EIN: 954482198
UEI: NJMWEA9CT627
Audited by: Hoffman Short
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 June 10, 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 December 10, 2026 (103 days from today).
What is a management decision? →The Project if not deposit the residual receipts in the amount of $21,073 for the year ended August 31, 2023 to the residual receipts acccount. Status: As of August 31, 2025, required deposits in the amount of $21,073 have been deposied to the residual receipts reserve.
Show full finding ▾Hide full finding ▴There were open findings from the prior audit report, dated December 18, 2025, for the year ended August 31, 2024, issued by Leaf & Cole, LLP. as follows: FINDING NO. 2024-001: Residual Receipts Deposit. Condition: The Project if not deposit the residual receipts in the amount of $21,073 for the year ended August 31, 2023 to the residual receipts acccount. Status: As of August 31, 2025, required deposits in the amount of $21,073 have been deposied to the residual receipts reserve.
We recommend that the Project implemenRecommendation: We recommend that the Project implement monitoring processes to ensure timely identification and deposit of residual receipts with HUD requirements and to deposit $21,073 into the residual receipts reserve
2024-001
FAC accepted this audit on January 19, 2026 — management decision was due July 19, 2026.
Condition The Association did not deposit the residual receipts in the amount of $21,073 for the year ended August 31, 2023, to the residual receipts account. Criteria Per the HUD regulatory agreement, residual receipts must be deposited into a designated fund within 60 days after the end of the fiscal period in which they are realized. Cause The delay is a result of the property management transition, which affected monitoring of residual receipts. Effect Failure to timely deposit residual receipts may result in noncompliance with HUD regulations, potential enforcement actions, and could impact the project's eligibility for future HUD funding or approvals. Recommendation We recommend that the Association implement monitoring processes to ensure timely identification and deposit of residual receipts in accordance with HUD requirements and to deposit $21,073 into the residual receipts reserve. Views of Responsible Officials and Planned Corrective Actions Due to a change in management, the previous management company was responsible for transferring the residual receipts but did not fulfill this obligation. The new management company, WSH Management, Inc., has acknowledged the issue and will assume responsibility for calculating and depositing residual receipts for the current year.
Show full finding ▾Hide full finding ▴Condition The Association did not deposit the residual receipts in the amount of $21,073 for the year ended August 31, 2023, to the residual receipts account. Criteria Per the HUD regulatory agreement, residual receipts must be deposited into a designated fund within 60 days after the end of the fiscal period in which they are realized. Cause The delay is a result of the property management transition, which affected monitoring of residual receipts. Effect Failure to timely deposit residual receipts may result in noncompliance with HUD regulations, potential enforcement actions, and could impact the project's eligibility for future HUD funding or approvals. Recommendation We recommend that the Association implement monitoring processes to ensure timely identification and deposit of residual receipts in accordance with HUD requirements and to deposit $21,073 into the residual receipts reserve. Views of Responsible Officials and Planned Corrective Actions Due to a change in management, the previous management company was responsible for transferring the residual receipts but did not fulfill this obligation. The new management company, WSH Management, Inc., has acknowledged the issue and will assume responsibility for calculating and depositing residual receipts for the current year.
The findings have been resolved as of 4/2/2025. A $21,073 deposit was made to the residual receipt bank account on this date.
FAC accepted this audit on May 28, 2024 — management decision was due November 28, 2024.
FAC accepted this audit on May 16, 2023 — management decision was due November 16, 2023.
FAC accepted this audit on August 3, 2023 — management decision was due February 3, 2024.
FAC accepted this audit on February 26, 2021 — management decision was due August 26, 2021.
FAC accepted this audit on May 26, 2020 — management decision was due November 26, 2020.
FAC accepted this audit on February 5, 2019 — management decision was due August 5, 2019.
FAC accepted this audit on June 19, 2018 — management decision was due December 19, 2018.
FAC accepted this audit on March 29, 2017 — management decision was due September 29, 2017.
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