EIN: 561215348
UEI: FCZET7G143K7
Audited by: Bernard Robinson & Company, L.L.P.
Oversight agency: 10 [Department of Agriculture]
View federal awards & risk assessment →
Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on May 25, 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 November 25, 2026 (86 days from today).
What is a management decision? →FAC accepted this audit on June 11, 2025 — management decision was due December 11, 2025.
FAC accepted this audit on May 20, 2024 — management decision was due November 20, 2024.
FAC accepted this audit on April 19, 2023 — management decision was due October 19, 2023.
FAC accepted this audit on May 17, 2022 — management decision was due November 17, 2022.
At December 31, 2021, the Corporation had $32,001.46 of funds maintained in an institution that were in excess of FDIC insured limits. Criteria: USDA Handbook 2-3560, Chapter 4, states that bank account funds maintained in an institution may not exceed the limited established for Federal deposit insurance. If funds exceed the amount covered by Federal Deposit insurance, the Corporation must obtain a collateral pledge from the institution to cover all funds or move funds to an institution that will insure the funds. Cause of Condition: Management did not transfer funds to separate financial institutions in a timely manner to provide for continuous FDIC insurance coverage. Effect of Condition: Noncompliance with USDA RD requirements and risk of loss of the Corporations' funds. Recommendation: The Corporation should continuously monitor cash balances to ensure that funds are always covered by FDIC insurance limits, collateral agreements are obtained, or funds are invested in government securities. Questioned Costs: $0 Information based on Universe and Population Size: The finding noted above was not a result of sampling. Sample Size Information: The finding noted above was not a result of sampling. Noncompliance Information: The finding noted above was not a result of sampling. Reporting Views of Responsible Officials: Management agrees with the above finding and is in the process of transferring funds to provide adequate FDIC insurance coverage for all funds. Management will re-evaluate its policies and procedures to determine any necessary changes.
Show full finding ▾Hide full finding ▴Statement of Condition: At December 31, 2021, the Corporation had $32,001.46 of funds maintained in an institution that were in excess of FDIC insured limits. Criteria: USDA Handbook 2-3560, Chapter 4, states that bank account funds maintained in an institution may not exceed the limited established for Federal deposit insurance. If funds exceed the amount covered by Federal Deposit insurance, the Corporation must obtain a collateral pledge from the institution to cover all funds or move funds to an institution that will insure the funds. Cause of Condition: Management did not transfer funds to separate financial institutions in a timely manner to provide for continuous FDIC insurance coverage. Effect of Condition: Noncompliance with USDA RD requirements and risk of loss of the Corporations' funds. Recommendation: The Corporation should continuously monitor cash balances to ensure that funds are always covered by FDIC insurance limits, collateral agreements are obtained, or funds are invested in government securities. Questioned Costs: $0 Information based on Universe and Population Size: The finding noted above was not a result of sampling. Sample Size Information: The finding noted above was not a result of sampling. Noncompliance Information: The finding noted above was not a result of sampling. Reporting Views of Responsible Officials: Management agrees with the above finding and is in the process of transferring funds to provide adequate FDIC insurance coverage for all funds. Management will re-evaluate its policies and procedures to determine any necessary changes.
SILER CITY HOUSING CORPORATION SILER CITY, NORTH CAROLINA CORRECTIVE ACTION PLAN March 30, 2022 Federal Audit Clearinghouse 1201 East 10th Street Jeffersonville, Indiana 47132 Siler City Housing Corporation respectfully submits the following Corrective Action Plan for the year ended December 31, 2021. Bernard Robinson & Company, L.L.P. 1501 Highwoods Blvd., Suite 300 Post Office Box 19608 Greensboro, North Carolina 27419-9608 Period: Year ended December 31, 2021 The finding from the December 31, 2021 Schedule of Findings and Questioned Costs is discussed below. The finding is numbered consistently with the number assigned in the schedule. Findings and Questioned Costs: Finding 2021-001: Section III - Findings and questioned costs relating to the major programs which are required to be reported as defined by the Uniform Guidance [2 CFR 200.516(a)]: Recommendation: The Corporation should continuously monitor cash balances to ensure that funds are always covered by FDIC insurance limits, collateral agreements are obtained, or funds are invested in government securities. Reporting Views of Responsible Officials: Management agrees with the above finding and is in the process of transferring funds to provide adequate FDIC insurance coverage for all funds. Management will re-evaluate its policies and procedures to determine any necessary changes. If you have questions regarding this corrective action plan, please call (336) 544-2300. Sincerely, Sandy Lucas Partnership Property Management
FAC accepted this audit on April 13, 2021 — management decision was due October 13, 2021.
FAC accepted this audit on April 8, 2020 — management decision was due October 8, 2020.
FAC accepted this audit on April 16, 2019 — management decision was due October 16, 2019.
FAC accepted this audit on April 3, 2018 — management decision was due October 3, 2018.
FAC accepted this audit on April 5, 2017 — management decision was due October 5, 2017.
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.
Browse other Single Audit organizations in North Carolina →
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and filing records.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.
