Mount Sinai Foundation, Incorporated
703 Blue Street
Fayetteville, North Carolina 28301
CORRECTIVE ACTION PLAN March 11, 2024 U.S. Department of Housing and Urban Development Five Points Plaza Building 40 Marietta Street
Atlanta, Georgia 30303 Mount Sinai Foundation, Incorporated respectfully submits the following Corrective Action Plan for the year ended December 31, 2022. Bernard Robinson & Company, L.L.P.
1501 Highwoods Blvd., Suite 300 Post Office Box 19608
Greensboro, North Carolina 27419-9608 The findings for the year ended December 31, 2022 Schedule of Findings and Questioned Costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule.
FINDINGS - Financial Statement Audit and Federal Award Program Audits Finding 2022-005 - U.S. Department of Housing and Urban Development, Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate (Sections 221d(3) and (4) Multifamily - Market Rate Housing), CFDA #14.135
Recommendation: That management ensure that the annual financial reports to HUD are submitted by the required due dates.
Action Taken: We agree with Finding 2022-005 and the recommendation described in the accompanying schedule of findings and questioned costs. The project was unable to pay the prior audit fees timely due to limited available cash flow causing a delay in the audits. Management will work to improve cash flow for timely payment of the required annual audits. If HUD has questions regarding this corrective action plan, please call (803) 873-2377. Sincerely yours,
Dwayne Legrant President
Omni Property Management and Development
Managing Agent