EIN: 911592445
UEI: EVYMXV8Z32E9
Audited by: Clark Nuber PS
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 19, 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 September 19, 2026 (6 days from today).
What is a management decision? →FAC accepted this audit on April 14, 2025 — management decision was due October 14, 2025.
FAC accepted this audit on April 17, 2024 — management decision was due October 17, 2024.
FAC accepted this audit on April 12, 2023 — management decision was due October 12, 2023.
Significant deficiency in internal controls over special tests and provisions related to the residual receipts reserve account and an instance of noncompliance with the special test and provision requirements over the residual receipts reserve account. Federal Agency: United States Department of Housing and Urban Development Assistance Listing Number/Title: 14.151/ Supplemental Loan Insurance - Multifamily Rental Housing Award Number: 127-35021 Award Period: January 1, 1995 through December 31, 2044 Criteria In accordance with Code of Federal Regulations (CFR) 891.405(b), the Owner shall make deposits to the residual receipt reserve in an amount determined by HUD and cashflows. Condition/Context for Evaluation HUD had determined that a deposit to the residual receipt reserve of $83,818 were required during the fiscal year. As part of our audit testing, it was identified that the required month deposits had not been made. Questioned Costs Not applicable. Effect or Potential Effect The Organization is out of compliance with the residual receipt reserve requirements and the residual receipt reserve has not been funded with the required deposit of $83,818 as of December 31, 2022. Cause The Organization?s internal controls over compliance did not operate effectively to ensure that all required reserve deposits were made. Repeat Finding Not applicable as no similar finding was noted in the prior year audit of the Organization. Recommendation We recommend the Organization strengthen its internal control processes to ensure that all residual replacement reserve deposits are made. Views of Responsible Officials and Corrective Action Plan Management agrees with the finding and has provided the accompanying corrective action plan.
Show full finding ▾Hide full finding ▴Significant deficiency in internal controls over special tests and provisions related to the residual receipts reserve account and an instance of noncompliance with the special test and provision requirements over the residual receipts reserve account. Federal Agency: United States Department of Housing and Urban Development Assistance Listing Number/Title: 14.151/ Supplemental Loan Insurance - Multifamily Rental Housing Award Number: 127-35021 Award Period: January 1, 1995 through December 31, 2044 Criteria In accordance with Code of Federal Regulations (CFR) 891.405(b), the Owner shall make deposits to the residual receipt reserve in an amount determined by HUD and cashflows. Condition/Context for Evaluation HUD had determined that a deposit to the residual receipt reserve of $83,818 were required during the fiscal year. As part of our audit testing, it was identified that the required month deposits had not been made. Questioned Costs Not applicable. Effect or Potential Effect The Organization is out of compliance with the residual receipt reserve requirements and the residual receipt reserve has not been funded with the required deposit of $83,818 as of December 31, 2022. Cause The Organization?s internal controls over compliance did not operate effectively to ensure that all required reserve deposits were made. Repeat Finding Not applicable as no similar finding was noted in the prior year audit of the Organization. Recommendation We recommend the Organization strengthen its internal control processes to ensure that all residual replacement reserve deposits are made. Views of Responsible Officials and Corrective Action Plan Management agrees with the finding and has provided the accompanying corrective action plan.
Contact Person(s): Hilary Prinz, Accounting Manager, 206-687-4080 Explanation and specific reasons for disagreement with the audit finding or that corrective action is not required (if applicable): Due to turnover of staff the residual receipt payment in the amount of $83,818 for 2021 audit was not made in 2022. Corrective action planned: The entire finance team has been familiarized with Elizabeth James residual receipt requirement. If there is staff turnover in the future everyone on the team is aware of the requirement. A repeating event reminder has been entered into the property accountant?s calendar, the property asset manager?s calendar, and the finance calendar causing multiple alerts to multiple people within the organization going forward. Anticipated completion date: The 2021 residual receipt deposit requirement in the amount of $83,818.00 was paid via check on March 20, 2023. Repeating calendar events have been completed as of March 29, 2023.
FAC accepted this audit on April 21, 2022 — management decision was due October 21, 2022.
FAC accepted this audit on April 20, 2021 — management decision was due October 20, 2021.
FAC accepted this audit on May 6, 2020 — management decision was due November 6, 2020.
FAC accepted this audit on May 19, 2019 — management decision was due November 19, 2019.
FAC accepted this audit on April 23, 2018 — management decision was due October 23, 2018.
FAC accepted this audit on March 26, 2017 — management decision was due September 26, 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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