EIN: 812899630
UEI: DJ9CUZJZAJU1
Audited by: Mahoney Ulbrich Christiansen & Russ, PA
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on January 21, 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 July 21, 2026 (55 days ago).
What is a management decision? →FAC accepted this audit on January 20, 2025 — management decision was due July 20, 2025.
FAC accepted this audit on January 28, 2024 — management decision was due July 28, 2024.
FAC accepted this audit on February 19, 2023 — management decision was due August 19, 2023.
FAC accepted this audit on April 3, 2022 — management decision was due October 3, 2022.
FAC accepted this audit on June 20, 2021 — management decision was due December 20, 2021.
SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT No matters were reported. SECTION III ? FINDINGS AND QUESTIONED COSTS -MAJOR FEDERAL AWARD PROGRAM AUDIT 2020-001 ? Significant Deficiency and Noncompliance ? Required Payments to General Operating Reserve Department of Housing and Urban Development CFDA Number 14.126 ?Mortgage Insurance - Cooperative Projects Significant Deficiency and Noncompliance Category of Finding ? Special Tests and Provisions Criteria - Section three of the Cooperative?s regulatory agreement with HUD requires monthly payments to a General Operating Reserve. Deposits are 3% of member carrying charges until the balance of the reserve exceeds 15% of current annual member carrying charges. The required deposit is then reduced to 2% of monthly charges until the balance of the reserve exceeds 25% of annual carrying charges. Condition - Deposits to the segregated account for the General Operating Reserve during the period ended September 30, 2020 were $17,649 less than the required amount for the period. Cause - The Cooperative inadvertently omitted making monthly deposits to the General Operating Reserve in 2020. The control in place to assure the required monthly deposits were made failed to work; however, a monitoring control identified the error and corrected the deficiency prior to the conclusion of the audit. Effect - The Cooperative was out of compliance with their HUD regulatory agreement at September 30, 2020, because the General Operating Reserve was underfunded. Recommendation - We recommend that the Cooperative implement a control process to ensure adherence to the regulatory agreement and make the required monthly deposits to the General Operating Reserve. Auditee?s comment - On October 1, 2020, prior to the conclusion of the audit, the Cooperative made a deposit of $21,657 to the General Operating Reserve to fund the reserve to its proper balance. The Controller of the management agent will implement a process to ensure deposits are made as required by the regulatory agreement. Status - Resolved Auditor?s non-compliance code - Z - Other Responsible party for corrective action - Lisa Gindt, Controller of Ecumen (Management Agent)
Show full finding ▾Hide full finding ▴SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT No matters were reported. SECTION III ? FINDINGS AND QUESTIONED COSTS -MAJOR FEDERAL AWARD PROGRAM AUDIT 2020-001 ? Significant Deficiency and Noncompliance ? Required Payments to General Operating Reserve Department of Housing and Urban Development CFDA Number 14.126 ?Mortgage Insurance - Cooperative Projects Significant Deficiency and Noncompliance Category of Finding ? Special Tests and Provisions Criteria - Section three of the Cooperative?s regulatory agreement with HUD requires monthly payments to a General Operating Reserve. Deposits are 3% of member carrying charges until the balance of the reserve exceeds 15% of current annual member carrying charges. The required deposit is then reduced to 2% of monthly charges until the balance of the reserve exceeds 25% of annual carrying charges. Condition - Deposits to the segregated account for the General Operating Reserve during the period ended September 30, 2020 were $17,649 less than the required amount for the period. Cause - The Cooperative inadvertently omitted making monthly deposits to the General Operating Reserve in 2020. The control in place to assure the required monthly deposits were made failed to work; however, a monitoring control identified the error and corrected the deficiency prior to the conclusion of the audit. Effect - The Cooperative was out of compliance with their HUD regulatory agreement at September 30, 2020, because the General Operating Reserve was underfunded. Recommendation - We recommend that the Cooperative implement a control process to ensure adherence to the regulatory agreement and make the required monthly deposits to the General Operating Reserve. Auditee?s comment - On October 1, 2020, prior to the conclusion of the audit, the Cooperative made a deposit of $21,657 to the General Operating Reserve to fund the reserve to its proper balance. The Controller of the management agent will implement a process to ensure deposits are made as required by the regulatory agreement. Status - Resolved Auditor?s non-compliance code - Z - Other Responsible party for corrective action - Lisa Gindt, Controller of Ecumen (Management Agent)
The Cooperative will make the required deposits to the General Operating Reserve and implement a control process to ensure adherence to the regulatory agreement.
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