Finding Text
Finding reference number: 2025-001 Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly, Assistance Listing 14.157 (061-EE125 and 2008) Auditor non-compliance code: Z - Other Finding resolution status: In Process 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 2025-001: The Corporation has not filed the 2017, 2018, 2019, 2020, 2021, 2022, 2023, or 2024 federal income tax returns. Criteria: HUD Section 202 Capital Advances are available to not-for-profit owners. Effect: The Corporation is not in compliance with the terms of the HUD Regulatory Agreement. As of December 31, 2025, the Corporation's status as a not-for-profit entity has been revoked. Cause: The Board of Directors failed to provide the information required to complete the tax returns on a timely basis. Recommendation: Tax returns should be filed on a timely basis and all delinquent tax returns should be filed as soon as possible. Completion Date: In Process Management's response: Agree. Management and the Board of Directors are taking steps to file the previous tax returns and have the Corporation's not-for-profit designation reinstated.