EIN: 721051167
UEI: GC4DWF7MJ2X1
Audited by: Wharton CPA, LLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 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 October 29, 2024 (673 days ago).
What is a management decision? →There was a $4,000 transfer made from the Replacement Reserve account to the Operating Account in December 2023. Criteria: According to HUD 4350.1-Rev-1 requires owners/mortgagors to request prior approval from HUD for use of replacement reserve funds. Cause: A $4,000 transfer was made in December 2023 from the Replacement Reserve account without an approved 9250 on file. HUD approval was received in January 2024. Effect: The Project is not in compliance with HUD regulations as it relates to obtaining proper approval prior to use of replacement reserve funds. Recommendation: I recommend management follow regulations in HUD 4350.1-Rev-1.
Show full finding ▾Hide full finding ▴2023-1 Transfer from Replacement Reserve Account Without Prior HUD Approval Condition: There was a $4,000 transfer made from the Replacement Reserve account to the Operating Account in December 2023. Criteria: According to HUD 4350.1-Rev-1 requires owners/mortgagors to request prior approval from HUD for use of replacement reserve funds. Cause: A $4,000 transfer was made in December 2023 from the Replacement Reserve account without an approved 9250 on file. HUD approval was received in January 2024. Effect: The Project is not in compliance with HUD regulations as it relates to obtaining proper approval prior to use of replacement reserve funds. Recommendation: I recommend management follow regulations in HUD 4350.1-Rev-1.
Due to insufficient operating funds to repair costs, an EMERGENCY Replacement Reserve authorization request of $4,000 was attempted on December 29, 2023 via email. Due to holiday closures, that attempt failed. A subsequent post holiday response was received on January 2, 2024 recommending submission of HUD-9250. Upon submission of the HUD-9250, approval was obtained on January 8, 2024. The Project will comply with HUD regulations in reference to obtaining proper approval prior to use of replacement of reserve funds.
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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