EIN: 953359098
UEI: JJLARC2JA9M5
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 November 3, 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 3, 2023 (1220 days ago).
What is a management decision? →Finding reference number: #2022-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004). Auditor non-compliance code: Q - Failure to make Mortgage Payments 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $319,688 Statement of Condition #2022-001 (CFDA 14.155): The Corporation did not make the required second mortgage payment of $319,688 in a timely manner based on the March 31, 2021, 2019, 2018, and 2017 audit reports. Criteria: As required under the Mortgage Restructuring Mortgage Note, a payment must be made on the second mortgage within 10 days after the financial statement due date of June 30. Effect: The Corporation did not comply with the Mortgage Restructuring Note. Cause: Management did not make a payment on the second mortgage in a timely manner after receiving the final audit report for each of the years March 31, 2021, March 31, 2019, March 31, 2018, and March 31, 2017. Recommendation: Management should make the delinquent payments on the second mortgage immediately. Completion Date: Outstanding Management Response: Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2023.
Show full finding ▾Hide full finding ▴Finding reference number: #2022-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004). Auditor non-compliance code: Q - Failure to make Mortgage Payments 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $319,688 Statement of Condition #2022-001 (CFDA 14.155): The Corporation did not make the required second mortgage payment of $319,688 in a timely manner based on the March 31, 2021, 2019, 2018, and 2017 audit reports. Criteria: As required under the Mortgage Restructuring Mortgage Note, a payment must be made on the second mortgage within 10 days after the financial statement due date of June 30. Effect: The Corporation did not comply with the Mortgage Restructuring Note. Cause: Management did not make a payment on the second mortgage in a timely manner after receiving the final audit report for each of the years March 31, 2021, March 31, 2019, March 31, 2018, and March 31, 2017. Recommendation: Management should make the delinquent payments on the second mortgage immediately. Completion Date: Outstanding Management Response: Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2023.
Finding 2022-001 Comments on the Finding and Each Recommendation (CFDA 14.155) The Corporation did not make the required second mortgage payment of $319,688 in a timely manner based on the March 31, 2021, 2019, 2018, and 2017 audit reports. Management should make the delinquent mortgage payments immediately. Action(s) Taken or Planned on the Finding Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2023.
FAC accepted this audit on January 17, 2022 — management decision was due July 17, 2022.
FAC accepted this audit on October 6, 2020 — management decision was due April 6, 2021.
Finding reference number: #2020-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004) Auditor non-compliance code: Q - Failure to make Mortgage Payments 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $194,769 Statement of Condition #2020-001 (CFDA 14.155): The Corporation did not make the required second mortgage payment of $194,769 in a timely manner based on the March 31, 2019, 2018, and 2017 audit reports. Criteria: As required under the Mortgage Restructuring Mortgage Note, a payment must be made on the second mortgage within 10 days after the financial statement due date of June 30. Effect: The Corporation did not comply with the Mortgage Restructuring Note. Cause: Management did not make a payment on the second mortgage in a timely manner after receiving the final audit report for each of the years March 31, 2019, March 31, 2018, and March 31, 2017. Recommendation: Management should make the delinquent payments on the second mortgage immediately. Completion Date: Outstanding Management Response: Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2021.
Show full finding ▾Hide full finding ▴Finding reference number: #2020-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004) Auditor non-compliance code: Q - Failure to make Mortgage Payments 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $194,769 Statement of Condition #2020-001 (CFDA 14.155): The Corporation did not make the required second mortgage payment of $194,769 in a timely manner based on the March 31, 2019, 2018, and 2017 audit reports. Criteria: As required under the Mortgage Restructuring Mortgage Note, a payment must be made on the second mortgage within 10 days after the financial statement due date of June 30. Effect: The Corporation did not comply with the Mortgage Restructuring Note. Cause: Management did not make a payment on the second mortgage in a timely manner after receiving the final audit report for each of the years March 31, 2019, March 31, 2018, and March 31, 2017. Recommendation: Management should make the delinquent payments on the second mortgage immediately. Completion Date: Outstanding Management Response: Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2021.
Name of auditee: Pace Economic Development Corporation HUD auditee identification number: 122-35665 and 122-35569V Name of audit firm: Dauby O'Connor & Zaleski, LLC Period covered by the audit: Year ended March 31, 2020 CAP prepared by Name: Kerry Doi Position: President/CEO Telephone number: 213-989-3217 Current Findings on the Schedule of Findings, Questioned Costs, and Recommendations Finding 2020-001 Comments on the Finding and Each Recommendation (CFDA 14.155) The Corporation did not make the required second mortgage payment of $194,769 in a timely manner based on the March 31, 2019, 2018, and 2017 audit reports. Management should make the delinquent mortgage payments immediately. Action(s) Taken or Planned on the Finding Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2021.
2019-001
Finding reference number: #2020-002 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004) Auditor non-compliance code: Z-Other 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of Condition #2020-002 (CFDA 14.155): For the year ended March 31, 2019, the Corporation did not submit audited financial statements to the Federal Audit Clearinghouse within 30 calendar days after receipt of the auditor's report of March 31, 2019. The audited financial statements were submitted to the Federal Audit Clearinghouse on August 7, 2019. Criteria: Pursuant to 2 CFR 200.512(a), the Corporation is required to electronically submit audited financial statement to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Effect: The Corporation is not in compliance with the federal reporting requirements. Cause: Management error. Recommendation: The Corporation should submit audited financial statements to the Federal Audit Clearinghouse within the time frames required. Completion Date: August 7, 2019 Management Response: Management concurs with the finding and agrees with the auditor's recommendation. The audited financial statements have been submitted to the Federal Audit Clearinghouse. No further action required.
Show full finding ▾Hide full finding ▴Finding reference number: #2020-002 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004) Auditor non-compliance code: Z-Other 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of Condition #2020-002 (CFDA 14.155): For the year ended March 31, 2019, the Corporation did not submit audited financial statements to the Federal Audit Clearinghouse within 30 calendar days after receipt of the auditor's report of March 31, 2019. The audited financial statements were submitted to the Federal Audit Clearinghouse on August 7, 2019. Criteria: Pursuant to 2 CFR 200.512(a), the Corporation is required to electronically submit audited financial statement to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Effect: The Corporation is not in compliance with the federal reporting requirements. Cause: Management error. Recommendation: The Corporation should submit audited financial statements to the Federal Audit Clearinghouse within the time frames required. Completion Date: August 7, 2019 Management Response: Management concurs with the finding and agrees with the auditor's recommendation. The audited financial statements have been submitted to the Federal Audit Clearinghouse. No further action required.
Name of auditee: Pace Economic Development Corporation HUD auditee identification number: 122-35665 and 122-35569V Name of audit firm: Dauby O'Connor & Zaleski, LLC Period covered by the audit: Year ended March 31, 2020 CAP prepared by Name: Kerry Doi Position: President/CEO Telephone number: 213-989-3217 Current Findings on the Schedule of Findings, Questioned Costs, and RecommendationsFinding 2020-002 Comments on the Finding and Each Recommendation (CFDA 14.155) For the year ended March 31, 2019, the Corporation did not submit audited financial statements to the Federal Audit Clearinghouse within 30 calendar days after receipt of the auditor's report of March 31, 2019. The audited financial statements were submitted to the Federal Audit Clearinghouse on August 7, 2019. Action(s) Taken or Planned on the Finding Management concurs with the finding and agrees with the auditor's recommendation. The audited financial statements have been submitted to the Federal Audit Clearinghouse. No further action required.
FAC accepted this audit on August 6, 2019 — management decision was due February 6, 2020.
Finding reference number: #2019-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004) Auditor non-compliance code: Q - Failure to make Mortgage Payments 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $72,801 Statement of Condition #2019-001 (CFDA 14.155): The Corporation did not make the required second mortgage payment of $72,801 in a timely manner based on the March 31, 2018 and 2017 audit reports. Criteria: As required under the Mortgage Restructuring Mortgage Note, a payment must be made on the second mortgage within 10 days after the financial statement due date of June 30. Effect: The Corporation did not comply with the Mortgage Restructuring Note. Cause: Management did not make a payment on the second mortgage in a timely manner after receiving the final audit report for each of the years March 31, 2018 and March 31, 2017. Recommendation: Management should make the delinquent payments on the second mortgage immediately. Completion Date: Outstanding Management Response: Agree. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2020.
Show full finding ▾Hide full finding ▴Finding reference number: #2019-001 CFDA title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (122-35665, 122-35569V and 2004) Auditor non-compliance code: Q - Failure to make Mortgage Payments 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $72,801 Statement of Condition #2019-001 (CFDA 14.155): The Corporation did not make the required second mortgage payment of $72,801 in a timely manner based on the March 31, 2018 and 2017 audit reports. Criteria: As required under the Mortgage Restructuring Mortgage Note, a payment must be made on the second mortgage within 10 days after the financial statement due date of June 30. Effect: The Corporation did not comply with the Mortgage Restructuring Note. Cause: Management did not make a payment on the second mortgage in a timely manner after receiving the final audit report for each of the years March 31, 2018 and March 31, 2017. Recommendation: Management should make the delinquent payments on the second mortgage immediately. Completion Date: Outstanding Management Response: Agree. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2020.
Finding 2019-001 Comments on the Finding and Each Recommendation (CFDA 14.155) The Corporation did not make the required second mortgage payment for each of the years March 31, 2018 and March 31, 2017 totaling $72,801. Management should make the delinquent payments on the second mortgage. Action(s) Taken or Planned on the Finding Management concurs with the finding and recommendation. The Corporation is working with HUD for a payment plan and anticipates making payments during the year ended March 31, 2020.
2018-001
FAC accepted this audit on August 20, 2018 — management decision was due February 20, 2019.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on January 3, 2018 — management decision was due July 3, 2018.
FAC accepted this audit on September 18, 2016 — management decision was due March 18, 2017.
GSA_MIGRATION
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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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