New Hope Apartments, Inc.

EIN: 621768268

UEI: L7VKE9HWC4W6

Data as of August 25, 2026

New Hope Apartments, Inc.2 audit years1 findings
2
Audit Years
1
Total Findings
0
Repeat Findings

FY 2024-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on October 29, 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 April 29, 2025 (484 days ago).

What is a management decision? →
2024-001
Cash Management

FINDINGS – FINANCIAL STATEMENTS AUDIT S2700-005 Finding Reference Number 2024-01 S2700-006 Finding Status Cleared S2700-007 Population Size N/A S2700-008 Sample Size N/A S2700-009 Noncompliance Information Project was required to fund the Replacement Reserve with deposits totaling $450 per month. Project made 11 out of 12 monthly deposits. S2700-010 Statement of Condition The project failed to make all monthly deposits into the Replacement Reserve account. S2700-020 Criteria Project is required to comply with the Replacement Reserve deposit requirements from HUD. S2700-030 Effect Replacement Reserve was underfunded. S2700-040 Cause Controls were not in place to maintain compliance with Replacement Reserve funding requirements. S2700-050 Recommendation Implement procedures to prevent the Replacement Reserve from being underfunded. Make a deposit for underfunded Replacement Reserve deposits and to correct the amount deposited monthly for future deposits. S2700-055 Auditor Non-Compliance Code N - Reserve for Replacement Deposits S2700-065 Amount of Questioned Costs $450 S2700-100 Summary of Auditee's Comments Management concurs with the finding and recommendation S2700-070 Finding Response Concur S2700-075 Recommendation Response Agree S2700-080 Completion Date October 3, 2024 S2700-090 Actions Taken or Planned on the Finding Management agrees with the finding and will implement controls to prevent the Replacement Reserve from being underfunded in the future.

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Full finding narrative

FINDINGS – FINANCIAL STATEMENTS AUDIT S2700-005 Finding Reference Number 2024-01 S2700-006 Finding Status Cleared S2700-007 Population Size N/A S2700-008 Sample Size N/A S2700-009 Noncompliance Information Project was required to fund the Replacement Reserve with deposits totaling $450 per month. Project made 11 out of 12 monthly deposits. S2700-010 Statement of Condition The project failed to make all monthly deposits into the Replacement Reserve account. S2700-020 Criteria Project is required to comply with the Replacement Reserve deposit requirements from HUD. S2700-030 Effect Replacement Reserve was underfunded. S2700-040 Cause Controls were not in place to maintain compliance with Replacement Reserve funding requirements. S2700-050 Recommendation Implement procedures to prevent the Replacement Reserve from being underfunded. Make a deposit for underfunded Replacement Reserve deposits and to correct the amount deposited monthly for future deposits. S2700-055 Auditor Non-Compliance Code N - Reserve for Replacement Deposits S2700-065 Amount of Questioned Costs $450 S2700-100 Summary of Auditee's Comments Management concurs with the finding and recommendation S2700-070 Finding Response Concur S2700-075 Recommendation Response Agree S2700-080 Completion Date October 3, 2024 S2700-090 Actions Taken or Planned on the Finding Management agrees with the finding and will implement controls to prevent the Replacement Reserve from being underfunded in the future.

Corrective Action Plan

Management agrees with the finding and will implement controls to prevent the Replacement Reserve from being underfunded in the future.

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