EIN: 742449502
UEI: J33BMJRBXK76
Audit also covers EIN: 464193446 · unlinked EINs have no separate FAC filing
Audited by: Haynie and Company
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 February 9, 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 August 9, 2026 (22 days ago).
What is a management decision? →FAC accepted this audit on January 30, 2025 — management decision was due July 30, 2025.
FAC accepted this audit on February 26, 2024 — management decision was due August 26, 2024.
FAC accepted this audit on February 1, 2023 — management decision was due August 1, 2023.
Finding 2022-001 HUD insured mortgage Section 223(f) Assistance # 14.155 a.Criteria- Surplus cash distributions are allowable semi-annually and are limited to the Computation of Surplus Cash, Distribution and Residual Receipts HUD form and calculation. b.Condition- Parkside Village distributed 9/30/2021 year end surplus cash of $90,943 twice instead of allowable mid-year distribution of $70,740, resulting in an excess mid-year distribution of $20,203 to the Organization instead of retaining those funds with the Project. c. Cause- A cumulative check on year-to-date distributions was not performed. d.Effect- Actual distributions exceeded allowable distributions by $20,203. e.Questioned Costs ? None exceeding $25,000. f.Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required. g. Repeat finding ? No. Questioned Costs ? None exceeding $25,000. Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required.
Show full finding ▾Hide full finding ▴Finding 2022-001 HUD insured mortgage Section 223(f) Assistance # 14.155 a.Criteria- Surplus cash distributions are allowable semi-annually and are limited to the Computation of Surplus Cash, Distribution and Residual Receipts HUD form and calculation. b.Condition- Parkside Village distributed 9/30/2021 year end surplus cash of $90,943 twice instead of allowable mid-year distribution of $70,740, resulting in an excess mid-year distribution of $20,203 to the Organization instead of retaining those funds with the Project. c. Cause- A cumulative check on year-to-date distributions was not performed. d.Effect- Actual distributions exceeded allowable distributions by $20,203. e.Questioned Costs ? None exceeding $25,000. f.Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required. g. Repeat finding ? No. Questioned Costs ? None exceeding $25,000. Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required.
The June 2022 Surplus Cash distribution for Parkside Village was done using the using the same calculation as the December 2021 distribution and the wrong amount was distributed from Parkside Village. Once the error was discovered the excess amount of $20,203 was immediately returned to Parkside Village and the distributions are now correct. To eliminate this error in the future we have adopted a review process that requires the CFO or the Accounting Manager to review and sign off on the calculation before the funding occurs.
FAC accepted this audit on February 11, 2022 — management decision was due August 11, 2022.
FAC accepted this audit on February 3, 2021 — management decision was due August 3, 2021.
FAC accepted this audit on February 13, 2020 — management decision was due August 13, 2020.
Statement of condition: During 2019, Thistle Parkside Village LLC, a subsidiary of the Organization, made surplus cash disbursements to Thistle Community Housing, the sole member of the company. Management performed the surplus cash calculation and distribution on September 26, 2019, earlier than allowed, which resulted in a $14,733 overpayment of surplus cash. Criteria: The regulatory agreement allows a surplus cash calculation to be performed at year end, with a semi-annual calculation allowed six months after year end. Additionally, the regulatory agreement stipulates what items must be included in the surplus cash calculation. Cause: The surplus cash calculation was completed on September 26, 2019, and the calculated surplus cash was paid out as a distribution to its member on that day. Effect: As a result of this condition, Thistle Community Housing was in possession of $14,733 of Parkside Village LLC's funds. Recommendation: Management should implement a process to accurately calculate the surplus cash on the correct dates. Additionally, management should assign an individual, other than the preparer, to review the calculation, prior to any payments being initiated. Management?s Response: This year was the first instance of this type of error for the Company. Upon identification of the error, Thistle Community Housing repaid the excess distribution in December 2019. Parkside Village LLC will appoint an individual that is familiar with the calculation of surplus cash to monitor the amounts that are available to be paid and will also review and provide a secondary approval of the payments.
Show full finding ▾Hide full finding ▴Statement of condition: During 2019, Thistle Parkside Village LLC, a subsidiary of the Organization, made surplus cash disbursements to Thistle Community Housing, the sole member of the company. Management performed the surplus cash calculation and distribution on September 26, 2019, earlier than allowed, which resulted in a $14,733 overpayment of surplus cash. Criteria: The regulatory agreement allows a surplus cash calculation to be performed at year end, with a semi-annual calculation allowed six months after year end. Additionally, the regulatory agreement stipulates what items must be included in the surplus cash calculation. Cause: The surplus cash calculation was completed on September 26, 2019, and the calculated surplus cash was paid out as a distribution to its member on that day. Effect: As a result of this condition, Thistle Community Housing was in possession of $14,733 of Parkside Village LLC's funds. Recommendation: Management should implement a process to accurately calculate the surplus cash on the correct dates. Additionally, management should assign an individual, other than the preparer, to review the calculation, prior to any payments being initiated. Management?s Response: This year was the first instance of this type of error for the Company. Upon identification of the error, Thistle Community Housing repaid the excess distribution in December 2019. Parkside Village LLC will appoint an individual that is familiar with the calculation of surplus cash to monitor the amounts that are available to be paid and will also review and provide a secondary approval of the payments.
Corrective Action Plan Thistle Community Housing & Subsidiaries EIN 74-2449502 Period ended September 30, 2019 Thistle Community Housing & Subsidiaries respectfully submits the following corrective action plan: Name and address of independent public accounting firm: Haynie & Company 1221 West Mineral Ave., Suite 202 Littleton, CO 80120 Current Findings on the Schedule of Findings and Questioned Costs, and Recommendations Statement of condition 2019-1 During 2019, Parkside Village LLC, a subsidiary of the Organization, made surplus cash disbursements to Thistle Community Housing, the sole member of the company. Management performed the surplus cash calculation and distribution on September 26, 2019, earlier than allowed, which resulted in a $14,733 overpayment of surplus cash. A. Recommendation - Management should implement a process to accurately calculate the surplus cash on the correct dates. Additionally, management should assign an individual, other than the preparer, to review the calculation, prior to any payments being initiated. B. Action ? Management agrees that this error occurred. This year was the first instance of this type of error for the Company. Upon identification of the error, Thistle Community Housing repaid the excess distribution in December 2019. Parkside Village LLC will appoint an individual that is familiar with the calculation of surplus cash to monitor the amounts that are available to be paid and will also review and provide a secondary approval of the payments. This corrective action plan was prepared by: Christopher Gwiazda Chief Financial Officer 303-443-0007
FAC accepted this audit on February 4, 2019 — management decision was due August 4, 2019.
FAC accepted this audit on January 25, 2018 — management decision was due July 25, 2018.
FAC accepted this audit on February 12, 2017 — management decision was due August 12, 2017.
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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