EIN: 861150493
UEI: GDLHLUM67MJ1
Audited by: Aprio LLP
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 5, 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 5, 2026 (23 days ago).
What is a management decision? →During the period ended September 30, 2025, the Company made payments from project funds for subordinate debt without the prior approval of HUD in the amount of $53,739. Cause: A management oversight use of project funds caused the amount to be paid without prior approval and consent of HUD. Effect or Potential Effect: The payment on subordinate debt resulted in an unauthorized distribution of operating funds. Amount of Questioned Costs: $ 53,739 Perspective: Funds from the project account were used to make payments on subordinate debt without prior approval and consent of HUD. Recommendation: We recommend that management implement controls to prevent the unauthorized distribution of project funds. Management's response and corrective action plan (unaudited): Management at Satellite Affordable Housing Associates Property Management (“SAHA PM”) is in agreement with the finding and intends to follow the requirements of the HUD Regulatory Agreement in the future. Management has reimbursed the property $28,539, an amount equal to HCD’s net cash flow payment from FY 2024. Management will seek HUD approval on form HUD-9250 for use of project funds that paid the $12,600 for FY 2025 and FY 2024.
Show full finding ▾Hide full finding ▴Finding 2025-001: Reportable Finding Considered a Significant Deficiency - Activities Allowed and Unallowed Program name: HOME Investment Partnership Program Assistance Listing: 14.239 Federal award Identification number: Unknown Federal award year: 2025 Federal awarding agency: U.S. Department of Housing and Urban Development (HUD) Criteria: The HUD Regulatory Agreement does not allow the use of project funds to pay subordinate debt without the prior approval and consent of HUD. Statement of Condition: During the period ended September 30, 2025, the Company made payments from project funds for subordinate debt without the prior approval of HUD in the amount of $53,739. Cause: A management oversight use of project funds caused the amount to be paid without prior approval and consent of HUD. Effect or Potential Effect: The payment on subordinate debt resulted in an unauthorized distribution of operating funds. Amount of Questioned Costs: $ 53,739 Perspective: Funds from the project account were used to make payments on subordinate debt without prior approval and consent of HUD. Recommendation: We recommend that management implement controls to prevent the unauthorized distribution of project funds. Management's response and corrective action plan (unaudited): Management at Satellite Affordable Housing Associates Property Management (“SAHA PM”) is in agreement with the finding and intends to follow the requirements of the HUD Regulatory Agreement in the future. Management has reimbursed the property $28,539, an amount equal to HCD’s net cash flow payment from FY 2024. Management will seek HUD approval on form HUD-9250 for use of project funds that paid the $12,600 for FY 2025 and FY 2024.
Finding 2025-001: Reportable finding considered a significant deficiency – Activities Allowed and Unallowed Management at Satellite Affordable Housing Associates Property Management (“SAHA PM”) is in agreement with the finding and intends to follow the requirements of the HUD Regulatory Agreement in the future. Management has reimbursed the property $28,539, an amount equal to HCD’s net cash flow payment from FY 2024. Management will reimburse the property the $12,600 for FY 2025 and FY 2024 annual monitoring fees paid to HCD. Management will seek to obtain HUD approval on form HUD-9250 for payment of these fees from residual receipts.
FAC accepted this audit on January 14, 2021 — management decision was due July 14, 2021.
" Funds from the Regular Operating account were used to make payments on residual receipt notes. Cause: Internal controls over the distribution of project funds failed to identify unauthorized distribution of project funds. Effect or Potential Effect: The project is not in compliance with HUD Handbooks and regulations. Auditor Non-Compliance Code: H - Unauthorized distribution of project funds Questioned Costs: $20,263 Reporting Views of Responsible Officials: In December 2020, management transferred $20,263 from the residual receipts bank account to the operating bank account to reimburse the operating bank account for these disbursements. Context: HUD approval to pay residual receipts notes payable was given on form HUD-9250 but funds from the residual receipts account were not used to make payments. Recommendation: We recommend that management implement controls to prevent the unauthorized distribution of project funds. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: In December 2020, management transferred $20,263 from the residual receipts bank account to the operating bank account to reimburse the operating bank account for these disbursements. Response Indicator: Agreed Completion Date: 12/31/2020
Show full finding ▾Hide full finding ▴Finding # 2020-001 Federal Grantor: US Department of Housing and Urban Development CFDA# / Program : 14.164 - Operating Assistance for Troubled Multifamily Housing Projects Type of Finding: Federal Award Finding Resolution Status: Ongoing Information on Universe Population Size: All payments on residual receipt notes payable Sample size information: One of three payments Criteria: HUD Handbook 4370.2 Rev. 1 Chg-1, Paragraph 2-6A: The Regular Operating account is a general operating account?to pay operating expenses of general administration including mortgage payments, management fees, utilities and maintenance. "Statement of Condition: " Funds from the Regular Operating account were used to make payments on residual receipt notes. Cause: Internal controls over the distribution of project funds failed to identify unauthorized distribution of project funds. Effect or Potential Effect: The project is not in compliance with HUD Handbooks and regulations. Auditor Non-Compliance Code: H - Unauthorized distribution of project funds Questioned Costs: $20,263 Reporting Views of Responsible Officials: In December 2020, management transferred $20,263 from the residual receipts bank account to the operating bank account to reimburse the operating bank account for these disbursements. Context: HUD approval to pay residual receipts notes payable was given on form HUD-9250 but funds from the residual receipts account were not used to make payments. Recommendation: We recommend that management implement controls to prevent the unauthorized distribution of project funds. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: In December 2020, management transferred $20,263 from the residual receipts bank account to the operating bank account to reimburse the operating bank account for these disbursements. Response Indicator: Agreed Completion Date: 12/31/2020
In December 2020, management transferred $20,263 from the residual receipts bank account to the operating bank account to reimburse the operating bank account for these disbursements.
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