EIN: 943141603
UEI: SVMYE8RZM385
Audited by: GRIMSTAD & ASSOC
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 July 24, 2024. 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 January 24, 2025 (583 days ago).
What is a management decision? →Material Weakness - Internal Control - Accounting Corrections Criteria According to Government Auditing Standards and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) a deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented or detected and corrected, on a timely basis. Condition The auditor calculated, and NWCH approved recording a material adjustment to the financial statements in order for the audited financial statements to be materially correct. Context Developer fees totaling $818,257 were not recorded as receivables, revenue, deferred revenue, and a liability payable to a consultant, and was corrected with an audit adjustment to agree to Golden Eagle Apartments Limited Partnership's 2023 audit. Cause The transaction discussed above did not go through NWCH's bank accounts and, accordingly, was not recorded by the bookkeeper. Effect The audited change in net assets for all adjustments decreased $121,311, assets decreased $42,166, liabilities increased $28,663 after audit adjustments. Accordingly, total adjustments were not material to the financial statements in 2023. Questioned Costs None. Recommendation A college degreed accountant, CPA, or CPA firm is needed to oversee the accounting function for NWCH to properly prepare the consolidated financial statements in accordance with U.S. GAAP.
Show full finding ▾Hide full finding ▴Material Weakness - Internal Control - Accounting Corrections Criteria According to Government Auditing Standards and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) a deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented or detected and corrected, on a timely basis. Condition The auditor calculated, and NWCH approved recording a material adjustment to the financial statements in order for the audited financial statements to be materially correct. Context Developer fees totaling $818,257 were not recorded as receivables, revenue, deferred revenue, and a liability payable to a consultant, and was corrected with an audit adjustment to agree to Golden Eagle Apartments Limited Partnership's 2023 audit. Cause The transaction discussed above did not go through NWCH's bank accounts and, accordingly, was not recorded by the bookkeeper. Effect The audited change in net assets for all adjustments decreased $121,311, assets decreased $42,166, liabilities increased $28,663 after audit adjustments. Accordingly, total adjustments were not material to the financial statements in 2023. Questioned Costs None. Recommendation A college degreed accountant, CPA, or CPA firm is needed to oversee the accounting function for NWCH to properly prepare the consolidated financial statements in accordance with U.S. GAAP.
Views of Responsible Officials and Planned Corrective Actions We agree with this finding. NWCH was successful in adding needed staff in 2023, but was unable to hire a degreed accountant or controller, or to contract with an accounting firm for oversight of the accounting function. Bookkeeper training was provided from Shelter Resources Financial Manager in February 2023. NWCH is researching CPA firms in order to contract a qualified controller with expertise in real estate holdings relevant to NWCH. NWCH has been actively searching for a qualified CPA to hire or contract with since 2021, however, due to capacity constraints and overwhelmed CPA firms, NWCH has been unsuccessful. Efforts to hire experienced accounting personnel continues.
2022-002
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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