EIN: 541667617
UEI: F28RKBAYK3C6
Audited by: CohnReznick LLP
Oversight agency: 14 [Department of Housing and Urban Development]
Data as of August 27, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 11, 2020. 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 February 11, 2021 (2024 days ago).
What is a management decision? →Finding No. 2019-C-1 Statement of Condition During the year ended December 31, 2019, management did not remit the excess residual receipts of $2,864 from the residual receipts reserve in accordance with HUD memorandum the "Consolidated and Further Continuing Appropriations Act, 2015", applicable for projects with PRAC contract expiration after September 30, 2019. The Project's PRAC contract expired on November 1, 2019. However, management did not remit these funds. Criteria - Reporting Any balance in its residual receipts reserve account greater than $250 per unit must be remitted to HUD's Accounting Center upon termination of PRAC. Termination is defined as expiration of the contract term which for most PRACs is the annual contract anniversary date. Effect The holding of $2,864 in the residual receipts reserve is a violation of HUD's required release of funds above the declared threshold of $250 per unit. Cause Management did not receive correspondence from HUD to remit the funds. Recommendation Management should immediately disburse $2,864 from the residual receipts reserve to HUD. Auditor Noncompliance Code: Z - Other Amount of Questioned Costs: $0 Views of Responsible Officials and Planned Corrective Action Management issued a check to HUD for the full payment of excess residual receipts on March 26, 2020.
Show full finding ▾Hide full finding ▴Finding No. 2019-C-1 Statement of Condition During the year ended December 31, 2019, management did not remit the excess residual receipts of $2,864 from the residual receipts reserve in accordance with HUD memorandum the "Consolidated and Further Continuing Appropriations Act, 2015", applicable for projects with PRAC contract expiration after September 30, 2019. The Project's PRAC contract expired on November 1, 2019. However, management did not remit these funds. Criteria - Reporting Any balance in its residual receipts reserve account greater than $250 per unit must be remitted to HUD's Accounting Center upon termination of PRAC. Termination is defined as expiration of the contract term which for most PRACs is the annual contract anniversary date. Effect The holding of $2,864 in the residual receipts reserve is a violation of HUD's required release of funds above the declared threshold of $250 per unit. Cause Management did not receive correspondence from HUD to remit the funds. Recommendation Management should immediately disburse $2,864 from the residual receipts reserve to HUD. Auditor Noncompliance Code: Z - Other Amount of Questioned Costs: $0 Views of Responsible Officials and Planned Corrective Action Management issued a check to HUD for the full payment of excess residual receipts on March 26, 2020.
Current Findings on the Schedule of Findings, Questioned Costs and Recommendations 1. Finding 2019-C-1 a. Comments on the Finding and Each Recommendation We concur with the Finding 2019-C-1 b. Action(s) Taken or Planned on the Finding On March 26, 2020 we have submitted our payment in the amount of $2,864 payable to HUD, which represents the excess funds held in the residual :receipts reserve as of 12/31/19.
2018-001
FAC accepted this audit on April 22, 2019 — management decision was due October 22, 2019.
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FAC accepted this audit on May 4, 2017 — management decision was due November 4, 2017.
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