EIN: 521596165
UEI: J675WAN814K5
Audited by: HOLMAN FRENIA ALLISON, P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on July 12, 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 January 12, 2026 (236 days ago).
What is a management decision? →FAC accepted this audit on September 17, 2024 — management decision was due March 17, 2025.
The Organization did not provide the New Jersey Department of Community Affairs project financial statements prepared by a Certified Public Accounting Firm for Dunlewy Street and River Stret projects for the year ended December 31, 2023 by the specified due date of March 31, 2024. Cause: There was lack of oversight over the project requirements as specified in the funding agreements with New Jersey Department of Community Affairs. Effect: New Jersey Department of Community Affairs was unable to provide adequate oversight over the projects for the year ended December 31, 2023. Recommendation: We recommend that the Organization’s management perform a detailed review over funding agreements upon receipt and develop a plan to meet any specified requirements. Management’s Response: Management will address the issue and ensure a plan is in place to avoid this in the future.
Show full finding ▾Hide full finding ▴Criteria: The Organization is required to provide the New Jersey Department of Community Affairs with annual project financial statements within three months of the close of its fiscal year, prepared by a Certified Public Accounting Firm. Condition: The Organization did not provide the New Jersey Department of Community Affairs project financial statements prepared by a Certified Public Accounting Firm for Dunlewy Street and River Stret projects for the year ended December 31, 2023 by the specified due date of March 31, 2024. Cause: There was lack of oversight over the project requirements as specified in the funding agreements with New Jersey Department of Community Affairs. Effect: New Jersey Department of Community Affairs was unable to provide adequate oversight over the projects for the year ended December 31, 2023. Recommendation: We recommend that the Organization’s management perform a detailed review over funding agreements upon receipt and develop a plan to meet any specified requirements. Management’s Response: Management will address the issue and ensure a plan is in place to avoid this in the future.
Recommendation: We recommend that the Organization’s management perform a detailed review over funding agreements upon receipt and develop a plan to meet any specified requirements. Management’s Response: Management will address the issue and ensure a plan is in place to avoid this in the future.
FAC accepted this audit on February 7, 2024 — management decision was due August 7, 2024.
The Organization did not make quarterly deposits of $150 required by NJ HMFA into repair and replacement escrow accounts. Cause: There was lack of oversight over the financial activity of the Capstan properties during the year ended December 31, 2022. Effect: The repair and replacement escrow accounts are underfunded by $600 as of December 31, 2022. Recommendation: We recommend that the Organization review the financial activity for the Capstan properties on a monthly basis. We also recommend that they implement controls to ensure that the quarterly deposits are made on a timely basis. Management’s Response: HABcore will follow-up with NJ HMFA to determine if the $150 quarterly deposits are still necessary, and if so, will catch up and comply.
Show full finding ▾Hide full finding ▴Criteria: The Organization is required to make quarterly deposits of $150 required by NJ HMFA into repair and replacement escrow accounts. Condition: The Organization did not make quarterly deposits of $150 required by NJ HMFA into repair and replacement escrow accounts. Cause: There was lack of oversight over the financial activity of the Capstan properties during the year ended December 31, 2022. Effect: The repair and replacement escrow accounts are underfunded by $600 as of December 31, 2022. Recommendation: We recommend that the Organization review the financial activity for the Capstan properties on a monthly basis. We also recommend that they implement controls to ensure that the quarterly deposits are made on a timely basis. Management’s Response: HABcore will follow-up with NJ HMFA to determine if the $150 quarterly deposits are still necessary, and if so, will catch up and comply.
HABcore will follow-up with NJ HMFA to determine if the $150 quarterly deposits are still necessary, and if so, will catch up and comply.
The Organization did not submit the federal single audit for the year ended December 31, 2022 within the established deadline of September 30, 2023. Cause: There were significant delays in completing the audit due to the implementation of new accounting standards. Effect: The Organization is unable to submit the audit into the Federal Audit Clearinghouse until the financial statement audit is complete. Recommendation: The Federal single audit report must be submitted to the Federal Audit Clearinghouse in accordance with the deadlines set forth in the federal guidelines. Management’s Response: HABcore has a better understanding of the new accounting standards which classify leases as assets and liabilities and will implement procedures to track for the standards on an ongoing basis
Show full finding ▾Hide full finding ▴Criteria: Federal single audits are required to be submitted to the Federal Audit Clearinghouse within nine months after fiscal period end date. Condition: The Organization did not submit the federal single audit for the year ended December 31, 2022 within the established deadline of September 30, 2023. Cause: There were significant delays in completing the audit due to the implementation of new accounting standards. Effect: The Organization is unable to submit the audit into the Federal Audit Clearinghouse until the financial statement audit is complete. Recommendation: The Federal single audit report must be submitted to the Federal Audit Clearinghouse in accordance with the deadlines set forth in the federal guidelines. Management’s Response: HABcore has a better understanding of the new accounting standards which classify leases as assets and liabilities and will implement procedures to track for the standards on an ongoing basis
HABcore has a better understanding of the new accounting standards which classify leases as assets and liabilities and will implement procedures to track for the standards on an ongoing basis.
FAC accepted this audit on September 15, 2022 — management decision was due March 15, 2023.
FAC accepted this audit on August 16, 2021 — management decision was due February 16, 2022.
FAC accepted this audit on September 29, 2020 — management decision was due March 29, 2021.
FAC accepted this audit on July 22, 2019 — management decision was due January 22, 2020.
FAC accepted this audit on August 1, 2018 — management decision was due February 1, 2019.
FAC accepted this audit on August 15, 2017 — management decision was due February 15, 2018.
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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