EIN: 850252748
UEI: F3LNHFKF5UP1
Single Audit filed under EIN: 850227016
That audit also covers 2 related EINs: 386851393, 742894023 · unlinked EINs have no separate FAC filing
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 February 26, 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 26, 2026 (9 days ago).
What is a management decision? →FAC accepted this audit on January 15, 2025 — management decision was due July 15, 2025.
FAC accepted this audit on February 13, 2024 — management decision was due August 13, 2024.
FAC accepted this audit on January 19, 2023 — management decision was due July 19, 2023.
During our testing, we noted the Authority did not have adequate internal controls designed to properly monitor its? subrecipients. Questioned costs: None Context: During our testing of subrecipient monitoring, it was noted that there was not proper follow up conducted for 3 out of 8 subrecipients tested. The Authority did not follow its policies and procedures to ensure findings and questions were properly addressed by the subrecipient. The sample was a statistically valid sample. Cause: The Authority does not have a policy in place to ensure that subrecipients were responding to its monitoring reports in a timely manner. Effect: The lack of internal controls over this compliance requirement provides an opportunity for noncompliance by subrecipients of the grant. Recommendation: We recommend the Authority design controls to ensure subrecipients are responding to and addressing questions and findings within its monitoring reports. Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding. The Authority uses the Tracker database to track monitoring deadlines electronically. The Tracker automatically sends reminders to all staff in the department every two weeks to follow up with pending and outstanding monitoring issues. However, some staff were not using the Tracker as intended. The Director will enforce and monitor the use of the Tracker and ensure staff follow up on the monitorings by the required deadlines. Name of the contact person responsible for corrective action: Chief Housing Officer Planned completion date for corrective action plan: November 30, 2022
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: HOME Investment Partnerships Program Assistance Listing Number: 14.239 Federal Award Identification Number and Year: M22-SG350100 & M21-SP350100 - 2022 Award Period: October 1, 2021 through September 30, 2022 Type of Finding: ? Significant Deficiency in Internal Control over Compliance ? Other Matters Criteria or specific requirement: A pass-through entity must monitor the activities of the subrecipient as necessary to ensure that the subaward is used for authorized purposes, complies with the terms and conditions of the subaward, and achieves performance goals (2 CFR sections 200.332(d) through (f)). In addition to procedures identified as necessary based upon the evaluation of subrecipient risk or specifically required by the terms and conditions of the award, subaward monitoring must include the following: ? Reviewing financial and programmatic (performance and special reports) required by the PTE. ? Following-up and ensuring that the subrecipient takes timely and appropriate action on all deficiencies pertaining to the federal award provided to the subrecipient from the PTE detected through audits, on-site reviews, and other means. ? Issuing a management decision for audit findings pertaining to the federal award provided to the subrecipient from the PTE as required by 2 CFR section 200.521. Condition: During our testing, we noted the Authority did not have adequate internal controls designed to properly monitor its? subrecipients. Questioned costs: None Context: During our testing of subrecipient monitoring, it was noted that there was not proper follow up conducted for 3 out of 8 subrecipients tested. The Authority did not follow its policies and procedures to ensure findings and questions were properly addressed by the subrecipient. The sample was a statistically valid sample. Cause: The Authority does not have a policy in place to ensure that subrecipients were responding to its monitoring reports in a timely manner. Effect: The lack of internal controls over this compliance requirement provides an opportunity for noncompliance by subrecipients of the grant. Recommendation: We recommend the Authority design controls to ensure subrecipients are responding to and addressing questions and findings within its monitoring reports. Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding. The Authority uses the Tracker database to track monitoring deadlines electronically. The Tracker automatically sends reminders to all staff in the department every two weeks to follow up with pending and outstanding monitoring issues. However, some staff were not using the Tracker as intended. The Director will enforce and monitor the use of the Tracker and ensure staff follow up on the monitorings by the required deadlines. Name of the contact person responsible for corrective action: Chief Housing Officer Planned completion date for corrective action plan: November 30, 2022
Recommendation: We recommend the Authority design controls to ensure subrecipients are responding to and addressing questions and findings within its monitoring reports. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Views of responsible officials and planned corrective actions: MF A uses the Tracker database to track monitoring deadlines electronically. The Tracker automatically sends reminders to all staff in the department every two weeks to follow up with pending and outstanding monitoring issues. However, some staff were not using the Tracker as intended. The Director will enforce and monitor the use of the Tracker and ensure staff follow up on the monitorings by the required deadlines. Name of the person responsible for corrective action: Chief Housing Officer Planned completion date for corrective action plan: November 30, 2022
During our testing, we noted the Authority did not have adequate internal controls designed to properly monitor its? subrecipients. Questioned costs: None Context: During our testing of subrecipient monitoring, it was noted that there was not proper follow up conducted for one out of five subrecipients tested. The Authority did not follow its policies and procedures to ensure findings and questions were properly addressed by the subrecipient. The sample was a statistically valid sample. Cause: The Authority does not have a policy in place to ensure that subrecipients were responding to its monitoring reports in a timely manner. Effect: The lack of internal controls over this compliance requirement provides an opportunity for noncompliance by subrecipients of the grant. Recommendation: We recommend the Authority design controls to ensure subrecipients are responding to and addressing questions and findings within its monitoring reports. Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding. The Authority uses the Tracker database to track monitoring deadlines electronically. The Tracker automatically sends reminders to all staff in the department every two weeks to follow up with pending and outstanding monitoring issues. However, some staff were not using the Tracker as intended. The Director will enforce and monitor the use of the Tracker and ensure staff follow up on the monitorings by the required deadlines. Name of the contact person responsible for corrective action: Chief Housing Officer Planned completion date for corrective action plan: November 30, 2022
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: ARRA Tax Credit Assistance Program (TCAP) Assistance Listing Number: 14.258 Federal Award Identification Number and Year: M-09-ES-35-0100 - 2022 Award Period: October 1, 2021 through September 30, 2022 Type of Finding: ? Significant Deficiency in Internal Control over Compliance ? Other Matters Criteria or specific requirement: A pass-through entity must monitor the activities of the subrecipient as necessary to ensure that the subaward is used for authorized purposes, complies with the terms and conditions of the subaward, and achieves performance goals (2 CFR sections 200.332(d) through (f)). In addition to procedures identified as necessary based upon the evaluation of subrecipient risk or specifically required by the terms and conditions of the award, subaward monitoring must include the following: ? Reviewing financial and programmatic (performance and special reports) required by the PTE. ? Following-up and ensuring that the subrecipient takes timely and appropriate action on all deficiencies pertaining to the federal award provided to the subrecipient from the PTE detected through audits, on-site reviews, and other means. ? Issuing a management decision for audit findings pertaining to the federal award provided to the subrecipient from the PTE as required by 2 CFR section 200.521. Criteria or specific requirement (Continued): Grantees must perform asset management functions, or contract for performance of these services at the owner?s expense, to ensure compliance with Section 42 of the IRC and with the long term viability of projects funded by TCAP (ARRA, 123 Stat. 221). Condition: During our testing, we noted the Authority did not have adequate internal controls designed to properly monitor its? subrecipients. Questioned costs: None Context: During our testing of subrecipient monitoring, it was noted that there was not proper follow up conducted for one out of five subrecipients tested. The Authority did not follow its policies and procedures to ensure findings and questions were properly addressed by the subrecipient. The sample was a statistically valid sample. Cause: The Authority does not have a policy in place to ensure that subrecipients were responding to its monitoring reports in a timely manner. Effect: The lack of internal controls over this compliance requirement provides an opportunity for noncompliance by subrecipients of the grant. Recommendation: We recommend the Authority design controls to ensure subrecipients are responding to and addressing questions and findings within its monitoring reports. Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding. The Authority uses the Tracker database to track monitoring deadlines electronically. The Tracker automatically sends reminders to all staff in the department every two weeks to follow up with pending and outstanding monitoring issues. However, some staff were not using the Tracker as intended. The Director will enforce and monitor the use of the Tracker and ensure staff follow up on the monitorings by the required deadlines. Name of the contact person responsible for corrective action: Chief Housing Officer Planned completion date for corrective action plan: November 30, 2022
Recommendation: We recommend the Authority design controls to ensure subrecipients are responding to and addressing questions and findings within its monitoring reports. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Views of responsible officials and planned corrective actions: MF A uses the Tracker database to track monitoring deadlines electronically. The Tracker automatically sends reminders to all staff in the department every two weeks to follow up with pending and outstanding monitoring issues. However, some staff were not using the Tracker as intended. The Director will enforce and monitor the use of the Tracker and ensure staff follow up on the monitorings by the required deadlines. Name of the person responsible for corrective action: Chief Housing Officer Planned completion date for corrective action plan: November 30, 2022
FAC accepted this audit on March 27, 2022 — management decision was due September 27, 2022.
During out testing of the CDBG- CV reports submitted, it was noted that the Authority did not have controls in place to ensure reporting requirements were being met. Questioned Costs: Not able to determine Context: During our testing of the CDBG- CV reports submitted, 3 out of 3 quarterly reports were submitted after the required filing dates. Cause: Staff were focused on implementing a new program and disbursing funds quickly in the pandemic environment; therefore, gathering the data for the reports took longer. As such, the reports were submitted 3-19 days after the deadline. Effect: Failure to file reports timely may jeopardize future funding from the identified federal agencies.
Show full finding ▾Hide full finding ▴2021-001 Federal Agencies: U.S. Department of Housing and Urban Development Federal Program Titles: COVID-19 Community Development Block Grants/State?s Program Federal Assistance Listing Number: 14.228 Award Period: October 1, 2020 ? September 30, 2021 Type of Finding: ? Significant Deficiency in Internal Control over Compliance ? Other Matters Criteria or specific requirement: Uniform Grant Guidance (2 CFR 200.303) requires nonfederal entities receiving federal awards establish and maintain internal control designed to reasonably ensure compliance with federal laws, regulations, and program compliance requirements. Effective internal controls should include timely submission to ensure the compliance of all required financial and performance reports submitted to the federal agencies. Under the CDBG-CV grant agreement, one copy of each progress report shall be submitted no later than 20 days after the end of each quarter. Condition: During out testing of the CDBG- CV reports submitted, it was noted that the Authority did not have controls in place to ensure reporting requirements were being met. Questioned Costs: Not able to determine Context: During our testing of the CDBG- CV reports submitted, 3 out of 3 quarterly reports were submitted after the required filing dates. Cause: Staff were focused on implementing a new program and disbursing funds quickly in the pandemic environment; therefore, gathering the data for the reports took longer. As such, the reports were submitted 3-19 days after the deadline. Effect: Failure to file reports timely may jeopardize future funding from the identified federal agencies.
U.S. DEPARTMENT OF HOUSTNG AND URBAN DEVELOPMENT 2021-001 Community Development Block Grants/State's Program Federal Assistance Listing Number 14.228 Recommendation: We recommend the Authority design controls to ensure reporting requirements are being met. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Views of responsible officials and planned corrective actions: Management agrees the reports were submitted late. Staff was focused on implementing a new program and disbursing funds quickly in the pandemic environment; therefore, gathering the data for the reports took longer. MFA was in communication with the State regarding the status of the reports and they were accepted when submitted, up to 19 days after the deadline. The program has now been discontinued and MFA is working with the State to close out the program. In the future, reporting requirements will be identified for new programs, assigned to responsible staff and added to a tickler for action. Name of the person responsible for corrective action: Chief Housing Officer
FAC accepted this audit on January 27, 2021 — management decision was due July 27, 2021.
The Authority?s preliminary SEFA did not accurately report loan balances for federal programs #21.011 (Capital Magnet Fund), #14.275 (National Housing Trust Fund) and #14.000 (Ginnie Mae Mortgage Backed Securities Program) as required by Uniform Guidance. Upon review of the Authority?s SEFA, we noted that loan balances were not properly carried forward from the loan schedule to the SEFA schedule. This resulted in adjustments to the SEFA. Questioned Costs: Not able to determine Context: The Authority did not properly include loan balances on the SEFA. Cause: Staff that prepared the SEFA were not familiar with the Uniform Guidance requirements and errors made by the staff were not caught upon review. Effect: Misreporting of the amount of federal awards on the SEFA could cause programs that should be major not be shown or tested as such. Additionally, misreporting federal expenditures to granting agencies could impact funding in the future. Recommendation: We recommend that the Authority review current procedures for preparing the SEFA to ensure that it is accurately reporting loan programs in compliance with Uniform Guidance. Views of responsible officials and corrective actions: Management agrees. The Authority will document the requirements for the preparation of the SEFA and provide to all impacted departments. Although the SEFA is currently prepared by someone other than the reviewer, additional procedures will be implemented to ensure the review verifies all requirements are satisfied and loan programs are accurately reported. Name of the contact person responsible for corrective action: Deputy Director of Finance & Administration Planned completion date for corrective action plan: The changes will be implemented with the first draft of the SEFA as of 6/30/2021.
Show full finding ▾Hide full finding ▴2020-001 Federal Agencies: U.S. Department of Housing and Urban Development and U.S. Department of the Treasury Federal Program Titles: Capital Magnet Fund, National Housing Trust Fund and Ginnie Mae Mortgage Backed Securities CFDA Numbers: 21.011, 14.275 & 14.000 Award Period: October 1, 2019 ? September 30, 2020 Type of Finding: ? Significant Deficiency in Internal Control over Compliance also reported as Other Noncompliance Criteria or specific requirement: 2 CFR Subpart D 200.302 (1) and 200.303 (a) stipulates that the auditee must identify, in its accounts, all Federal awards received and expended and the Federal programs under which they were received. Federal programs and award identification shall include, as applicable, the CFDA title and number, Federal award identification number and year, name of Federal agency, and name of the pass-through entity; establish and maintain effective internal control over Federal award that provides reasonable assurance that the auditee is managing Federal awards in compliance with Federal statutes, regulation, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in "Standards for Internal Control in the Federal Government" issued by the Controller General of the United States and the "Internal Control Integrated Framework", issued by the Committee on Sponsoring Organizations of the Treadway Commission (COSO). In addition, 2 CFR 200.502(b) states that since the Federal Government is at risk for loans until the debt is repaid, the following guidelines must be used to calculate the value of Federal awards expended under loan programs, except as noted in paragraphs (c) and (d) of this section: (1) Value of new loans made or received during the audit period; plus (2) Beginning of the audit period balance of loans from previous years for which the Federal Government imposes continuing compliance requirements; plus (3) Any interest subsidy, cash, or administrative cost allowance received.Condition: The Authority?s preliminary SEFA did not accurately report loan balances for federal programs #21.011 (Capital Magnet Fund), #14.275 (National Housing Trust Fund) and #14.000 (Ginnie Mae Mortgage Backed Securities Program) as required by Uniform Guidance. Upon review of the Authority?s SEFA, we noted that loan balances were not properly carried forward from the loan schedule to the SEFA schedule. This resulted in adjustments to the SEFA. Questioned Costs: Not able to determine Context: The Authority did not properly include loan balances on the SEFA. Cause: Staff that prepared the SEFA were not familiar with the Uniform Guidance requirements and errors made by the staff were not caught upon review. Effect: Misreporting of the amount of federal awards on the SEFA could cause programs that should be major not be shown or tested as such. Additionally, misreporting federal expenditures to granting agencies could impact funding in the future. Recommendation: We recommend that the Authority review current procedures for preparing the SEFA to ensure that it is accurately reporting loan programs in compliance with Uniform Guidance. Views of responsible officials and corrective actions: Management agrees. The Authority will document the requirements for the preparation of the SEFA and provide to all impacted departments. Although the SEFA is currently prepared by someone other than the reviewer, additional procedures will be implemented to ensure the review verifies all requirements are satisfied and loan programs are accurately reported. Name of the contact person responsible for corrective action: Deputy Director of Finance & Administration Planned completion date for corrective action plan: The changes will be implemented with the first draft of the SEFA as of 6/30/2021.
III. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND U.S. DEPARTMENT OF THE TREASURY 2020-001 Capital Magnet Fund (CFDA No. 21.011), National Housing Trust Fund (CFDA No.14.275) and Ginnie Mae Mortgage Backed Securities (CFDA No.14.000) Recommendation: We recommend that the Authority review current procedures for preparing the SEFA to ensure that it is accurately reporting loan programs in compliance with Uniform Guidance. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Views of responsible officials and planned corrective actions: Management agrees. The Authority will document the requirements for the preparation of the SEFA and provide to all impacted departments. Although the SEFA is currently prepared by someone other than the reviewer, additional procedures will be implemented to ensure the reviewer verifies all requirements are satisfied and loan programs are accurately reported. Name of the person responsible for corrective action: Deputy Director of Finance & Administration Planned completion date for corrective action plan: The changes will be implemented with the first draft of the SEFA as of 6/30/2021. Questions regarding this plan can be addressed to Yvonne Segovia at (505) 767-2253 ysegovia@housingnm.org. Sincerely yours, New Mexico Mortgage Finance Authority Isidoro Hernandez Executive Director
FAC accepted this audit on January 20, 2020 — management decision was due July 20, 2020.
FAC accepted this audit on January 23, 2019 — management decision was due July 23, 2019.
FAC accepted this audit on January 29, 2018 — management decision was due July 29, 2018.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on January 26, 2017 — management decision was due July 26, 2017.
GSA_MIGRATION
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