane Senior Living Community II, Inc. HUD Project Number 052-11449 Auditor/Audit Firm: PKF O?Connor Davies LLP Audit Period: December 31, 2022 Finding 2022-001 ? Use of Project Funds Federal Assistance Listing Number Name of Federal Programs 14.155 Mortgage Insurance for the purchase or Refinancing of Existing Multifamily Housing Projects A. Comments on Finding and Recommendations Recommendation ? We recommend that management reconcile and repay intercompany activity in a timely manner. B. Actions Taken or Planned The Entity has instituted policies and procedures to reconcile and rectify intercompany activities timely and is working with their HUD representative to consolidate their Federal Programs which will rectify the issue and simplify the intercompany activity. C. Status of Corrective Action on Prior Findings N/A _______________________________ __________________ Signature Date Eric Golden, President and CEO Cedar Lane Senior Living Community II, Inc.
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