Texas · Nonprofit · $2M-$10M in federal spending

Willow Village Housing Corporation

Grapevine, TX

The FY2025 single audit reports 1 finding: 1 significant deficiency. Audits on file for FY2023–FY2025: FY2023, FY2024, FY2025.

Score: 3 of 100 (FY2025 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, FY2025

$2,630,607 in federal awards spent, across 4 programs. Largest funding agencies:

Agency	Spent
Department of Housing and Urban Development	$2,630,607

FY2025 audit

FAC record: 2025-06-GSAFAC-0000402827
Fiscal year end: June 30, 2025
Accepted by FAC: March 31, 2026
Federal spending: $2,630,607 · 4 programs
Major programs: 3
Score: 3 of 100

Finding 2025-001

significant deficiency

Program: MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135); OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECTS (14.164); SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM (14.195)
Compliance requirement: Reporting
FAC record: FY2025 audit on fac.gov

Finding text from the filing

Section III – Federal Award Finding

Finding #2025-001: Mortgage Insurance -Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate; Operating Assistance for Troubled Multifamily Housing Projects; Section 8 Housing Assistance Payments

Type of Finding: Significant Deficiency

Condition: The audited financial statements for the period ended June 30, 2024 were not entered into the Real Estate Assessment Center (REAC) system timely.

Criteria: HUD requires the audited financial statements to be prepared in accordance with GAAP and filed into the REAC system within 90 days of year end.

Effect: The Corporation is not in compliance with HUD requirements.

Questioned Cost: $0

Cause: The financial statements were not ready/available for audit.

Repeat Finding: No

Recommendation: We recommend the audited financial statements be submitted into the REAC system within 90 days of year end.

Auditor’s Comment: Cleared: The June 30, 2024 financial statements were submitted and accepted on November 12, 2024 into the REAC system.

FY2024 audit

FAC record: 2024-06-GSAFAC-0000065630
Fiscal year end: June 30, 2024
Accepted by FAC: November 26, 2024
Federal spending: $2,695,230 · 4 programs
Major programs: 3
Score: 8 of 100

Finding 2024-001

significant deficiency

Program: MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135); OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECTS (14.164); SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM (14.195)
Compliance requirement: Reporting
FAC record: FY2024 audit on fac.gov

Finding text from the filing

Finding #2024-001: Mortgage Insurance -Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate; Operating Assistance for Troubled Multifamily Housing Projects; Section 8 Housing Assistance Payments.

Type of Finding: Significant Deficiency:

Condition:The audited financial statements for the periods ended June 30, 2021, 2022 and 2023 were not entered into the Federal Audit Clearinghouse (FAC) system timely.

Criteria: Uniform Guidance requires the audited financial statements to be prepared in accordance with GAAP and filed into the FAC system within 9 months of year end.

Effect: The Corporation is not in compliance with Uniform Guidance.

Questioned Cost: $0

Cause: The financial statements were not ready/available for audit.

Repeat Finding: No

Recommendation: We recommend the audited financial statements be submitted into the FAC system within 9 months of year end.

Auditor’s Comment: Partially Cleared: The 2021 and 2022 financial statements will not be submitted. The June 30, 2023 financial statements were submitted and accepted on August 29, 2024 into the FAC system.

FY2023 audit

FAC record: 2023-06-GSAFAC-0000020241
Fiscal year end: June 30, 2023
Accepted by FAC: August 29, 2024; submitted 151 days after its due date (March 31, 2024)
Federal spending: $2,685,349 · 4 programs
Major programs: 4
Score: 0 of 100

No findings reported.