Texas · Nonprofit · under $2M in federal spending

Cushing Housing, Inc

Grapevine, TX

The FY2023 single audit reports 1 finding: 1 significant deficiency.

Score: 3 of 100 (FY2023 audit)

The sum of eight parts, each read from the audit. How the score works.

Part	Rule	Points	Max
Material weaknesses	8 points each	0	24
Significant deficiencies	3 points each	3	9
Repeat findings	5 points each	0	15
Longest repeat chain	2 years 3, 3 years 6, 4 years 9, 5+ years 12	0	12
Modified major-program opinions	qualified 8 each; any adverse or disclaimer 15	0	15
Questioned costs	known amount of $25,000 or more, by share and dollars	0	15
Going concern	auditor included a going-concern paragraph	0	5
Prior-year lateness	prior-year audit late or not filed, scored only with a finding	0	5
Score		3	100

Federal funding, FY2023

$1,477,489 in federal awards spent, across 2 programs. Largest funding agencies:

Agency	Spent
Department of Housing and Urban Development	$1,477,489

FY2023 audit

FAC record: 2023-12-GSAFAC-0000052841
Fiscal year end: December 31, 2023
Accepted by FAC: August 29, 2024
Federal spending: $1,477,489 · 2 programs
Major programs: 2
Score: 3 of 100

Finding 2023-001

significant deficiency

Program: MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135)
Compliance requirement: Cash management
FAC record: FY2023 audit on fac.gov

Finding text from the filing

Finding #2023-001: HUD Guaranteed 223(a)(7) Mortgage 14.135 Type of Finding: Significant Deficiency Condition: During 2022, the Company did not deposit surplus cash into the residual receipts account within 60 days of year end. Criteria: The HUD regulatory agreement requires the Company to deposit surplus cash into the residual receipts account within 60 days of year end. Effect: The Company is in violation of its Regulatory Agreement. Questioned Cost: $23,238 Cause: The Company does not have the funds to transfer to the residual receipts account. Repeat Finding: No Recommendation: The Company should deposit any surplus cash into the residual receipts account within 60 days of year end. Auditor’s Comment: The Company does not have the funds to retroactively make the deposit to the residual receipts account.