EIN: 731188980
UEI: M5S8F8U8CZL7
Audited by: Stotts, Archambo, Mueggenborg & Barclay, PC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 8, 2026. 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 8, 2026 (38 days from today).
What is a management decision? →FAC accepted this audit on April 11, 2025 — management decision was due October 11, 2025.
FAC accepted this audit on November 30, 2024 — management decision was due May 30, 2025.
The audited financial statements were not submitted into the PIH-REAC online system within 90 days of year end. The Corporation’s management did not engage an auditor until April 4, 2024. Cause: Corporation experienced turnover in the Executive Director and other positions near year end. This turnover caused the books not to be closed in a timely manner and the books were not closed accurately. This contributed to the late submission of the financial statements into the PIH-REAC system. Effect: Corporation was not in compliance with the regulatory agreement. Recommendation: Management should close the books after year-end in a timely manner. Management should also engage an auditor before the end of the year to ensure the submission of financial data into the PIH-REAC system within ninety (90) days following year-end. Questioned costs: None.
Show full finding ▾Hide full finding ▴#2023-003 – Assistance Listing Number 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, U.S. Department of Housing and Urban Development Material Weakness in Internal Control and Failure to Comply with Federal Requirements of Contracts. Criteria: The audited financial statements are required to be submitted to the PIH-REAC online system within 90 days of year end according to the Uniform Financial Reporting Standards (UFRS) for not-for-profit multifamily program participants, HUD Audit Guide 2000.04 Chapter §3.3 and the Uniform Guidance – 2 CFR §200.514(d)(1). Statement of Condition: The audited financial statements were not submitted into the PIH-REAC online system within 90 days of year end. The Corporation’s management did not engage an auditor until April 4, 2024. Cause: Corporation experienced turnover in the Executive Director and other positions near year end. This turnover caused the books not to be closed in a timely manner and the books were not closed accurately. This contributed to the late submission of the financial statements into the PIH-REAC system. Effect: Corporation was not in compliance with the regulatory agreement. Recommendation: Management should close the books after year-end in a timely manner. Management should also engage an auditor before the end of the year to ensure the submission of financial data into the PIH-REAC system within ninety (90) days following year-end. Questioned costs: None.
The Board of Directors hired Gorman Management Company (GMC) on March 1, 2024, to operate the property, Ardmore Village. GMC has extensive experience in the on-site and financial management of properties like Ardmore Village. Specifically, GMC has procedures in place to maintain compliance with the regulations applicable to the Section 8/202 program and the FHA Section 223f program. GMC is well versed with CFR §200.512 (single audit data collection form), HUD Handbooks 4350.3, 4370.2 and 4381.5. GMC manages over 40 properties that have similar reporting and auditing requirements. All of the issues related to these findings will cure through GM C's policies and procedures.
The data collection form and audited financial statements were not submitted to the Federal Audit Clearinghouse system by the earlier of thirty (30) after the audit was complete or nine (9) months after the year end. Cause: Management’s lack of knowledge of HUD and Uniform Guidance requirements. Management did not engage the auditor until April 7, 2024. This was after the due date of the REAC submission. Auditors were not provided all requested documentation by requested dates. Auditors were not able to schedule fieldwork until after the Federal Audit Clearinghouse due date. Effect: Corporation was not in compliance with 2 CFR §200.512. Recommendation: Management should close the books after year-end in a timely manner. Management should then submit that financial data into the Federal Audit Clearinghouse system within 90 days following year-end. Questioned costs: None.
Show full finding ▾Hide full finding ▴#2023-004 – Assistance Listing Number 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, U.S. Department of Housing and Urban Development Material Weakness in Internal Control and Failure to Comply with Federal Requirements of Contracts. Criteria: Uniform Guidance – 2 CFR §200.512 requires “the audit be completed and the data collection form described in paragraph (b) of this section must be submitted within the earlier of 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period.” Statement of Condition: The data collection form and audited financial statements were not submitted to the Federal Audit Clearinghouse system by the earlier of thirty (30) after the audit was complete or nine (9) months after the year end. Cause: Management’s lack of knowledge of HUD and Uniform Guidance requirements. Management did not engage the auditor until April 7, 2024. This was after the due date of the REAC submission. Auditors were not provided all requested documentation by requested dates. Auditors were not able to schedule fieldwork until after the Federal Audit Clearinghouse due date. Effect: Corporation was not in compliance with 2 CFR §200.512. Recommendation: Management should close the books after year-end in a timely manner. Management should then submit that financial data into the Federal Audit Clearinghouse system within 90 days following year-end. Questioned costs: None.
The Board of Directors hired Gorman Management Company (GMC) on March 1, 2024, to operate the property, Ardmore Village. GMC has extensive experience in the on-site and financial management of properties like Ardmore Village. Specifically, GMC has procedures in place to maintain compliance with the regulations applicable to the Section 8/202 program and the FHA Section 223f program. GMC is well versed with CFR §200.512 (single audit data collection form), HUD Handbooks 4350.3, 4370.2 and 4381.5. GMC manages over 40 properties that have similar reporting and auditing requirements. All of the issues related to these findings will cure through GM C's policies and procedures.
Management was unable to provide written internal controls over financial statement preparation, operations and federal awards. Cause: Management’s lack of knowledge of the Code of Federal Regulations. Effect: Corporation was not in compliance with 2 CFR §200. This contributed to the general ledger being incomplete and inaccurate. Recommendation: Management should establish written internal controls that document the controls over financial statement preparation, operations and federal awards. Questioned costs: None.
Show full finding ▾Hide full finding ▴#2023-005 – Assistance Listing Number 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, U.S. Department of Housing and Urban Development Material Weakness in Internal Control and Failure to Comply with Federal Requirements of Contracts. Criteria: The Uniform Guidance – 2 CFR §200.508(b) and 2 CFR §200.508(d) – state: “The auditee must: …(b) Prepare appropriate financial statements, including the schedule of Federal awards in accordance with §200.510…(d) Provide the auditor with access to personnel, accounts, books, records, supporting documentation, and other information as needed for the auditor to perform the audit required by this part.” Statement of Condition: Management was unable to provide written internal controls over financial statement preparation, operations and federal awards. Cause: Management’s lack of knowledge of the Code of Federal Regulations. Effect: Corporation was not in compliance with 2 CFR §200. This contributed to the general ledger being incomplete and inaccurate. Recommendation: Management should establish written internal controls that document the controls over financial statement preparation, operations and federal awards. Questioned costs: None.
The Board of Directors hired Gorman Management Company (GMC) on March 1, 2024, to operate the property, Ardmore Village. GMC has extensive experience in the on-site and financial management of properties like Ardmore Village. Specifically, GMC has procedures in place to maintain compliance with the regulations applicable to the Section 8/202 program and the FHA Section 223f program. GMC is well versed with CFR §200.512 (single audit data collection form), HUD Handbooks 4350.3, 4370.2 and 4381.5. GMC manages over 40 properties that have similar reporting and auditing requirements. All of the issues related to these findings will cure through GM C's policies and procedures.
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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