EIN: 552231031
UEI: SFF8ZDG66LH7
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 September 4, 2024. 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 4, 2025 (544 days ago).
What is a management decision? →FAC accepted this audit on November 20, 2023 — management decision was due May 20, 2024.
FAC accepted this audit on April 20, 2023 — management decision was due October 20, 2023.
FAC accepted this audit on October 27, 2021 — management decision was due April 27, 2022.
FAC accepted this audit on October 25, 2020 — management decision was due April 25, 2021.
Department of Housing and Urban Development Finding No. 2020-001; Mortgage Insurance for the Purchase of Refinancing of Existing Multifamily Housing Project, CFDA 14.155 Statement of Condition During the year ended June 30, 2020, the project paid expenses in the amount of $313 on behalf of an affiliate from project cash without HUD approval. Criteria - Activities Allowed or Unallowed and Allowable Costs/Cost Principles Loans are not permitted to be made from project cash without prior authorization from HUD. Effect The payments of $313 were unauthorized loans. Cause Procedures were not in place to ensure that cash disbursements of project funds were limited to project operating costs. 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 Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions Management acknowledges that a $313 invoice for an affiliated project was errantly paid by Cambridge Apartments, Inc. The invoice in question was processed twice, once by Cambridge Apartments, Inc. and once by the affiliated entity. The duplicate payment made by Cambridge Apartments, Inc. was applied by the vendor to Cambridge Apartments, Inc.'s account resulting in a credit balance that will later be applied to a subsequent invoice. Ultimately the funds for the duplicate payment made for an affiliated project's invoice will be used to satisfy costs related to Cambridge Apartments, Inc. Management believes it has sufficient internal controls in place for processing payable transactions, however human error sometimes allows circumvention of these controls. Management has notified all parties that were involved with the improper processing of this invoice and will be more diligent in processing payables going forward to ensure this does not happen again.
Show full finding ▾Hide full finding ▴Department of Housing and Urban Development Finding No. 2020-001; Mortgage Insurance for the Purchase of Refinancing of Existing Multifamily Housing Project, CFDA 14.155 Statement of Condition During the year ended June 30, 2020, the project paid expenses in the amount of $313 on behalf of an affiliate from project cash without HUD approval. Criteria - Activities Allowed or Unallowed and Allowable Costs/Cost Principles Loans are not permitted to be made from project cash without prior authorization from HUD. Effect The payments of $313 were unauthorized loans. Cause Procedures were not in place to ensure that cash disbursements of project funds were limited to project operating costs. 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 Finding Resolution Status: Resolved Views of Responsible Officials and Planned Corrective Actions Management acknowledges that a $313 invoice for an affiliated project was errantly paid by Cambridge Apartments, Inc. The invoice in question was processed twice, once by Cambridge Apartments, Inc. and once by the affiliated entity. The duplicate payment made by Cambridge Apartments, Inc. was applied by the vendor to Cambridge Apartments, Inc.'s account resulting in a credit balance that will later be applied to a subsequent invoice. Ultimately the funds for the duplicate payment made for an affiliated project's invoice will be used to satisfy costs related to Cambridge Apartments, Inc. Management believes it has sufficient internal controls in place for processing payable transactions, however human error sometimes allows circumvention of these controls. Management has notified all parties that were involved with the improper processing of this invoice and will be more diligent in processing payables going forward to ensure this does not happen again.
a. Comments on the Finding and Each Recommendation Management acknowledges that a $313 invoice for an affiliated project was errantly paid by Cambridge Apartments, Inc. The invoice in question was processed twice, once by Cambridge Apartments, Inc. and once by the affiliated entity. This duplicate payment was due to two human errors in processing the invoice. The first error was in entering the wrong property name and mistyping the invoice number for the invoice paid by Cambridge Apartments, Inc. If the correct property name and invoice number had been entered, the Accounts Payable software would have triggered a warning for a duplicate invoice. The second error was the invoice was not properly reviewed and was approved for payment. As of June 30, 2020 the affiliated entity was not due direct reimbursement from Cambridge Apartments, Inc. as it had also paid the invoice and the vendor had properly applied that payment to its account. Cambridge Apartments, Inc. was due reimbursement from the vendor for the duplicate payment. b. Action(s) Taken or Planned on the Finding The duplicate payment made by Cambridge Apartments, Inc. was applied by the vendor to Cambridge Apartments, Inc.?s account resulting in a credit balance that was later applied to a subsequent invoice. Ultimately the funds for the duplicate payment made for an affiliated project?s invoice were used to satisfy costs related to Cambridge Apartments, Inc. Management believes it has sufficient internal controls in place for processing payable transactions, however human error sometimes allows circumvention of these controls. Management has notified all parties that were involved with the improper processing of this invoice and will be more diligent in processing payables going forward to ensure this does not happen again.
FAC accepted this audit on October 22, 2019 — management decision was due April 22, 2020.
FAC accepted this audit on October 18, 2018 — management decision was due April 18, 2019.
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