EIN: 570525342
UEI: MFK5ADBMS7M5
Audited by: PHILLIP C JARRELL LLC
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 February 13, 2023. 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 13, 2023 (1117 days ago).
What is a management decision? →FAC accepted this audit on April 4, 2022 — management decision was due October 4, 2022.
FAC accepted this audit on March 29, 2021 — management decision was due September 29, 2021.
FAC accepted this audit on March 24, 2020 — management decision was due September 24, 2020.
The Authority?s deposits in a local financial institution exceeded the FDIC coverage and pledged securities by $173,798. Questioned Costs: None. Effect: A concentration of risk exists by not having adequately secured deposits. Cause: The Authority did not ensure that deposits were adequately secured by the financial institution. Recommendation: The Authority should implement a review process in order to verify that deposits are properly secured by FDIC coverage or securities pledged in the Authority?s name. Management Response: A depository agreement was signed by the financial institution and it was understood that the financial institution had pledged securities to cover the deposits in excess of the FDIC coverage. A review process will be implemented to ensure deposits are adequately insured.
Show full finding ▾Hide full finding ▴2019-001 Noncompliance with Special Tests and Provisions (Low Rent Program CFDA 14.850) Criteria: Federal Code of Regulations, Part 982 (24 CFR ? 982.156) and Section 9 of the Authority?s ACC requires the Authority to establish cash management procedures whereby the PHA is required to ensure that funds are adequately secured by FDIC or have securities pledged to cover excess deposits. Condition: The Authority?s deposits in a local financial institution exceeded the FDIC coverage and pledged securities by $173,798. Questioned Costs: None. Effect: A concentration of risk exists by not having adequately secured deposits. Cause: The Authority did not ensure that deposits were adequately secured by the financial institution. Recommendation: The Authority should implement a review process in order to verify that deposits are properly secured by FDIC coverage or securities pledged in the Authority?s name. Management Response: A depository agreement was signed by the financial institution and it was understood that the financial institution had pledged securities to cover the deposits in excess of the FDIC coverage. A review process will be implemented to ensure deposits are adequately insured.
2019-001 Noncompliance with Special Tests and Provisions We have required the local financial institution to pledge securities to cover deposits in excess of FDIC coverage and we will implement a review process to ensure deposits are adequately secured. Date of completion: March 24, 2020
FAC accepted this audit on February 7, 2019 — management decision was due August 7, 2019.
FAC accepted this audit on March 20, 2018 — management decision was due September 20, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
FAC accepted this audit on March 29, 2017 — management decision was due September 29, 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.
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