EIN: 840676451
UEI: X4EUJDTLB667
Audited by: CliftonLarsonAllen LLP
Cognizant 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 April 16, 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 16, 2026 (43 days from today).
What is a management decision? →FAC accepted this audit on April 22, 2025 — management decision was due October 22, 2025.
FAC accepted this audit on April 3, 2024 — management decision was due October 3, 2024.
During our testing of the reporting requirements, we noted subawards to subrecipients where the FFATA sub-award report was not filed timely. The amount of subawards required to be reported were $1,985,000. Subsequent to year end, the Authority prepared and submitted the FFATA sub-award reports. Cause: The Authority did not realize the FFATA reporting requirement was in addition to the performance reporting that the Authority was in compliance with and and adhering to. Effect: Potential loss or suspension of grant funding. Questioned costs: None Prevalance: The population of first-tier subawards subject to reporting requirements included in subawards. The sample size of two was determined using guidance in the American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide - Government Auditing Standards and Single Audits. Our sample was not a statistical sample. Recommendation: We recommend the Authority implement procedures to comply with the requirements of FFATA. View of responsible officials of the auditee: Management agrees with the above finding and our response is included in the corrective action plan.
Show full finding ▾Hide full finding ▴Federal program: ALN 21.011 - Capital Magnet Fund Federal award grant numbers and years: 211CM058790 - 2021; 201CM055174-2020 Federal agency: Department of Treasury - Community Development Financial Institutions Pass-through entity: None Criteria: The Authority is required to comploy with 2 CFR Subpart D 200.300 (b) which indicates that a non-Federal entity is responsible for complying with Federal Funding Accountability and Transparency Act (FFATA). FFATA requires prime grant recipients to file a FFATA sub-award report by the end of the month following the month in which the prime recipient awards any sub-grant greater than or equal to $30,000. Condition: During our testing of the reporting requirements, we noted subawards to subrecipients where the FFATA sub-award report was not filed timely. The amount of subawards required to be reported were $1,985,000. Subsequent to year end, the Authority prepared and submitted the FFATA sub-award reports. Cause: The Authority did not realize the FFATA reporting requirement was in addition to the performance reporting that the Authority was in compliance with and and adhering to. Effect: Potential loss or suspension of grant funding. Questioned costs: None Prevalance: The population of first-tier subawards subject to reporting requirements included in subawards. The sample size of two was determined using guidance in the American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide - Government Auditing Standards and Single Audits. Our sample was not a statistical sample. Recommendation: We recommend the Authority implement procedures to comply with the requirements of FFATA. View of responsible officials of the auditee: Management agrees with the above finding and our response is included in the corrective action plan.
Finding: Reporting Corrective Actions Taken or Planned: The Authority is in the process of reporting all loan commitments related to the Capital Magnet Fund. Going forward, this step of the reporting process has been incorporated into the loan commitment closing process requiring one individual to input the information in the FSRS controls, then receive supervisor review and approval before submitting the information. Contact person(s) responsible for corrective action: Terry Barnard - Manager Community Development Lending. Anticipated completion date: 6/30/2024
FAC accepted this audit on March 28, 2023 — management decision was due September 28, 2023.
FAC accepted this audit on April 21, 2022 — management decision was due October 21, 2022.
FAC accepted this audit on March 28, 2021 — management decision was due September 28, 2021.
FAC accepted this audit on March 26, 2020 — management decision was due September 26, 2020.
FAC accepted this audit on March 31, 2019 — management decision was due October 1, 2019.
FAC accepted this audit on April 15, 2018 — management decision was due October 15, 2018.
FAC accepted this audit on March 29, 2017 — management decision was due September 29, 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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