EIN: 561057811
UEI: KVJZJR5MXVL4
Audited by: Bernard Robinson & Company, L.L.P.
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 April 23, 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 October 23, 2026 (47 days from today).
What is a management decision? →FAC accepted this audit on May 21, 2025 — management decision was due November 21, 2025.
FAC accepted this audit on April 25, 2024 — management decision was due October 25, 2024.
FAC accepted this audit on April 23, 2023 — management decision was due October 23, 2023.
FAC accepted this audit on May 3, 2022 — management decision was due November 3, 2022.
FAC accepted this audit on September 15, 2021 — management decision was due March 15, 2022.
During the year ended December 31, 2020, the Corporation paid distributions in excess of the allowable amounts. During the year ended December 31, 2020, the Corporation had available surplus cash of $297,364 and earned allowable six percent return of $317,055. During the year ended December 31, 2020, the Corporation paid distributions of $327,620 which included $319,814 of deposits to the entity cash account and $7,806 of resident coordinator entity expenses. This resulted in an overpayment of the earned allowable six percent return of $10,565. Additionally, subsequent to the year ended December 31, 2020, the Corporation paid distributions of $55,578 to the entity cash account which is in excess of earned allowable six percent return. Criteria: HUD Handbook 4370.2 REV-1, Chapter 2 Section 10 defines a distribution as any withdrawal or taking of cash or any assets of the project other than for the payment of reasonable expenses necessary to the operation and maintenance of the project. Additionally, in any one year, distributions may not exceed the lessor of surplus cash or the amount earned that year plus any distributions unpaid from previous years. The regulatory agreement for the project defines distributions and the circumstances under which distributions may be made from surplus cash and requires repayment of excess distributions immediately. Effect: Noncompliance with HUD regulations. Cause: Management oversight. Context: A test to compare actual distributions paid to the lessor of available surplus cash or the allowable accumulated six percent return on investment. The actual distributions paid totaled $327,620, the available surplus cash totaled $297,364 and the allowable accumulated six percent return on investment totaled $317,055. Recommendation: We recommend the repayment of the excess earned allowable six percent return of $10,565 for the year ended December 31, 2020 and the excess earned allowable six percent return of $55,578 paid subsequent to the year ended December 31, 2020 immediately. In addition, we recommend management monitor the balance of the six percent return along with surplus cash to determine amount available for distribution. Questioned Costs: $7,806. Views of Responsible Officials and Corrective Action Plan: Management agrees with the finding and will monitor the balance of the six percent return along with surplus cash to ensure proper distribution. The board of directors will repay the excess earned allowable six percent return of $10,565 and the excess earned allowable six percent return of $55,578 paid subsequent to the year ended December 31, 2020.
Show full finding ▾Hide full finding ▴Finding 2020-001: U.S. Department of Housing and Urban Development, Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate (Sections 221d(3) and (4) Multifamily - Market Rate Housing), CFDA #14.135. Statement of Condition: During the year ended December 31, 2020, the Corporation paid distributions in excess of the allowable amounts. During the year ended December 31, 2020, the Corporation had available surplus cash of $297,364 and earned allowable six percent return of $317,055. During the year ended December 31, 2020, the Corporation paid distributions of $327,620 which included $319,814 of deposits to the entity cash account and $7,806 of resident coordinator entity expenses. This resulted in an overpayment of the earned allowable six percent return of $10,565. Additionally, subsequent to the year ended December 31, 2020, the Corporation paid distributions of $55,578 to the entity cash account which is in excess of earned allowable six percent return. Criteria: HUD Handbook 4370.2 REV-1, Chapter 2 Section 10 defines a distribution as any withdrawal or taking of cash or any assets of the project other than for the payment of reasonable expenses necessary to the operation and maintenance of the project. Additionally, in any one year, distributions may not exceed the lessor of surplus cash or the amount earned that year plus any distributions unpaid from previous years. The regulatory agreement for the project defines distributions and the circumstances under which distributions may be made from surplus cash and requires repayment of excess distributions immediately. Effect: Noncompliance with HUD regulations. Cause: Management oversight. Context: A test to compare actual distributions paid to the lessor of available surplus cash or the allowable accumulated six percent return on investment. The actual distributions paid totaled $327,620, the available surplus cash totaled $297,364 and the allowable accumulated six percent return on investment totaled $317,055. Recommendation: We recommend the repayment of the excess earned allowable six percent return of $10,565 for the year ended December 31, 2020 and the excess earned allowable six percent return of $55,578 paid subsequent to the year ended December 31, 2020 immediately. In addition, we recommend management monitor the balance of the six percent return along with surplus cash to determine amount available for distribution. Questioned Costs: $7,806. Views of Responsible Officials and Corrective Action Plan: Management agrees with the finding and will monitor the balance of the six percent return along with surplus cash to ensure proper distribution. The board of directors will repay the excess earned allowable six percent return of $10,565 and the excess earned allowable six percent return of $55,578 paid subsequent to the year ended December 31, 2020.
G.W. Holland Housing Corporation 780 Highland Avenue North Winston-Salem, NC 27101 CORRECTIVE ACTION PLAN U.S. Department of Housing and Urban Development Five Points Plaza Building 40 Marietta Street Atlanta, Georgia 30303 G.W. Holland Housing Corporation respectively submits the following Corrective Action Plan for the year ended December 31, 2020. Bernard Robinson & Company, L.L.P. 1501 Highwoods Blvd., Suite 300 Post Office Box 19608 Greensboro, North Carolina 27419-9608 The finding from the year ended December 31, 2020 Schedule of Findings and Questioned Costs is discussed below. The finding is numbered consistently with the number assigned in the schedule. FINDINGS - Financial Statement Audit and Federal Award Program Audit Finding2020-001: U.S. Department of Housing and Urban Development, Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate (Sections 221d(3) and (4) Multifamily - Market Rate Housing), CFDA #14.135 Recommendation: We recommend the repayment of the excess distribution of project assets immediately. In addition, we recommend management monitor surplus cash to determine if it is available for distribution. Action Taken: We agree with Finding 2020-001 described in the accompanying schedule of findings and questioned costs. Management will monitor the balance of the six percent return along with surplus cash to ensure proper distribution. The board of directors will repay the excess earned allowable six percent return of $10,565 and the excess earned allowable six percent return of $55,578 paid subsequent to the year ended December 31, 2020. If HUD has questions regarding this corrective action plan, please call (704) 771-1696. Sincerely yours, Michael Jameyson President Multifamily Select, Inc. Managing Agent
FAC accepted this audit on July 21, 2020 — management decision was due January 21, 2021.
FAC accepted this audit on April 15, 2019 — management decision was due October 15, 2019.
FAC accepted this audit on April 4, 2018 — management decision was due October 4, 2018.
FAC accepted this audit on September 12, 2017 — management decision was due March 12, 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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