EIN: 721479351
UEI: SQBKKL9LM734
Audited by: Vige, Tujague & Noel
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 September 12, 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 March 12, 2026 (176 days ago).
What is a management decision? →At December 31, 2022 the Entity had surplus cash totaling $9,162, due to Home Funds. Park Ridge Apartments, Phase 3 had surplus cash in the amount of $4,000. Park Ridge Apartments, Phase 4 had surplus cash in the amount of $2,077. Park Ridge Apartments, Phase 5 had surplus cash in the amount of $1,379. Parsk Ridge Apartments, Phase 6 had surplus cash in the amount of $1,706. The Entity paid the surplus cash for Park Ridge Apartments, Phase 3 and Phase 6, leaving a balance of $3,456 at December 31, 2024. Criteria: The loan agreement between the Entity and the Home Investment Partnership Program requires the Entity to make payments of principal and interest on the note in an annual installment equal to a certain percentage of surplus cash , to the extent that surplus cash exists. Effect: The Entity is in direct violation of the Home Funds loan agreement. Cause: This was an oversight by the management agent. Recommendation: The management agent should compute an estimate of surplus cash for the fiscal year upon completion of that period. In the event that surplus cash exists at the completion of the fiscal period, the management agent should make an installment payment on the HOME note. Views of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted. Surplus cash will be calculated upon the completion of an annual fiscal period. If it is concluded that surplus cash exists at the end of the annual fiscal period, an installment payment will be made on the loan.
Show full finding ▾Hide full finding ▴FINDING #2024-001 SURPLUS CASH Type of Finding: Compliance: Special Tests Program: The Home Investment Partnership Program (Assistance Listing 14.239) Condition: At December 31, 2022 the Entity had surplus cash totaling $9,162, due to Home Funds. Park Ridge Apartments, Phase 3 had surplus cash in the amount of $4,000. Park Ridge Apartments, Phase 4 had surplus cash in the amount of $2,077. Park Ridge Apartments, Phase 5 had surplus cash in the amount of $1,379. Parsk Ridge Apartments, Phase 6 had surplus cash in the amount of $1,706. The Entity paid the surplus cash for Park Ridge Apartments, Phase 3 and Phase 6, leaving a balance of $3,456 at December 31, 2024. Criteria: The loan agreement between the Entity and the Home Investment Partnership Program requires the Entity to make payments of principal and interest on the note in an annual installment equal to a certain percentage of surplus cash , to the extent that surplus cash exists. Effect: The Entity is in direct violation of the Home Funds loan agreement. Cause: This was an oversight by the management agent. Recommendation: The management agent should compute an estimate of surplus cash for the fiscal year upon completion of that period. In the event that surplus cash exists at the completion of the fiscal period, the management agent should make an installment payment on the HOME note. Views of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted. Surplus cash will be calculated upon the completion of an annual fiscal period. If it is concluded that surplus cash exists at the end of the annual fiscal period, an installment payment will be made on the loan.
FINDING #2024-001 SURPLUS CASH Condition: At December 31, 2022 the Entity had surplus cash totaling $9,162, due to Home Funds. Park Ridge Apartments, Phase 3 had surplus cash in the amount of $4,000. Park Ridge Apartments, Phase 4 had surplus cash in the amount of $2,077. Park Ridge Apartments, Phase 5 had surplus cash in the amount of $1,379. Parsk Ridge Apartments, Phase 6 had surplus cash in the amount of $1,706. The Entity paid the surplus cash for Park Ridge Apartments, Phase 3 and Phase 6, leaving a balance of $3,456 at December 31, 2024. Recommendation: The management agent should compute an estimate of surplus cash for the fiscal year upon completion of that period. In the event that surplus cash exists at the completion of the fiscal period, the management agent should make an installment payment on the HOME note. Views of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted. Surplus cash will be calculated upon the completion of an annual fiscal period. If it is concluded that surplus cash exists at the end of the annual fiscal period, an installment payment will be made on the loan.
2023-001
The Reserve for Replacement account balance for Park Ridge Apartments, Phase 4 was underfunded in the amount of $750 at December 31, 2023. The entity made an additional payment of $650 during the year, leaving a balance of $125 underfunded at December 31, 2024. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits to cure account deficiencies in a timely fashion is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity’s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. View of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted.
Show full finding ▾Hide full finding ▴FINDING #2024-002 RESERVE FOR REPLACEMENT Type of Finding: Compliance: Special Tests Program: The Home Investment Partnership Program (Assistance Listing 14.239) Condition: The Reserve for Replacement account balance for Park Ridge Apartments, Phase 4 was underfunded in the amount of $750 at December 31, 2023. The entity made an additional payment of $650 during the year, leaving a balance of $125 underfunded at December 31, 2024. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits to cure account deficiencies in a timely fashion is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity’s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. View of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted.
FINDING #2024-002 RESERVE FOR REPLACEMENT Condition: The Reserve for Replacement account balance for Park Ridge Apartments, Phase 4 was underfunded in the amount of $750 at December 31, 2023. The entity made an additional payment of $650 during the year, leaving a balance of $125 underfunded at December 31, 2024. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. View of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted.
2023-002
FAC accepted this audit on October 9, 2024 — management decision was due April 9, 2025.
At December 31, 2022 the Entity had surplus cash totaling $9,162, due to Home Funds. Park Ridge Apartments, Phase 3 had surplus cash in the amount of $4,000. Park Ridge Apartments, Phase 4 had surplus cash in the amount of $2,077. Park Ridge Apartments, Phase 5 had surplus cash in the amount of $1,379. Parsk Ridge Apartments, Phase 6 had surplus cash in the amount of $1,706. The Entity did not make any payments on the loan as required by the loan agreement. Criteria: The loan agreement between the Entity and the Home Investment Partnership Program requires the Entity to make payments of principal and interest on the note in an annual installment equal to a certain percentage of surplus cash , to the extent that surplus cash exists. Effect: The Entity is in direct violation of the Home Funds loan agreement. Cause: This was an oversight by the management agent. Recommendation: The management agent should compute an estimate of surplus cash for the fiscal year upon completion of that period. In the event that surplus cash exists at the completion of the fiscal period, the management agent should make an installment payment on the HOME note. Views of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted. Surplus cash will be calculated upon the completion of an annual fiscal period. If it is concluded that surplus cash exists at the end of the annual fiscal period, an installment payment will be made on the loan.
Show full finding ▾Hide full finding ▴FINDING #2023-001 SURPLUS CASH Type of Finding: Compliance: Special Tests Program: The Home Investment Partnership Program (Assistance Listing 14.239) Condition: At December 31, 2022 the Entity had surplus cash totaling $9,162, due to Home Funds. Park Ridge Apartments, Phase 3 had surplus cash in the amount of $4,000. Park Ridge Apartments, Phase 4 had surplus cash in the amount of $2,077. Park Ridge Apartments, Phase 5 had surplus cash in the amount of $1,379. Parsk Ridge Apartments, Phase 6 had surplus cash in the amount of $1,706. The Entity did not make any payments on the loan as required by the loan agreement. Criteria: The loan agreement between the Entity and the Home Investment Partnership Program requires the Entity to make payments of principal and interest on the note in an annual installment equal to a certain percentage of surplus cash , to the extent that surplus cash exists. Effect: The Entity is in direct violation of the Home Funds loan agreement. Cause: This was an oversight by the management agent. Recommendation: The management agent should compute an estimate of surplus cash for the fiscal year upon completion of that period. In the event that surplus cash exists at the completion of the fiscal period, the management agent should make an installment payment on the HOME note. Views of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted. Surplus cash will be calculated upon the completion of an annual fiscal period. If it is concluded that surplus cash exists at the end of the annual fiscal period, an installment payment will be made on the loan.
FINDING #2023-001 SURPLUS CASH Condition: At December 31, 2022 the Entity had surplus cash totaling $9,162, due to Home Funds. Park Ridge Apartments, Phase 3 had surplus cash in the amount of $4,000. Park Ridge Apartments, Phase 4 had surplus cash in the amount of $2,077. Park Ridge Apartments, Phase 5 had surplus cash in the amount of $1,379. Parsk Ridge Apartments, Phase 6 had surplus cash in the amount of $1,706. The Entity did not make any payments on the loan as required by the loan agreement. Recommendation: The management agent should compute an estimate of surplus cash for the fiscal year upon completion of that period. In the event that surplus cash exists at the completion of the fiscal period, the management agent should make an installment payment on the HOME note. Views of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted. Surplus cash will be calculated upon the completion of an annual fiscal period. If it is concluded that surplus cash exists at the end of the annual fiscal period, an installment payment will be made on the loan.
The Reserve for Replacement account balance for Park Ridge Apartments, Phase 4 underfunded in the amount of $750. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits to cure account deficiencies in a timely fashion is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity’s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. View of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted.
Show full finding ▾Hide full finding ▴FINDING #2023-002 RESERVE FOR REPLACEMENT Type of Finding: Compliance: Special Tests Program: The Home Investment Partnership Program (Assistance Listing 14.239) Condition: The Reserve for Replacement account balance for Park Ridge Apartments, Phase 4 underfunded in the amount of $750. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits to cure account deficiencies in a timely fashion is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity’s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. View of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted.
FINDING #2023-002 RESERVE FOR REPLACEMENT Condition: The Reserve for Replacement account balance for Park Ridge Apartments, Phase 4 underfunded in the amount of $750. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. View of Responsible Officials and Planned Corrective Action: The management agent agrees with the finding and the auditor’s recommendations have been adopted.
FAC accepted this audit on June 28, 2023 — management decision was due December 28, 2023.
FAC accepted this audit on May 8, 2022 — management decision was due November 8, 2022.
FAC accepted this audit on July 8, 2021 — management decision was due January 8, 2022.
The Reserve for Replacement account balance is $900 lower than the calculated required balance. The deficit in the account balance results from a failure to make adequate Reserve for Replacement deposits during the fiscal year. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity?s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. Response: The management agent agrees with the finding and the auditor?s recommendations have been adopted. This finding is repeated from the prior year.
Show full finding ▾Hide full finding ▴Section III. Federal Award Findings and Questioned Costs CORRECTIVE ACTIONS NOT STARTED OR IN PROGRESS: #2020?001 Reserve for Replacement Deposits Type of Finding: Compliance: Special Tests Program: The Federal Programs are Home Investment Partnership Program (CFDA 14.239), Community Development Block Grant (CFDA 14.228) and Continuum of Care Program (CFDA 14.267) issued by the U. S. Department of Housing and Urban Development. Condition: The Reserve for Replacement account balance is $900 lower than the calculated required balance. The deficit in the account balance results from a failure to make adequate Reserve for Replacement deposits during the fiscal year. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity?s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. Response: The management agent agrees with the finding and the auditor?s recommendations have been adopted. This finding is repeated from the prior year.
#2020?001 Reserve for Replacement Deposits Condition: The Reserve for Replacement account balance is $900 lower than the calculated required balance. The deficit in the account balance results from a failure to make adequate Reserve for Replacement deposits during the fiscal year. Response: The management agent agrees with the finding and the auditor?s recommendations have been adopted.
2019-001
FAC accepted this audit on June 11, 2020 — management decision was due December 11, 2020.
The Reserve for Replacement account balance is $600 lower than the calculated required balance. The deficit in the account balance results from a failure to make adequate Reserve for Replacement deposits during the fiscal year. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity?s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. Response: The management agent agrees with the finding and the auditor?s recommendations have been adopted. This finding is repeated from the prior year.
Show full finding ▾Hide full finding ▴CORRECTIVE ACTIONS NOT STARTED OR IN PROGRESS: #2019?001 Reserve for Replacement Deposits Type of Finding: Compliance: Special Tests Program: The Federal Programs are Home Investment Partnership Program (CFDA 14.239), Community Development Block Grant (CFDA 14.228) issued by the U. S. Department of Housing and Urban Development. Condition: The Reserve for Replacement account balance is $600 lower than the calculated required balance. The deficit in the account balance results from a failure to make adequate Reserve for Replacement deposits during the fiscal year. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund (Rental assistance contract item 2.6C Financial Requirements). All disbursements from the reserve must be approved by HUD (24 CFR Section 891.405). Annual deposits must be sufficient to rectify any previous account deficiencies. Effect: Failure on the part of the Entity to make required deposits is deemed to be a violation of the regulatory agreement between the Entity and HUD. Context: The required balance in the Reserve for Replacement account is calculated by adjusting the opening balance at the beginning of the fiscal year by the annual required monthly deposits; other required deposits; interest earned; and approved withdrawals. Cause: This was an oversight by the Entity?s management agent. Recommendation: The management agent should ensure that all required deposits are made to the Reserve for Replacement account and that the balance in that account meets the minimum required balance in accordance with the regulatory agreement between the Entity and HUD. Response: The management agent agrees with the finding and the auditor?s recommendations have been adopted. This finding is repeated from the prior year.
#2019?001 Reserve for Replacement Deposits Condition: The Reserve for Replacement account balance is $600 lower than the calculated required balance. The deficit in the account balance results from a failure to make adequate Reserve for Replacement deposits during the fiscal year. Response: The management agent agrees with the finding and the auditor?s recommendations have been adopted.
2018-002
FAC accepted this audit on August 19, 2018 — management decision was due February 19, 2019.
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