EIN: 621679142
UEI: NH1ZCZYSZHR9
Audited by: Fleet Firm
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 11, 2024. 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 June 11, 2025 (458 days ago).
What is a management decision? →U.S. Deparbnent of Housing & Urban Development Finding 2024-001 -Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A Criteria - HUD requires monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $23,525 for the year ended June 30, 2024. Cause - In November 2023, the required Reserve for Replacement deposit was changed to be $4,705. The present cash flow of the property does not support this increase. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $23,525 at year end. Auditor Non-Compliance Code - N - Reserve for Replacements Deposits Questioned Costs - Zero Reporting views of Responsible Officials - Agrees with finding. Management expects an additional rent increase in November 2024 that will allow the property to catch up on the required deposits. Recommendation - Deposit shortage should be funded as soon as possible. Auditor's Summary of the Auditee's Comments on the findings and Recommendations - The auditee's comments appear to be accurate and consistent with the auditor finding. Response indicator - Agree Completion date - June 30, 2025 Response - Shortage will be funded prior to June 30, 2025.
Show full finding ▾Hide full finding ▴U.S. Deparbnent of Housing & Urban Development Finding 2024-001 -Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - N/A Criteria - HUD requires monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $23,525 for the year ended June 30, 2024. Cause - In November 2023, the required Reserve for Replacement deposit was changed to be $4,705. The present cash flow of the property does not support this increase. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $23,525 at year end. Auditor Non-Compliance Code - N - Reserve for Replacements Deposits Questioned Costs - Zero Reporting views of Responsible Officials - Agrees with finding. Management expects an additional rent increase in November 2024 that will allow the property to catch up on the required deposits. Recommendation - Deposit shortage should be funded as soon as possible. Auditor's Summary of the Auditee's Comments on the findings and Recommendations - The auditee's comments appear to be accurate and consistent with the auditor finding. Response indicator - Agree Completion date - June 30, 2025 Response - Shortage will be funded prior to June 30, 2025.
Corrective Action Plan September 20, 2024 Intrepid Management, Inc. 212 S Main Street Malvern, AR 72104 INTREPID MANAGEMENT Mills Center Apartments, Inc., HUD Projed No. 082-HD040-NP-L8 respectfully submits the following corrective action plan for the year ended June 30, 2024. Auditing Firm: Fleet Firm 759 Tealwood Lane Cordova, TN 38018 Audit Period: 07/01/2023 Through 06130/2024 The findings from the 06/30/2024 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. Findings and Questioned Costs - Financial Statement Audit None Findings and Questioned Costs - Major Federal Award Programs AuditU.S. Department of Housing & Urban Development Finding 2024-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - NIA Sample Size Information - NIA Identification of Repeat Finding and Finding Reference Number - NIA Criteria - HUD requires monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $23,525 for the year ended June 30, 2024. Cause - In November 2023, the required Reserve for Replacement deposit was changed to be $4,705. The present cash flow of the property does not support this increase. Effed or Potential Effect - The Organization's replacement reserve account is underfunded $23,525 at year end. Auditor Non-Compliance Code - N - Reserve for Replacements Deposits Questioned Costs - Zero Reporting views of Responsible Officials - Agrees with finding. Management expeds an additional rent increase in November 2024 that will allow the property to catch up on the required deposits. Recommendation - Deposit shortage should be funded as soon as possible. Auditor's Summary of the Auditee's Comments on the findings and Recommendations - The auditee's comments appear to be accurate and consistent with the auditor finding. Response indicator -Agree Completion date - June 30, 2025 Response - Shortage will be funded prior to June 30, 2025. If you have any questions or concerns, please do not hesitate to contad our office.
FAC accepted this audit on January 22, 2024 — management decision was due July 22, 2024.
FAC accepted this audit on February 1, 2023 — management decision was due August 1, 2023.
FAC accepted this audit on December 28, 2021 — management decision was due June 28, 2022.
FAC accepted this audit on December 28, 2021 — management decision was due June 28, 2022.
FAC accepted this audit on July 14, 2020 — management decision was due January 14, 2021.
The Project failed to deposit one required monthly deposit. Questioned Costs: $-0- Context: The Project did not have sufficient operating cash to make the required deposit. Effect: The required reserve for replacement deposit was not made in accordance with HUD requirements. Cause: The Project was aware of the requirement. However, due to unavailable funds, the deposit was not made. Auditors Recommendation:We recommend the Project establish a process to ensure the required monthly deposits are made timely to the replacement for reserve account. Views of Responsible Officials and Corrective Action: The Project is aware of the required deposit. However, the Project had not received HAP payments from HUD for five months resulting in a shortage of available cash.
Show full finding ▾Hide full finding ▴Federal Program: US Department of Housing and Urban Development CFDA No. 14.181 ? Supportive Housing for Persons with Disabilities Criteria: Mills Center Apartments, Inc.?s Capital Advance Program Regulatory Agreement, Section 5(c) states mortgagor will establish and maintain a reserve fund for replacements and will deposit an amount equal to $313.33 per month unless a different date or amount is approved in writing by HUD. Condition: The Project failed to deposit one required monthly deposit. Questioned Costs: $-0- Context: The Project did not have sufficient operating cash to make the required deposit. Effect: The required reserve for replacement deposit was not made in accordance with HUD requirements. Cause: The Project was aware of the requirement. However, due to unavailable funds, the deposit was not made. Auditors Recommendation:We recommend the Project establish a process to ensure the required monthly deposits are made timely to the replacement for reserve account. Views of Responsible Officials and Corrective Action: The Project is aware of the required deposit. However, the Project had not received HAP payments from HUD for five months resulting in a shortage of available cash.
Findings ? Federal Program Audit 2019-001 US Department of Housing and Urban Development CFDA No. 14.181 Recommendation: The Project establish a process to ensure the required monthly deposits are made timely to the replacement for reserve account. Action Taken: Management agrees with the findings and has implemented the recommendation.
FAC accepted this audit on October 30, 2018 — management decision was due April 30, 2019.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on October 24, 2017 — management decision was due April 24, 2018.
FAC accepted this audit on October 2, 2016 — management decision was due April 2, 2017.
GSA_MIGRATION
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GSA_MIGRATION
2015-001
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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