EIN: 620862089
UEI: GSA_MIGRATION
Audited by: JONES AND TUGGLE
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 January 21, 2021. 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 July 21, 2021 (1869 days ago).
What is a management decision? →FAC accepted this audit on June 25, 2020 — management decision was due December 25, 2020.
The bad debt expense for the year was $11,690 which exceeded one percent (1 %) of the annual gross potential. Criteria: HUD manual 4370.1 section 2-23 H states that the annual bad debt expense should not exceed one percent (1 %) of the annual gross potential. Effect: Because the receivables were written off the property has not collected all of its revenue from tenants. Cause: The management agent stated that the tenants has moved out of the units without paying the rent and could not be located. Recommendation: We recommend that every effort be made to collect the outstanding rent and turning these tenants over to a collection agency. Management Response: Management believed that it has stabilized the bad debt expense amounts as the current year is basically flat compared to the prior year. While the bad debt expense is $11,690 or 1.25% of the rent potential, we believe slight improvements are being made on this difficult multifamily property. We will continue with TESCO Properties, Inc enforcement of rent collection policies. Auditors? Comments Regarding Management Response: Management agreed with the finding and we will continue to monitor the bad debt account in the following years.
Show full finding ▾Hide full finding ▴Finding 2019 -001- Bad Debt Expense-CFDA No. 14.856-Section 8 Assistance Payments (Repeat Finding) Statement of Condition: The bad debt expense for the year was $11,690 which exceeded one percent (1 %) of the annual gross potential. Criteria: HUD manual 4370.1 section 2-23 H states that the annual bad debt expense should not exceed one percent (1 %) of the annual gross potential. Effect: Because the receivables were written off the property has not collected all of its revenue from tenants. Cause: The management agent stated that the tenants has moved out of the units without paying the rent and could not be located. Recommendation: We recommend that every effort be made to collect the outstanding rent and turning these tenants over to a collection agency. Management Response: Management believed that it has stabilized the bad debt expense amounts as the current year is basically flat compared to the prior year. While the bad debt expense is $11,690 or 1.25% of the rent potential, we believe slight improvements are being made on this difficult multifamily property. We will continue with TESCO Properties, Inc enforcement of rent collection policies. Auditors? Comments Regarding Management Response: Management agreed with the finding and we will continue to monitor the bad debt account in the following years.
Auditors? Comments Regarding Management Response: Management agreed with the finding and we will continue to monitor the bad debt account in the following years.
2018-001
Surplus cash was not deposited into the residual receipt account in the time frame required by HUD. The deposit was short by $12,918. Criteria: Surplus cash should be deposited into the residual receipt account within sixty (60) day after year end. Effect: The project is not in compliance with the regulatory agreement. Cause: The surplus cash computation was not performed at year end.
Show full finding ▾Hide full finding ▴2019-2 CFDA 14.856 Section 8 221(d) (3) - Residual Receipt Deposit (Repeat Finding) Statement of Condition: Surplus cash was not deposited into the residual receipt account in the time frame required by HUD. The deposit was short by $12,918. Criteria: Surplus cash should be deposited into the residual receipt account within sixty (60) day after year end. Effect: The project is not in compliance with the regulatory agreement. Cause: The surplus cash computation was not performed at year end.
ACTION TO BE TAKEN: Upon confirmation of the August 31, 2019 audit, the deposit of $12,918 will be made to the Residual Receipt account. WHO WILL PERFORM THE ABOVE ACTION? The senior account and the administration assistance to the CFO will review with the external auditor to confirm steps and confirm payment. WHEN WILL THE FINDING BE COMPLETED? The deposit will be made by December 12, 2019.
FAC accepted this audit on December 18, 2017 — management decision was due June 18, 2018.
GSA_MIGRATION
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GSA_MIGRATION
2016-001
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