EIN: 521860524
UEI: LB7KF1T4PM75
Audited by: COHNREZNICK LLP
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 February 18, 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 August 18, 2026 (13 days ago).
What is a management decision? →Criteria Loans are not permitted to be made from project operating funds without prior approval by HUD. Condition During the year ended June 30, 2025, the Project paid payroll of $14,714 on behalf of an adjacent property without HUD approval. Cause There was an error in the correction of the misallocation of payroll from the prior year. Effect or Potential Effect Use of project funds for unauthorized loans may result in a shortage of cash and default on the project's own obligations. Questioned Costs $14,714 Identification as a Repeat Finding This finding is a repeat finding. Recommendation Management should immediately reimburse the Project amounts due from the affiliate and establish procedures to ensure the corrections of errors are reviewed. Auditor Noncompliance Code: G. Unauthorized loans from project assets. View of Responsible Officials Management agrees with the findings and recommendations, will ensure payroll is allocated correctly going forward. Funds have been transferred. Finding Resolution Status: Resolved
Show full finding ▾Hide full finding ▴Criteria Loans are not permitted to be made from project operating funds without prior approval by HUD. Condition During the year ended June 30, 2025, the Project paid payroll of $14,714 on behalf of an adjacent property without HUD approval. Cause There was an error in the correction of the misallocation of payroll from the prior year. Effect or Potential Effect Use of project funds for unauthorized loans may result in a shortage of cash and default on the project's own obligations. Questioned Costs $14,714 Identification as a Repeat Finding This finding is a repeat finding. Recommendation Management should immediately reimburse the Project amounts due from the affiliate and establish procedures to ensure the corrections of errors are reviewed. Auditor Noncompliance Code: G. Unauthorized loans from project assets. View of Responsible Officials Management agrees with the findings and recommendations, will ensure payroll is allocated correctly going forward. Funds have been transferred. Finding Resolution Status: Resolved
Management agrees with the findings and recommendations, will ensure payroll is allocated correctly going forward. Funds have been transferred.
2024-002
Criteria Any withdrawal from the residual receipts reserve required HUD approval. Condition During the year ended June 30, 2025, management withdrew $17,222 from the residual receipts reserve without HUD approval. Cause The amount was withdrawn in error due to a misunderstanding of the various reserves during the transition of management agents. Effect or Potential Effect The withdrawal of $17,222 is an unauthorized withdrawal from the residual receipts reserve. Questioned Costs $17,222 Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should immediately transfer the funds back to the residual receipts reserve. Auditor Noncompliance Code: C. Unauthorized withdrawal from residual receipts accounts. View of Responsible Officials Management agrees with the findings and recommendations, this finding has been resolved. Finding Resolution Status: Resolved
Show full finding ▾Hide full finding ▴Criteria Any withdrawal from the residual receipts reserve required HUD approval. Condition During the year ended June 30, 2025, management withdrew $17,222 from the residual receipts reserve without HUD approval. Cause The amount was withdrawn in error due to a misunderstanding of the various reserves during the transition of management agents. Effect or Potential Effect The withdrawal of $17,222 is an unauthorized withdrawal from the residual receipts reserve. Questioned Costs $17,222 Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should immediately transfer the funds back to the residual receipts reserve. Auditor Noncompliance Code: C. Unauthorized withdrawal from residual receipts accounts. View of Responsible Officials Management agrees with the findings and recommendations, this finding has been resolved. Finding Resolution Status: Resolved
Management agrees with the findings and recommendations, this finding has been resolved.
Criteria The regulatory agreement requires that the Project make monthly deposits to its replacement reserve. Condition During the year ended June 30 2025, the Project did timely not make the required monthly deposits to the replacement reserve in the amount of $5,617. Cause The actual transfer of cash from the operating account to the replacement reserve account is not initiated timely. Effect or Potential Effect Failure to make monthly payments resulted in an underfunding the replacement reserve and a violation of the regulatory agreement. Questioned Costs $5,617 Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should ensure deposits to the replacement reserve are made at monthly. Auditor Noncompliance Code: N. Reserve for replacements deposits Views of Responsible Officials Management agrees with the findings and recommendations, will transfer the replacement reserve funds. Monthly deposits will be completed in accordance with HUD going forward to ensure all terms and conditions are met. Finding Resolution Status: In process
Show full finding ▾Hide full finding ▴Criteria The regulatory agreement requires that the Project make monthly deposits to its replacement reserve. Condition During the year ended June 30 2025, the Project did timely not make the required monthly deposits to the replacement reserve in the amount of $5,617. Cause The actual transfer of cash from the operating account to the replacement reserve account is not initiated timely. Effect or Potential Effect Failure to make monthly payments resulted in an underfunding the replacement reserve and a violation of the regulatory agreement. Questioned Costs $5,617 Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should ensure deposits to the replacement reserve are made at monthly. Auditor Noncompliance Code: N. Reserve for replacements deposits Views of Responsible Officials Management agrees with the findings and recommendations, will transfer the replacement reserve funds. Monthly deposits will be completed in accordance with HUD going forward to ensure all terms and conditions are met. Finding Resolution Status: In process
Management agrees with the findings and recommendations, will transfer the replacement reserve funds. Monthly deposits will be completed in accordance with HUD going forward to ensure all terms and conditions are met.
FAC accepted this audit on October 28, 2024 — management decision was due April 28, 2025.
Criteria In accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, HUD projects are required to establish and maintain at all times a fully funded separate bank account for tenant security deposits collected. Condition As of June 30, 2024, management has not fully funded the tenant security deposits cash account. The tenant security deposits cash account was underfunded by $3,370. Cause The tenant security deposits liability exceeds the tenant security deposits cash account by $3,370 as of June 30, 2024. Effect or Potential Effect Management commingled tenant security deposits with its operating cash and did not have sufficient cash balance in the tenant security deposits cash account to cover the tenant security deposits liability as of June 30, 2024. Questioned Costs N/A Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should transfer $3,370 from the operating account in order to fully fund the tenant security deposits account. Auditor Noncompliance Code: D - Commingling of funds View of Responsible Officials Management agrees with the finding and recommendation and has reviewed the HUD requirement for security funding. Funds have been transferred and will be maintained based on HUD requirements in a separate account from operating funds. Finding Resolution Status: Resolved.
Show full finding ▾Hide full finding ▴Criteria In accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, HUD projects are required to establish and maintain at all times a fully funded separate bank account for tenant security deposits collected. Condition As of June 30, 2024, management has not fully funded the tenant security deposits cash account. The tenant security deposits cash account was underfunded by $3,370. Cause The tenant security deposits liability exceeds the tenant security deposits cash account by $3,370 as of June 30, 2024. Effect or Potential Effect Management commingled tenant security deposits with its operating cash and did not have sufficient cash balance in the tenant security deposits cash account to cover the tenant security deposits liability as of June 30, 2024. Questioned Costs N/A Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should transfer $3,370 from the operating account in order to fully fund the tenant security deposits account. Auditor Noncompliance Code: D - Commingling of funds View of Responsible Officials Management agrees with the finding and recommendation and has reviewed the HUD requirement for security funding. Funds have been transferred and will be maintained based on HUD requirements in a separate account from operating funds. Finding Resolution Status: Resolved.
Management agrees with the finding and recommendation and has reviewed the HUD requirement for security funding. Funds have been transferred and will be maintained based on HUD requirements in a separate account from operating funds.
Criteria Loans are not permitted to be made from project cash without prior authorization from HUD. Condition During the year ended June 30, 2024, the Project paid payroll expense in the amount of $9,303 on behalf of an affiliate from project cash without HUD approval. The amount due to the Project as of June 30, 2024, is $9,303. Cause Procedures were not in place to ensure that cash disbursements of project funds were limited to project operating costs. Effect or Potential Effect Use of project funds for unauthorized loans may result in shortage of cash and default on projects' own obligations. Questioned Costs The payments of $9,303 were unauthorized loans and therefore considered to be questioned costs. Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should immediately reimburse the amount due to the Project and establish procedures to ensure payments of this nature are not made in the future. Auditor Noncompliance Code: G - Unauthorized loans from project assets Views of Responsible Officials Management agrees with the finding and will ensure payroll is allocated correctly going forward. Finding Resolution Status: Unresolved
Show full finding ▾Hide full finding ▴Criteria Loans are not permitted to be made from project cash without prior authorization from HUD. Condition During the year ended June 30, 2024, the Project paid payroll expense in the amount of $9,303 on behalf of an affiliate from project cash without HUD approval. The amount due to the Project as of June 30, 2024, is $9,303. Cause Procedures were not in place to ensure that cash disbursements of project funds were limited to project operating costs. Effect or Potential Effect Use of project funds for unauthorized loans may result in shortage of cash and default on projects' own obligations. Questioned Costs The payments of $9,303 were unauthorized loans and therefore considered to be questioned costs. Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should immediately reimburse the amount due to the Project and establish procedures to ensure payments of this nature are not made in the future. Auditor Noncompliance Code: G - Unauthorized loans from project assets Views of Responsible Officials Management agrees with the finding and will ensure payroll is allocated correctly going forward. Finding Resolution Status: Unresolved
Management agrees with the finding and will ensure payroll is allocated correctly going forward. Funds have been transferred to correct the affiliate.
Criteria 1. Management is responsible for the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 2. Management is responsible for timely submission of audited financial statements to Federal Audit Clearinghouse ("FAC"). Submission of June 30, 2023 financial statements was not completed within specified time frame. Condition 1. The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America. 2. Single Audit reports are required to be submitted to the FAC pursuant to the audit requirement of Title 2 U.S. Code of Federal Regulations Part 200. Cause Management did not have sufficient controls over financial reporting. Effect or Potential Effect Condition 1 may lead to inaccurate financial reporting and potential misstatement of the financial statements such that they are not in accordance with accounting principles generally accepted in the United States of America. Condition 2 results in auditee being designated as a not-low risk auditee, which may have an effect on future federal grants and program eligibility. Recommendation 1. Management should undertake a review of internal controls over financial reporting and ensure that financial data is properly recorded in the books and records of the Project to prevent misstatements from occurring in the future. 2. Management should implement procedures to ensure that required filing is completed as required. Views of Responsible Officials 1. Management agrees with the finding and recommendation and has implemented reviews of the financial statements by senior management prior to releasing them to ensure accuracy of information. 2. Management agrees with the finding and recommendation and will ensure single audit reports are submitted to the FAC pursuant to the audit requirement of Title 2 U.S. Code of Federal Regulations Part 200. Finding Resolution Status: Resolved
Show full finding ▾Hide full finding ▴Criteria 1. Management is responsible for the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 2. Management is responsible for timely submission of audited financial statements to Federal Audit Clearinghouse ("FAC"). Submission of June 30, 2023 financial statements was not completed within specified time frame. Condition 1. The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America. 2. Single Audit reports are required to be submitted to the FAC pursuant to the audit requirement of Title 2 U.S. Code of Federal Regulations Part 200. Cause Management did not have sufficient controls over financial reporting. Effect or Potential Effect Condition 1 may lead to inaccurate financial reporting and potential misstatement of the financial statements such that they are not in accordance with accounting principles generally accepted in the United States of America. Condition 2 results in auditee being designated as a not-low risk auditee, which may have an effect on future federal grants and program eligibility. Recommendation 1. Management should undertake a review of internal controls over financial reporting and ensure that financial data is properly recorded in the books and records of the Project to prevent misstatements from occurring in the future. 2. Management should implement procedures to ensure that required filing is completed as required. Views of Responsible Officials 1. Management agrees with the finding and recommendation and has implemented reviews of the financial statements by senior management prior to releasing them to ensure accuracy of information. 2. Management agrees with the finding and recommendation and will ensure single audit reports are submitted to the FAC pursuant to the audit requirement of Title 2 U.S. Code of Federal Regulations Part 200. Finding Resolution Status: Resolved
Management agrees with the finding and recommendation and has implemented reviews of the financial statements by senior management prior to releasing them to ensure accuracy of information. 2. Management agrees with the finding and recommendation and will ensure single audit reports are submitted to the FAC pursuant to the audit requirement of Title 2 U.S. Code of Federal Regulations Part 200.
Criteria During the year ended June 30, 2024, the Project paid management fees of $1,212 in excess of the amount approved by HUD. Condition Management fee payments are limited to amounts determined in accordance with the terms of the HUD approved management agreement. Cause There were 2 different management agreements and management did not follow the HUD approved management agreement when paying management fees from operations. Effect or Potential Effect The overpaid amount is an unauthorized distribution and therefore considered to be questioned costs. Questioned Costs $1,212 Identification as a Repeat Finding This finding is not a repeat finding. Recommendation The management company should reimburse the Project for overpaid management fee in the amount of $1,212 and implement procedures to ensure that the management fee paid does not exceed the amount determined in accordance with the HUD approved management agreement. Auditor Noncompliance Code: J - Unauthorized management fees View of Responsible Officials Management agrees with the finding and is working with ownership on reimbursements to the property. Management will collect in accordance with HUD going forward. Finding Resolution Status: In process
Show full finding ▾Hide full finding ▴Criteria During the year ended June 30, 2024, the Project paid management fees of $1,212 in excess of the amount approved by HUD. Condition Management fee payments are limited to amounts determined in accordance with the terms of the HUD approved management agreement. Cause There were 2 different management agreements and management did not follow the HUD approved management agreement when paying management fees from operations. Effect or Potential Effect The overpaid amount is an unauthorized distribution and therefore considered to be questioned costs. Questioned Costs $1,212 Identification as a Repeat Finding This finding is not a repeat finding. Recommendation The management company should reimburse the Project for overpaid management fee in the amount of $1,212 and implement procedures to ensure that the management fee paid does not exceed the amount determined in accordance with the HUD approved management agreement. Auditor Noncompliance Code: J - Unauthorized management fees View of Responsible Officials Management agrees with the finding and is working with ownership on reimbursements to the property. Management will collect in accordance with HUD going forward. Finding Resolution Status: In process
Management agrees with the finding and is working with ownership on reimbursements to the property. Management will collect in accordance with HUD going forward.
Criteria The property does not have a current Affirmative Fair Housing Marketing Plan. Condition In accordance with HUD Handbook 4530.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, management must review and update the Affirmative Fair Housing Marketing Plan at least every 5 years. Cause Procedures were not in place to ensure proper documentation was maintained upon the change of management. Effect or Potential Effect Absent these written documents, the Project could open itself up to mistakes in marketing and leasing activity that could put their PRAC contract at risk upon renewal. Questioned Costs N/A Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should maintain an Affirmative Fair Housing Marketing Plan and update it every 5 years. Auditor Noncompliance Code: Z - Other View of Responsible Officials Management agrees with the finding and is working with ownership on reimbursements to the property. Management has submitted their Affirmative Fair Housing Marketing Plan with an effective date of September 9, 2024. Finding Resolution Status: Resolved
Show full finding ▾Hide full finding ▴Criteria The property does not have a current Affirmative Fair Housing Marketing Plan. Condition In accordance with HUD Handbook 4530.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, management must review and update the Affirmative Fair Housing Marketing Plan at least every 5 years. Cause Procedures were not in place to ensure proper documentation was maintained upon the change of management. Effect or Potential Effect Absent these written documents, the Project could open itself up to mistakes in marketing and leasing activity that could put their PRAC contract at risk upon renewal. Questioned Costs N/A Identification as a Repeat Finding This finding is not a repeat finding. Recommendation Management should maintain an Affirmative Fair Housing Marketing Plan and update it every 5 years. Auditor Noncompliance Code: Z - Other View of Responsible Officials Management agrees with the finding and is working with ownership on reimbursements to the property. Management has submitted their Affirmative Fair Housing Marketing Plan with an effective date of September 9, 2024. Finding Resolution Status: Resolved
Management agrees with the finding and is working with ownership on reimbursements to the property. Management has submitted their Affirmative Fair Housing Marketing Plan with an effective date of September 9, 2024.
FAC accepted this audit on May 15, 2024 — management decision was due November 15, 2024.
FAC accepted this audit on January 8, 2023 — management decision was due July 8, 2023.
Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Tenant lease files are required to be maintained and tenant eligibility determined in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. Condition In connection with our lease file review we noted the following deficiencies: Seven out of eight existing tenants tested had EIVs that were performed outside of the 120-day EIV window. Cause Management's policies with respect to the maintenance of tenant lease files in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs were not consistently followed. Effect or Potential Effect The procedures for determining tenant security deposits and eligibility and maintaining tenant lease files were not consistently applied in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. This could result in units being rented to ineligible tenants or errors in the rent subsidies paid by HUD. Questioned Costs There are no questioned costs. Identification as a Repeat Finding This is not a repeat finding. Recommendation Management should establish procedures and monitor compliance with those procedures to ensure that tenant security deposits are correctly recorded, tenant eligibility is correctly determined and that tenant lease files are properly maintained in accordance with the requirements of HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. Auditor Noncompliance Code: Section 202 Supportive Housing for the Elderly program administration Finding Resolution Status: Resolved.Views of Responsible Officials Management hired additional oversight staff at the corporate level and changed the procedure for reviewing and approving annual certifications as well as monitoring EIV reporting. Management implemented new EIV procedures to ensure timely EIV reporting. All HUD staff has been trained on the new procedures.
Show full finding ▾Hide full finding ▴Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Tenant lease files are required to be maintained and tenant eligibility determined in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. Condition In connection with our lease file review we noted the following deficiencies: Seven out of eight existing tenants tested had EIVs that were performed outside of the 120-day EIV window. Cause Management's policies with respect to the maintenance of tenant lease files in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs were not consistently followed. Effect or Potential Effect The procedures for determining tenant security deposits and eligibility and maintaining tenant lease files were not consistently applied in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. This could result in units being rented to ineligible tenants or errors in the rent subsidies paid by HUD. Questioned Costs There are no questioned costs. Identification as a Repeat Finding This is not a repeat finding. Recommendation Management should establish procedures and monitor compliance with those procedures to ensure that tenant security deposits are correctly recorded, tenant eligibility is correctly determined and that tenant lease files are properly maintained in accordance with the requirements of HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. Auditor Noncompliance Code: Section 202 Supportive Housing for the Elderly program administration Finding Resolution Status: Resolved.Views of Responsible Officials Management hired additional oversight staff at the corporate level and changed the procedure for reviewing and approving annual certifications as well as monitoring EIV reporting. Management implemented new EIV procedures to ensure timely EIV reporting. All HUD staff has been trained on the new procedures.
Finding 2022-1 a. Comments on the Finding and Each Recommendation Management agrees with the finding. b. Action(s) Taken or Planned on the Finding In 2022 we hired additional oversight staff at the corporate level and changed the procedure for reviewing and approving annual certifications as well as monitoring EIV reporting. We have implanted new EIV procedures to ensure
Finding No. 2022-002; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Residual receipts reserve deposits should be made within 90 days of year end. Condition During the year ended June 30, 2021, management did not make the required residual receipts reserve deposit in the amount of $4,273 within 90 days of year end, as required by HUD. The residual receipts amount was deposited on August 31, 2022. Cause Controls are not in place to ensure that required residual receipts reserve deposits are made timely. Effect or Potential Effect The Company is not in compliance with the requirements of the regulatory agreement. Questioned Costs $4,273. Identification as a Repeat Finding This is not a repeat finding. Recommendation Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely Auditor Noncompliance Code: B - Failure to make required residual receipts deposits Finding Resolution Status: Resolved. Views of Responsible Officials The residual receipts deposit was not made timely due to a turnover in staff. Management has trained all accounting staff on this process and the controller has implemented tracking procedures to ensure timely deposits.
Show full finding ▾Hide full finding ▴Finding No. 2022-002; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Residual receipts reserve deposits should be made within 90 days of year end. Condition During the year ended June 30, 2021, management did not make the required residual receipts reserve deposit in the amount of $4,273 within 90 days of year end, as required by HUD. The residual receipts amount was deposited on August 31, 2022. Cause Controls are not in place to ensure that required residual receipts reserve deposits are made timely. Effect or Potential Effect The Company is not in compliance with the requirements of the regulatory agreement. Questioned Costs $4,273. Identification as a Repeat Finding This is not a repeat finding. Recommendation Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely Auditor Noncompliance Code: B - Failure to make required residual receipts deposits Finding Resolution Status: Resolved. Views of Responsible Officials The residual receipts deposit was not made timely due to a turnover in staff. Management has trained all accounting staff on this process and the controller has implemented tracking procedures to ensure timely deposits.
Finding 2022-2 a. Comments on the Finding and Each Recommendation Management agrees with the finding. b. Action(s) Taken or Planned on the Finding The Residual Receipts deposit was not made timely due to a turnover in staff. Management has trained all accounting staff on this process and
FAC accepted this audit on October 19, 2021 — management decision was due April 19, 2022.
Summary of Auditor's Results ? The auditor's report expresses an unmodified opinion on whether the financial statements of The Harry and Jeanette Weinberg Gardens at Bedford, Inc. were prepared in accordance with generally accepted accounting principles. ? No significant deficiencies related to the audit of the financial statements were reported in the Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No material weaknesses were reported. ? No instances of noncompliance material to the financial statements of The Harry and Jeanette Weinberg Gardens at Bedford, Inc., which would be required to be reported in accordance with Government Auditing Standards, were disclosed during the audit. ? A significant deficiency in internal control over the major federal awards program was disclosed during the audit and reported in the Independent Auditor's Report on Compliance for the Major Program and on Internal Control over Compliance Required by the Uniform Guidance. No material weaknesses were reported. ? The auditor's report on compliance for the major federal award program for The Harry and Jeanette Weinberg Gardens at Bedford, Inc. expresses a qualified opinion on the major federal program. ? There is one audit finding required to be reported in accordance with 2 CFR Section 200.516(a) in the Schedule. ? The program tested as a major program was: U.S. Department of Housing and Urban Development Supportive Housing for the Elderly CFDA No.14.157 ? The threshold for distinguishing between Type A and B programs was $750,000. ? The Harry and Jeanette Weinberg Gardens at Bedford, Inc. was not determined to be a low-risk auditee. 1. Findings - Financial Statements Audit None 2. Findings and Questioned Costs - Major Federal Award Program Audit Department of Housing and Urban Development Finding No. 2021-001; Section 202 Supportive Housing for the Elderly, CFDA 14.157 Statement of Condition As of June 30, 2021, management has not fully funded the tenant security deposits cash account. The tenant security deposits cash account was underfunded by $3,788. Criteria In accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, HUD projects are required to establish and maintain at all times a fully funded separate bank account for tenant security deposits collected. Questioned Costs $3,788 Effect Management commingled tenant security deposits with its operating cash and did not have sufficient cash balance in the tenant security deposits cash account to cover the tenant security deposits liability as of June 30, 2021. Cause The tenant security deposits liability exceeds the tenant security deposits cash account by $3,788 as of June 30, 2021. Recommendation Management should transfer $3,788 from the operating account in order to fully fund the tenant security deposits account and ensure that they include the security deposit liability when checking if the security cash account is appropriately funded. Auditor Noncompliance Code: D ? Comingling of funds Finding Resolution Status: Resolved. Views of Responsible Officials and Planned Corrective Actions Management agrees with the finding and the auditor?s recommendation has been implemented. Transfer of cash in the amount of $4,000 was made into security deposit account of July 30, 2021.
Show full finding ▾Hide full finding ▴Summary of Auditor's Results ? The auditor's report expresses an unmodified opinion on whether the financial statements of The Harry and Jeanette Weinberg Gardens at Bedford, Inc. were prepared in accordance with generally accepted accounting principles. ? No significant deficiencies related to the audit of the financial statements were reported in the Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No material weaknesses were reported. ? No instances of noncompliance material to the financial statements of The Harry and Jeanette Weinberg Gardens at Bedford, Inc., which would be required to be reported in accordance with Government Auditing Standards, were disclosed during the audit. ? A significant deficiency in internal control over the major federal awards program was disclosed during the audit and reported in the Independent Auditor's Report on Compliance for the Major Program and on Internal Control over Compliance Required by the Uniform Guidance. No material weaknesses were reported. ? The auditor's report on compliance for the major federal award program for The Harry and Jeanette Weinberg Gardens at Bedford, Inc. expresses a qualified opinion on the major federal program. ? There is one audit finding required to be reported in accordance with 2 CFR Section 200.516(a) in the Schedule. ? The program tested as a major program was: U.S. Department of Housing and Urban Development Supportive Housing for the Elderly CFDA No.14.157 ? The threshold for distinguishing between Type A and B programs was $750,000. ? The Harry and Jeanette Weinberg Gardens at Bedford, Inc. was not determined to be a low-risk auditee. 1. Findings - Financial Statements Audit None 2. Findings and Questioned Costs - Major Federal Award Program Audit Department of Housing and Urban Development Finding No. 2021-001; Section 202 Supportive Housing for the Elderly, CFDA 14.157 Statement of Condition As of June 30, 2021, management has not fully funded the tenant security deposits cash account. The tenant security deposits cash account was underfunded by $3,788. Criteria In accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, HUD projects are required to establish and maintain at all times a fully funded separate bank account for tenant security deposits collected. Questioned Costs $3,788 Effect Management commingled tenant security deposits with its operating cash and did not have sufficient cash balance in the tenant security deposits cash account to cover the tenant security deposits liability as of June 30, 2021. Cause The tenant security deposits liability exceeds the tenant security deposits cash account by $3,788 as of June 30, 2021. Recommendation Management should transfer $3,788 from the operating account in order to fully fund the tenant security deposits account and ensure that they include the security deposit liability when checking if the security cash account is appropriately funded. Auditor Noncompliance Code: D ? Comingling of funds Finding Resolution Status: Resolved. Views of Responsible Officials and Planned Corrective Actions Management agrees with the finding and the auditor?s recommendation has been implemented. Transfer of cash in the amount of $4,000 was made into security deposit account of July 30, 2021.
PA-HUD-201 CORRECTIVE ACTION PLAN Project Legal Name: The Harry and Jeanette Weinberg Gardens at Bedford, Inc. HUD Project No.: 052-EE004 Audit Firm: Cohn Reznick Period covered by the audit: July 1, 2020-June 30, 2021 Corrective Action Plan prepared by: Name: Sheri McGowan Position: CFO Telephone Number: 443-259-4932 The following is a recommended format to be followed by the auditee for preparing a corrective action plan: A. Current Findings on the Schedule of Findings, Questioned Costs and Recommendations 1. Finding 2021-1 a. Comments on the Finding and Each Recommendation We agree with the finding and recommendations b. Action(s) Taken or Planned on the Finding Due to a change in accounting staff, interest on Security Deposits held was not taken into consideration in determining the amount of funds that should be in the Security Deposit Bank Account. The funds have been transferred and the staff has been trained on this procedure. B. Status of Corrective Actions on Findings Reported in the Schedule of the Status of Prior Year Findings, Questioned Costs and Recommendations There are no prior year findings.
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 17, 2016 — management decision was due April 17, 2017.
GSA_MIGRATION
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