EIN: 910829400
UEI: GSA_MIGRATION
Audited by: NOVOGRADAC & COMPANY LLP
Oversight agency: 10 [Department of Agriculture]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 15, 2022. 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 May 15, 2023 (1206 days ago).
What is a management decision? →FAC accepted this audit on February 27, 2022 — management decision was due August 27, 2022.
Based upon inspection of the Authority's Reserve for Replacement bank statements and on discussions with management, the Replacement Reserve was not funded as required during the audit period. Context: During the audit period only Authority made deposits to the Reserve for Replacements totaling$4,680 of the $17,600 required deposit. This had resulted in the Reserve for Replacements being underfunded. Known Questioned Costs: $12,920 Cause: There is a significant deficiency in internal controls over the compliance related to the maintenance of the reserve for replacements. Effect: The Rural Rental Housing Loan Program is in non-compliance with the required deposits to the Reserve for Replacements. Recommendation: We recommend the Authority design and implement internal control procedures that will reasonably assure compliance with the Uniform Guidance and U.S. Department of Agricultures approved Multi-Family Housing Project Budget, to make the required monthly deposits to the Replacement Reserve.
Show full finding ▾Hide full finding ▴Finding 2020-001 Federal Agency: U.S. Department of Agriculture Federal Program Titles: Rural Rental Housing Loans Program Federal Catalog Numbers: 10.415 Material Noncompliance - Reserve for Replacement Non Compliance Material to the Financial Statements: No Significant Deficiency in Internal Controls over Compliance Criteria: Reserve for Replacements. The Authority is required to make monthly deposits to the Reserve for Replacement for the U.S. Department of Agriculture multi-family property known as Pine Terrace Apartments. These required monthly deposits are based on a stated amount in the U.S. Department of Agriculture approved Multi-Family Housing Project Budget. Condition: Based upon inspection of the Authority's Reserve for Replacement bank statements and on discussions with management, the Replacement Reserve was not funded as required during the audit period. Context: During the audit period only Authority made deposits to the Reserve for Replacements totaling$4,680 of the $17,600 required deposit. This had resulted in the Reserve for Replacements being underfunded. Known Questioned Costs: $12,920 Cause: There is a significant deficiency in internal controls over the compliance related to the maintenance of the reserve for replacements. Effect: The Rural Rental Housing Loan Program is in non-compliance with the required deposits to the Reserve for Replacements. Recommendation: We recommend the Authority design and implement internal control procedures that will reasonably assure compliance with the Uniform Guidance and U.S. Department of Agricultures approved Multi-Family Housing Project Budget, to make the required monthly deposits to the Replacement Reserve.
Views of responsible officials and planned corrective action plan: Management agrees with the finding and will implement the aforementioned recommendations. The Authority would like to note that the deposits made to the Reserve for Replacement during the audit period were based on a prior budget. Once the Authority realized there had been a new budget put in place, they deposited a catch-up in January 2021 to cover the shortage. Ms. Jennifer M. Ellis, Executive Director, was designated to be responsible for implementing this corrective action by December 31, 2021.
FAC accepted this audit on December 6, 2020 — management decision was due June 6, 2021.
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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