EIN: 942594189
UEI: XVADDWFMEZJ3
Data as of August 26, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on October 19, 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 April 19, 2023 (1226 days ago).
What is a management decision? →A material audit adjustment was proposed to have the financial statements be reasonably stated in accordance with generally accepted accounting principles in the United States of America. Cause: Internal controls over financial reporting were insufficient to prevent and/or detect material misstatement to the financial statements. Effect or Potential Effect: The unadjusted financial statements were not reasonably stated in accordance with generally accepted accounting principles in the United States of America. Auditor Non-Compliance Code: S - Internal Control Deficiencies Questioned Costs: N/A Reporting Views of Responsible Officials: Management disagrees that a material audit adjustment is indicative of a material weakness in internal controls. Context: During testing of commercial rents, it was noted that the Corporation had assigned their interest in the commercial leases to YWCA GGSV however, these amounts should be deposited into the operating account of the project. Recommendations: We recommend that management evaluate internal controls over financial reporting to ensure the existence of adequate processes and procedures to prevent and/or detect material misstatements to the financial statements. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management disagrees that a material audit adjustment is indicative of a material weakness in internal controls. Response Indicator: Disagree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Show full finding ▾Hide full finding ▴Finding # 2022-001 Federal Grantor: Department of Housing and Urban Development AL # / Program : 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Type of Finding: Financial Statement Finding Finding Resolution Status: Unresolved Information on 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. Criteria: Internal controls over financial reporting should be designed and operating sufficient to prevent and/or detect material misstatement to the financial statements. Statement of Condition: A material audit adjustment was proposed to have the financial statements be reasonably stated in accordance with generally accepted accounting principles in the United States of America. Cause: Internal controls over financial reporting were insufficient to prevent and/or detect material misstatement to the financial statements. Effect or Potential Effect: The unadjusted financial statements were not reasonably stated in accordance with generally accepted accounting principles in the United States of America. Auditor Non-Compliance Code: S - Internal Control Deficiencies Questioned Costs: N/A Reporting Views of Responsible Officials: Management disagrees that a material audit adjustment is indicative of a material weakness in internal controls. Context: During testing of commercial rents, it was noted that the Corporation had assigned their interest in the commercial leases to YWCA GGSV however, these amounts should be deposited into the operating account of the project. Recommendations: We recommend that management evaluate internal controls over financial reporting to ensure the existence of adequate processes and procedures to prevent and/or detect material misstatements to the financial statements. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management disagrees that a material audit adjustment is indicative of a material weakness in internal controls. Response Indicator: Disagree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Finding # 2022-001 (Internal Control Deficiencies) Questioned Costs: N/A Comments on Findings and Recommendation: The Corporation acknowledges its inadvertent oversight in not obtaining advance HUD approval of the March 1, 2021 Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) (the ?Assignment?). Actions Planned on the Finding: The Corporation plans to rescind the Assignment no later than December 31, 2022, and will obtain advance HUD approval for any such assignments in the future. The Corporation?s oversight was uncharacteristic and an anomalous situation, therefore the Corporation disagrees that the oversight is indicative of internal control deficiencies.
The Corporation entered into an Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. Cause: The Assignment of Leases constitutes an unauthorized distribution of project assets to an affiliate organization. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 Section VI Paragraph 36. f. Auditor Non-Compliance Code: H - Unauthorized Distribution of Project Assets Questioned Costs: $161,786 Reporting Views of Responsible Officials: Management agrees with finding. Context: During testing of commercial rents, it was noted that the Corporation had assigned their interest in the commercial leases to YWCA GGSV. Recommendations: We recommend the Corporation terminate the Assignment of Leases agreement with YWCA GGSV and that the commercial rents due under the leases be paid to the Corporation. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with finding. Response Indicator: Agree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Show full finding ▾Hide full finding ▴Finding # 2022-002 Federal Grantor: Department of Housing and Urban Development AL # / Program : 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Type of Finding: Federal Award Finding Finding Resolution Status: Unresolved Information on 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. Criteria: The Corporation entered into a regulatory agreement with HUD dated January 1, 2013 on form HUD-92466M (Rev. 04/11). Section VI. Paragraph 36. f. states the Corporation shall not without prior written approval of HUD convey, assign or transfer any right to receive the Rents of the Mortgaged Property, except as provided in the Security Instrument. Statement of Condition: The Corporation entered into an Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. Cause: The Assignment of Leases constitutes an unauthorized distribution of project assets to an affiliate organization. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 Section VI Paragraph 36. f. Auditor Non-Compliance Code: H - Unauthorized Distribution of Project Assets Questioned Costs: $161,786 Reporting Views of Responsible Officials: Management agrees with finding. Context: During testing of commercial rents, it was noted that the Corporation had assigned their interest in the commercial leases to YWCA GGSV. Recommendations: We recommend the Corporation terminate the Assignment of Leases agreement with YWCA GGSV and that the commercial rents due under the leases be paid to the Corporation. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with finding. Response Indicator: Agree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Finding # 2022-002 (Unauthorized Distribution of Project Assets) Questioned Costs: $161,786 Response Indicator: Change from ?Disagee? to ?Agree? Comments on Findings and Recommendation: The Corporation acknowledges its inadvertent oversight in not obtaining advance HUD approval of the March 1, 2021 Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) (the ?Assignment?). Actions Planned on the Finding: The Corporation plans to rescind the Assignment no later than December 31, 2022, and will seek approval from HUD for the assignment of $161,786 in commercial rents to YWCA GGSV pursuant to the Assignment.
The Corporation entered into an Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. Cause: The Corporation had insufficient controls in place to identify material noncompliance with HUD regulatory requirements. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 Section VI. Paragraph 36. f. Auditor Non-Compliance Code: S - Internal Control Deficiencies Questioned Costs: N/A Reporting Views of Responsible Officials: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Context: During testing of internal controls over compliance with compliance requirements, it was noted that controls were not sufficient to prevent or detect material instances of noncompliance. Recommendations: We recommend management evaluate internal controls over compliance with compliance requirements to ensure the existence of adequate processes and procedures to prevent and/or detect material instances of noncompliance. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Response Indicator: Disagree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Show full finding ▾Hide full finding ▴Finding # 2022-003 Federal Grantor: Department of Housing and Urban Development AL # / Program : 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Type of Finding: Federal Award Finding Finding Resolution Status: Unresolved Information on 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. Criteria: The Corporation entered into a regulatory agreement with HUD dated January 1, 2013 on form HUD-92466M (Rev. 04/11). Section VI. Paragraph 36. f. states the Corporation shall not without prior written approval of HUD convey, assign or transfer any right to receive the Rents of the Mortgaged Property, except as provided in the Security Instrument. Statement of Condition: The Corporation entered into an Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. Cause: The Corporation had insufficient controls in place to identify material noncompliance with HUD regulatory requirements. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 Section VI. Paragraph 36. f. Auditor Non-Compliance Code: S - Internal Control Deficiencies Questioned Costs: N/A Reporting Views of Responsible Officials: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Context: During testing of internal controls over compliance with compliance requirements, it was noted that controls were not sufficient to prevent or detect material instances of noncompliance. Recommendations: We recommend management evaluate internal controls over compliance with compliance requirements to ensure the existence of adequate processes and procedures to prevent and/or detect material instances of noncompliance. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Response Indicator: Disagree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Finding # 2022-003 (Internal Control Deficiencies) Questioned Costs: N/A Comments on Findings and Recommendation: The Corporation acknowledges its inadvertent oversight in not obtaining advance HUD approval of the March 1, 2021 Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) (the ?Assignment?). Actions Planned on the Finding: The Corporation plans to rescind the Assignment no later than December 31, 2022, and will obtain advance HUD approval for any such assignments in the future. The Corporation?s oversight was uncharacteristic and an anomalous situation, therefore the Corporation disagrees that the oversight is indicative of internal control deficiencies.
The Corporation entered into a Property Management Agreement with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. The Corporation did not obtain a letter of approval from HUD and did not execute or submit Form HUD-9839a. Cause: The Corporation did not comply with HUD Handbook 4381.5 REV-2. paragraph 2.6. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 paragraph 21. Auditor Non-Compliance Code: J - Unauthorized Management Fees Questioned Costs: $161,786 Reporting Views of Responsible Officials: Management agrees with finding. Context: During testing of compliance requirements with the HUD regulatory agreement, we noted management had not complied with HUD Handbook 4381.5 REV-2. paragraph 2.6. Recommendations: We recommend that the Corporation obtain a letter from HUD approving the appointment of YWCA GGSV as management agent and that the Corporation execute a Form HUD-9839a. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with finding. Response Indicator: Agree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Show full finding ▾Hide full finding ▴Finding # 2022-004 Federal Grantor: Department of Housing and Urban Development AL # / Program : 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Type of Finding: Federal Award Finding Finding Resolution Status: Unresolved Information on 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. Criteria: HUD Handbook 4381.5 REV-2. paragraph 2.6 states that the management agent may assume management responsibility only after: a. The HUD Loan/Asset Management staff has issued a letter approving the agent proposed by the owner; and b. The Owner and agent have executed and submitted the appropriate Management Certification form (Form HUD-9839a). Statement of Condition: The Corporation entered into a Property Management Agreement with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. The Corporation did not obtain a letter of approval from HUD and did not execute or submit Form HUD-9839a. Cause: The Corporation did not comply with HUD Handbook 4381.5 REV-2. paragraph 2.6. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 paragraph 21. Auditor Non-Compliance Code: J - Unauthorized Management Fees Questioned Costs: $161,786 Reporting Views of Responsible Officials: Management agrees with finding. Context: During testing of compliance requirements with the HUD regulatory agreement, we noted management had not complied with HUD Handbook 4381.5 REV-2. paragraph 2.6. Recommendations: We recommend that the Corporation obtain a letter from HUD approving the appointment of YWCA GGSV as management agent and that the Corporation execute a Form HUD-9839a. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with finding. Response Indicator: Agree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Finding # 2022-004 (Unauthorized Management Fees) Questioned Costs: $161,786 Response Indicator: Change from ?Disagee? to ?Agree? Comments on Findings and Recommendation: The Corporation acknowledges its inadvertent oversight in not obtaining advance HUD approval of the March 1, 2021 Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GGSV) (the ?Assignment?). Actions Planned on the Finding: The Corporation plans to rescind the Assignment no later than December 31, 2022, and will obtain advance HUD approval for the appointment of a management agent to manage the commercial leases in the future. The Corporation will seek approval from HUD for the payment of $161,786 to YWCA GGSV pursuant to the Assignment as compensation for commercial management services.
The Corporation entered into a Property Management Agreement with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. The Corporation did not obtain a letter of approval from HUD and did not execute or submit Form HUD-9839a. Cause: The Corporation had insufficient controls in place to identify material noncompliance with HUD regulatory requirements. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 paragraph 21. Auditor Non-Compliance Code: S - Internal Control Deficiencies Questioned Costs: N/A Reporting Views of Responsible Officials: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Context: During testing of internal controls over compliance with compliance requirements, it was noted that controls were not sufficient to prevent or detect material instances of noncompliance. Recommendations: We recommend management evaluate internal controls over compliance with compliance requirements to ensure the existence of adequate processes and procedures to prevent and/or detect material instances of noncompliance. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Response Indicator: Disagree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Show full finding ▾Hide full finding ▴Finding # 2022-005 Federal Grantor: Department of Housing and Urban Development AL # / Program : 14.155 - Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Type of Finding: Federal Award Finding Finding Resolution Status: Unresolved Information on 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. Criteria: HUD Handbook 4381.5 REV-2. paragraph 2.6 states that the management agent may assume management responsibility only after: a. The HUD Loan/Asset Management staff has issued a letter approving the agent proposed by the owner; and b. The Owner and agent have executed and submitted the appropriate Management Certification form (Form HUD-9839a). Statement of Condition: The Corporation entered into a Property Management Agreement with YWCA Golden Gate Silicon Valley (YWCA GGSV) on March 1, 2021. The Corporation did not obtain a letter of approval from HUD and did not execute or submit Form HUD-9839a. Cause: The Corporation had insufficient controls in place to identify material noncompliance with HUD regulatory requirements. Effect or Potential Effect: The Corporation is not in compliance with the HUD regulatory agreement dated January 1, 2013 paragraph 21. Auditor Non-Compliance Code: S - Internal Control Deficiencies Questioned Costs: N/A Reporting Views of Responsible Officials: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Context: During testing of internal controls over compliance with compliance requirements, it was noted that controls were not sufficient to prevent or detect material instances of noncompliance. Recommendations: We recommend management evaluate internal controls over compliance with compliance requirements to ensure the existence of adequate processes and procedures to prevent and/or detect material instances of noncompliance. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management disagrees that material noncompliance is indicative of a material weakness in internal controls. Response Indicator: Disagree Completion Date: 12/31/2022 Response: See Corrective Action Plan
Finding # 2022-005 (Internal Control Deficiencies) Questioned Costs: N/A Comments on Findings and Recommendation: The Corporation acknowledges its inadvertent oversight in not obtaining advance HUD approval of the March 1, 2021 Assignment of Leases with YWCA Golden Gate Silicon Valley (YWCA GCSV) (the ?Assignment?). Actions Planned on the Finding: The Corporation plans to rescind the Assignment no later than December 31, 2022, and will obtain advance HUD approval for the appointment of a management agent to manage the commercial leases in the future. The Corporation?s oversight was uncharacteristic and an anomalous situation, therefore the Corporation disagrees that the oversight is indicative of internal control deficiencies.
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