EIN: 900884253
UEI: Q8YBN41CD8B9
Single Audit filed under EIN: 391904367
331203116, 331203117, 391518076, 391844829, 392015525, 392030436, 392035771, 392036326, 392043528 · unlinked EINs have no separate FAC filing
Audited by: Dauby O'Connor & Zaleski, LLC
Oversight 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 January 23, 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 23, 2026 (43 days ago).
What is a management decision? →Assistance Listing (Federal award identification number and year): 075-11167, 2013 Auditor non-compliance code: G – Unauthorized loans from project funds Finding resolution status: In process Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Name of Federal agency: U.S. Department of Housing and Urban Development Questioned costs: $10,850 Statement of condition 2025-001: During the year ended September 30, 2025, the Company loaned funds totaling $10,850 to two other Communities under common management and affiliated with the Sole Member of the Company to help fund operating shortfalls of the other Communities. Criteria: Pursuant to Section 12 of the Regulatory Agreement (form HUD-92466M), the Company shall not, without prior written approval of HUD, withdraw any funds except from surplus cash, except for reasonable operating expenses of the Community or for distributions of surplus cash or as reimbursements of advances as permitted by Sections 14 and 15 of the Regulatory Agreement. Effect: The Company is not in compliance with the Regulatory Agreement. The Company's cash position is understated by $10,850. As such, $10,850 has been added to Line 3 of the computation of surplus cash as calculated at September 30, 2025, to not understate the required deposits to residual receipts (if any). Cause: The Company loaned funds totaling $10,850 to two other Communities under common management and affiliated with the Sole Member of the Company to help fund operating shortfalls of the other Communities. Recommendation: Management and/or the Sole Member should reimburse the Company for the funds that were loaned to the two other Communities. If there are further operating shortfalls in the future, these should be funded by Management and/or the Sole Member and not borrowed from other Communities. Management's response: Management concurs with the finding and agrees with the recommendation. On November 7, 2025, Management deposited $10,850 into the Community's operating account. No further action is required.
Show full finding ▾Hide full finding ▴Assistance Listing (Federal award identification number and year): 075-11167, 2013 Auditor non-compliance code: G – Unauthorized loans from project funds Finding resolution status: In process Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Name of Federal agency: U.S. Department of Housing and Urban Development Questioned costs: $10,850 Statement of condition 2025-001: During the year ended September 30, 2025, the Company loaned funds totaling $10,850 to two other Communities under common management and affiliated with the Sole Member of the Company to help fund operating shortfalls of the other Communities. Criteria: Pursuant to Section 12 of the Regulatory Agreement (form HUD-92466M), the Company shall not, without prior written approval of HUD, withdraw any funds except from surplus cash, except for reasonable operating expenses of the Community or for distributions of surplus cash or as reimbursements of advances as permitted by Sections 14 and 15 of the Regulatory Agreement. Effect: The Company is not in compliance with the Regulatory Agreement. The Company's cash position is understated by $10,850. As such, $10,850 has been added to Line 3 of the computation of surplus cash as calculated at September 30, 2025, to not understate the required deposits to residual receipts (if any). Cause: The Company loaned funds totaling $10,850 to two other Communities under common management and affiliated with the Sole Member of the Company to help fund operating shortfalls of the other Communities. Recommendation: Management and/or the Sole Member should reimburse the Company for the funds that were loaned to the two other Communities. If there are further operating shortfalls in the future, these should be funded by Management and/or the Sole Member and not borrowed from other Communities. Management's response: Management concurs with the finding and agrees with the recommendation. On November 7, 2025, Management deposited $10,850 into the Community's operating account. No further action is required.
Finding 2025-001: During the year ended September 30, 2025, the Company loaned funds totaling $10,850 to two other Communities under common management and affiliated with the Sole Member of the Company to help fund operating shortfalls of the other Communities. Comments on the Finding and Each Recommendation: Management and/or the Sole Member should reimburse the Company for the funds that were loaned to the two other Communities. If there are further operating shortfalls in the future, these should be funded by Management and/or the Sole Member and not borrowed from other Communities. Action(s) taken or planned on the finding: Management concurs with the finding and agrees with the recommendation. On November 7, 2025, Management deposited $10,850 into the Community's operating account. No further action is required.
FAC accepted this audit on May 2, 2025 — management decision was due November 2, 2025.
FAC accepted this audit on April 16, 2024 — management decision was due October 16, 2024.
FAC accepted this audit on December 27, 2022 — management decision was due June 27, 2023.
FAC accepted this audit on December 27, 2021 — management decision was due June 27, 2022.
Finding reference number: #2021-001 Assistance Listing No. title and number (federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2013) Auditor non-compliance code: B ? Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: 1 residual receipts deposit Sample size information: 1 residual receipts deposit Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $49,949 Statement of condition #2021-001: The Company?s required deposit into the residual receipts account per the September 30, 2020 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the Regulatory Agreement (form HUD-92466M) Section 11, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal period ends. Effect: The Company is not in compliance with the Regulatory Agreement or communications that the Company has received from HUD. Cause: Management oversight. The Company did not make the required deposit within 90 days of fiscal year ends. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Completion date: March 30, 2021 Reporting views of responsible officials: Agree. Management deposited $49,949 into the residual receipts fund on March 30, 2021. No further action is required.
Show full finding ▾Hide full finding ▴Finding reference number: #2021-001 Assistance Listing No. title and number (federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2013) Auditor non-compliance code: B ? Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: 1 residual receipts deposit Sample size information: 1 residual receipts deposit Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $49,949 Statement of condition #2021-001: The Company?s required deposit into the residual receipts account per the September 30, 2020 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the Regulatory Agreement (form HUD-92466M) Section 11, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal period ends. Effect: The Company is not in compliance with the Regulatory Agreement or communications that the Company has received from HUD. Cause: Management oversight. The Company did not make the required deposit within 90 days of fiscal year ends. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Completion date: March 30, 2021 Reporting views of responsible officials: Agree. Management deposited $49,949 into the residual receipts fund on March 30, 2021. No further action is required.
Finding 2021-001: Comments on finding and recommendation: Statement of condition #2021-001: The Company's required deposit into the residual receipts account per the September 30, 2020 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Action(s) taken or planned on the finding: Agree. Management deposited $49,949 into the residual receipts fund on March 30, 2021. No further action is required.
Finding reference number: #2021-002 Assistance Listing No. title and number (federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2013) Auditor non-compliance code: J ? Unauthorized management fees Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $1,518 Statement of condition #2021-002: The Company paid management fees in excess of management fees earned resulting in prepaid management fees at September 30, 2021. Criteria: In accordance with the HUD approved Management Agency Certification (HUD-9839-B), the management agent earns a fee based on an established rate of 6.60% of residential and miscellaneous income collected. Effect: The Company is not in compliance with the HUD approved Management Agent Certification. As a result, the Property?s cash position at September 30, 2021 has been reduced by $1,518. This amount has been considered in the surplus cash calculation for the year ended September 30, 2021. Cause: Management oversight. Management was paying fees based on a percentage of net income earned, rather than actual residential and miscellaneous income collected during the period. Recommendation: The management agent should review its calculation of management fees on a monthly basis and ensure the monthly fee is in accordance with the HUD approved Management Agent Certification. Additionally, the Management Agent should reimburse the Company $1,518 for the management fees prepaid as of September 30, 2021. Completion date: December 8, 2021 Reporting views of responsible officials: Agree. Management will review its calculation of management fees and will calculate future management fees as permitted in the HUD approved Management Certification. On December 8, 2021, the management agent reimbursed the Company $1,518 for the management fees prepaid as of September 30, 2021.
Show full finding ▾Hide full finding ▴Finding reference number: #2021-002 Assistance Listing No. title and number (federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2013) Auditor non-compliance code: J ? Unauthorized management fees Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $1,518 Statement of condition #2021-002: The Company paid management fees in excess of management fees earned resulting in prepaid management fees at September 30, 2021. Criteria: In accordance with the HUD approved Management Agency Certification (HUD-9839-B), the management agent earns a fee based on an established rate of 6.60% of residential and miscellaneous income collected. Effect: The Company is not in compliance with the HUD approved Management Agent Certification. As a result, the Property?s cash position at September 30, 2021 has been reduced by $1,518. This amount has been considered in the surplus cash calculation for the year ended September 30, 2021. Cause: Management oversight. Management was paying fees based on a percentage of net income earned, rather than actual residential and miscellaneous income collected during the period. Recommendation: The management agent should review its calculation of management fees on a monthly basis and ensure the monthly fee is in accordance with the HUD approved Management Agent Certification. Additionally, the Management Agent should reimburse the Company $1,518 for the management fees prepaid as of September 30, 2021. Completion date: December 8, 2021 Reporting views of responsible officials: Agree. Management will review its calculation of management fees and will calculate future management fees as permitted in the HUD approved Management Certification. On December 8, 2021, the management agent reimbursed the Company $1,518 for the management fees prepaid as of September 30, 2021.
Finding 2021-002: Comments on finding and recommendation: Statement of condition #2021-002: The Company paid management fees in excess of management fees earned resulting in prepaid management fees at September 30, 2021. Recommendation: The management agent should review its calculation of management fees on a monthly basis and ensure the monthly fee is in accordance with the HUD approved management certification. In addition, the management agent should reimburse the Company, $1,518, for the management fees prepaid as of September 30, 2021. Action(s) taken or planned on the finding: Agree. Management will review its calculation fees and will calculate future management fees as permitted in the HUD approved management certification. On December 8, 2021, the management agent reimbursed the Company, $1,518, for the management fees prepaid as of September 30, 2021.
Finding reference number: #2021-003 Assistance Listing No. title and number (federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2013) Auditor non-compliance code: A ? Unauthorized withdrawal from the replacement reserve Finding resolution status: Resolved Universe population size: 1 reserve for replacements withdrawal Sample size information: 1 reserve for replacements withdrawal Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $17,735 Statement of condition #2021-003: The lender inadvertently transferred funds totaling $17,735 from the Company's reserve for replacements account to the Company's operating account. The transfer should have been made for an unrelated community. Management failed to notify the lender of the transfer and return the funds prior to year-end. Criteria: Pursuant to the Regulatory Agreement (form HUD-92466M) Section 10d, disbursements from the reserve for replacements shall only be made after consent, in writing, of HUD. Effect: The Company is not in compliance with the Regulatory Agreement. Cause: The lender was in error when making the transfer. Management did not inquire to the lender what the transfer was for or return the funds prior to year-end. Recommendation: The lender should review the HUD approved 9250 and apply withdrawals to the correct community. Management should reconcile the reserve for replacements and operating accounts on a regular basis and inquire of the lender when funds are transferred that were not requested. Any funds that were not requested to be transferred should be returned in a reasonable amount of time. Completion date: December 10, 2021 Reporting views of responsible officials: Agree. Management transferred $17,735 into the reserve for replacements account December 10, 2021. No further action is required.
Show full finding ▾Hide full finding ▴Finding reference number: #2021-003 Assistance Listing No. title and number (federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Assistance Listing No. 14.155, 2013) Auditor non-compliance code: A ? Unauthorized withdrawal from the replacement reserve Finding resolution status: Resolved Universe population size: 1 reserve for replacements withdrawal Sample size information: 1 reserve for replacements withdrawal Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $17,735 Statement of condition #2021-003: The lender inadvertently transferred funds totaling $17,735 from the Company's reserve for replacements account to the Company's operating account. The transfer should have been made for an unrelated community. Management failed to notify the lender of the transfer and return the funds prior to year-end. Criteria: Pursuant to the Regulatory Agreement (form HUD-92466M) Section 10d, disbursements from the reserve for replacements shall only be made after consent, in writing, of HUD. Effect: The Company is not in compliance with the Regulatory Agreement. Cause: The lender was in error when making the transfer. Management did not inquire to the lender what the transfer was for or return the funds prior to year-end. Recommendation: The lender should review the HUD approved 9250 and apply withdrawals to the correct community. Management should reconcile the reserve for replacements and operating accounts on a regular basis and inquire of the lender when funds are transferred that were not requested. Any funds that were not requested to be transferred should be returned in a reasonable amount of time. Completion date: December 10, 2021 Reporting views of responsible officials: Agree. Management transferred $17,735 into the reserve for replacements account December 10, 2021. No further action is required.
Finding 2021-003: Comments on finding and recommendation: Statement of condition #2021-003: The lender inadvertently transferred funds totaling $17,735 from the Company's reserve for replacements account to the Company's operating account. The transfer should have been made for an unrelated community. Management failed to notify the lender of the transfer and return the funds prior to year-end. Recommendation: The lender should review the HUD approved 9250 and apply withdrawals to the correct community. Management should reconcile the reserve for replacements and operating accounts on a regular basis and inquire of the lender when funds are transferred that were not requested. Any funds that were not requested to be transferred should be returned in a reasonable amount of time. Action(s) taken or planned on the finding: Agree. Management transferred $17,735 into the reserve for replacements account December 10, 2021. No further action is required.
FAC accepted this audit on December 21, 2020 — management decision was due June 21, 2021.
FAC accepted this audit on November 19, 2019 — management decision was due May 19, 2020.
FAC accepted this audit on December 12, 2018 — management decision was due June 12, 2019.
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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