EIN: 586065006
UEI: HECFZMKB2CU5
Data as of August 26, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on May 7, 2025. 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 7, 2025 (292 days ago).
What is a management decision? →Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Section 207 loan identification number 054-11089 , year 2024) Auditor non-compliance code: B - Failure to make required residual receipt deposit. Finding resolution status: Unresolved. Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable. Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $6,679 Statement of condition #2024-001 (Assistance Listing No. 14.134): The Corporation's required deposit into the residual receipts account per the December 31, 2023 Computation of Surplus Cash, Distributions and Residual Receipts of $6,679 was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the HUD Regulatory Agreement, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal year end. Effect: The Corporation is not in compliance with the terms of the HUD Regulatory Agreement. Cause: Management oversight. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Management Response: Management agrees with the recommendation. Management deposited $6,679 to the residual receipts account on March 28, 2025. No further action is required.
Show full finding ▾Hide full finding ▴Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Section 207 loan identification number 054-11089 , year 2024) Auditor non-compliance code: B - Failure to make required residual receipt deposit. Finding resolution status: Unresolved. Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable. Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $6,679 Statement of condition #2024-001 (Assistance Listing No. 14.134): The Corporation's required deposit into the residual receipts account per the December 31, 2023 Computation of Surplus Cash, Distributions and Residual Receipts of $6,679 was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the HUD Regulatory Agreement, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal year end. Effect: The Corporation is not in compliance with the terms of the HUD Regulatory Agreement. Cause: Management oversight. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Management Response: Management agrees with the recommendation. Management deposited $6,679 to the residual receipts account on March 28, 2025. No further action is required.
Finding 2024-001 Comments on Finding and Recommendation: At December 31, 2024, The Corporation's required deposit into the residual receipts account per the December 31, 2023 Computation of Surplus Cash, Distributions and Residual Receipts of $6,679 had not been made. Management should transfer $6,679 from the operating account to the residual receipts account. Action(s) taken or planned on the finding: Management agrees with the recommendation. Management deposited $6,679 to the residual receipts account on March 28, 2025. No further action is required.
FAC accepted this audit on April 3, 2023 — management decision was due October 3, 2023.
Finding reference number: #2022-001 Assistance Listing title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Section 207 loan identification number 054-11089 , year 2022) Auditor non-compliance code: N - Reserve for Replacement Deposits Finding resolution status: Unresolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $269 Statement of condition #2022-001 (Assistance Listing. 14.155): The Corporation did not increase the monthly reserve for replacement deposits as required by HUD during the year ended December 31, 2022. Criteria: Pursuant to the Section 223(f) Regulatory Agreement and communications from HUD, the Corporation is required to make monthly deposits into a separate reserve for replacements account in the amounts specified by HUD. Effect: The Corporation is not in compliance with the terms of the Section 223(f) Regulatory Agreement and communications from HUD. As of December 31, 2022, the reserve for replacements is underfunded by $269. Cause: The lender was not informed of the reserve for replacement deposit increase. Recommendation: The management agent should transfer funds of $269 from the operating account to bring the reserve for replacements account current and communicate with the lender to ensure deposit increases are being made. Completion date: December 31, 2023. Management's response: Agree.
Show full finding ▾Hide full finding ▴Finding reference number: #2022-001 Assistance Listing title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Section 207 loan identification number 054-11089 , year 2022) Auditor non-compliance code: N - Reserve for Replacement Deposits Finding resolution status: Unresolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $269 Statement of condition #2022-001 (Assistance Listing. 14.155): The Corporation did not increase the monthly reserve for replacement deposits as required by HUD during the year ended December 31, 2022. Criteria: Pursuant to the Section 223(f) Regulatory Agreement and communications from HUD, the Corporation is required to make monthly deposits into a separate reserve for replacements account in the amounts specified by HUD. Effect: The Corporation is not in compliance with the terms of the Section 223(f) Regulatory Agreement and communications from HUD. As of December 31, 2022, the reserve for replacements is underfunded by $269. Cause: The lender was not informed of the reserve for replacement deposit increase. Recommendation: The management agent should transfer funds of $269 from the operating account to bring the reserve for replacements account current and communicate with the lender to ensure deposit increases are being made. Completion date: December 31, 2023. Management's response: Agree.
Finding #2022-001 Comments on Finding and Recommendation: The Corporation did not increase the monthly reserve for replacement deposits as required by HUD during the year ended December 31, 2022. The management agent should transfer funds of $269 from the operating account to bring the reserve for replacements account current and communicate with the lender to ensure deposit increases are being made. Action(s) taken or planned on the finding: Management agrees with the recommendation.
FAC accepted this audit on June 23, 2021 — management decision was due December 23, 2021.
Finding reference number: #2020-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (Section 207 loan identification number 054-11089, year 2020) Auditor non-compliance code: N - Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Noncompliance Information: See statement of condition #2020-001 for noncompliance information. Statistically valid sample: Not applicable Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $142 Statement of condition #2020-001: The Corporation did not increase the amount of the monthly reserve for replacement deposits as required by HUD during the year ended December 31, 2020. Criteria: Pursuant to the Section 223(f) Regulatory Agreement and communications from HUD, the Corporation is required to make monthly deposits into a separate reserve for replacements account in the amounts specified by HUD. Effect: The Corporation is not in compliance with the Section 223(f) Regulatory Agreement and communications from HUD. The reserve for replacement account is underfunded by $142. Cause: The lender was not informed of the reserve for replacement deposit increase. Recommendation: The management agent should transfer funds of $142 from the operating account in order to bring the reserve for replacements account current and communicate with the lender to ensure deposit increases are being made. Completion Date: March 17,2021 Management's response: Management agrees with the recommendation.
Show full finding ▾Hide full finding ▴Finding reference number: #2020-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (Section 207 loan identification number 054-11089, year 2020) Auditor non-compliance code: N - Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Noncompliance Information: See statement of condition #2020-001 for noncompliance information. Statistically valid sample: Not applicable Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $142 Statement of condition #2020-001: The Corporation did not increase the amount of the monthly reserve for replacement deposits as required by HUD during the year ended December 31, 2020. Criteria: Pursuant to the Section 223(f) Regulatory Agreement and communications from HUD, the Corporation is required to make monthly deposits into a separate reserve for replacements account in the amounts specified by HUD. Effect: The Corporation is not in compliance with the Section 223(f) Regulatory Agreement and communications from HUD. The reserve for replacement account is underfunded by $142. Cause: The lender was not informed of the reserve for replacement deposit increase. Recommendation: The management agent should transfer funds of $142 from the operating account in order to bring the reserve for replacements account current and communicate with the lender to ensure deposit increases are being made. Completion Date: March 17,2021 Management's response: Management agrees with the recommendation.
Finding # 2020-001 Comments on Finding and Recommendation: The Corporation did not increase the amount of the monthly reserve for replacement deposits as required by HUD during the year ended December 31, 2020. The management agent should transfer funds of $142 from the operating account in order to bring the reserve for replacement account to current. Action(s) taken or planned on the finding: Management agrees with the recommendation.
FAC accepted this audit on April 10, 2018 — management decision was due October 10, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴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.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and compliance status.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.