EIN: 232583401
UEI: M7ERH7VN2EV3
Audited by: Whisman Giordano & Associates, LLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Showing data from August 28, 2026 — the Federal Audit Clearinghouse is under high demand right now, so this couldn't be refreshed. This is the most recent data on record, not necessarily today's.
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 26, 2025. 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 September 26, 2025 (338 days ago).
What is a management decision? →Preparation of Bank Reconciliation Our audit revealed that the organization does not prepare a formal monthly bank reconciliation for all cash accounts including the reserve accounts. In addition, we noted several transactions that were not recorded properly to the general ledger. A strong system of internal controls incorporates monthly bank reconciliations which should be prepared and agreed to the general ledger. In addition, any discrepancies should be investigated and resolved in a timely matter. Failure to reconcile cash accounts monthly could result in errors or irregularities to go undetected. Recommendation We recommend that management prepare monthly bank reconciliation on timely basis and investigate any discrepancies from the general ledger.
Show full finding ▾Hide full finding ▴Preparation of Bank Reconciliation Our audit revealed that the organization does not prepare a formal monthly bank reconciliation for all cash accounts including the reserve accounts. In addition, we noted several transactions that were not recorded properly to the general ledger. A strong system of internal controls incorporates monthly bank reconciliations which should be prepared and agreed to the general ledger. In addition, any discrepancies should be investigated and resolved in a timely matter. Failure to reconcile cash accounts monthly could result in errors or irregularities to go undetected. Recommendation We recommend that management prepare monthly bank reconciliation on timely basis and investigate any discrepancies from the general ledger.
Management agrees with the above and we reconcile all cash and reserve accounts on a monthly basis.
Review General Ledger Transactions Our audit revealed that several transactions were posted to incorrect accounts. In order to maintain accurate account balances, it is imperative that the transactions are properly recorded in the general ledger. This occurred due to management oversight. Failure to review the general ledger monthly could result in errors or irregularities to go undetected. Recommendation We recommend that management review the transaction posted in the general ledger monthly and investigate any incorrect posting to the accounts.
Show full finding ▾Hide full finding ▴Review General Ledger Transactions Our audit revealed that several transactions were posted to incorrect accounts. In order to maintain accurate account balances, it is imperative that the transactions are properly recorded in the general ledger. This occurred due to management oversight. Failure to review the general ledger monthly could result in errors or irregularities to go undetected. Recommendation We recommend that management review the transaction posted in the general ledger monthly and investigate any incorrect posting to the accounts.
Management agrees with the above and we review the transaction posted to the general ledger monthly.
Capitalization of Fixed Assets Our audit revealed that there several transactions were charged to an expense account that should have been capitalized as a fixed asset and several transactions that were capitalized that should have been expensed. Generally accepted accounting principles allows for capitalization of costs if the organization anticipates receiving future benefits from such assets. Philippian Garden’s policy is to capitalize initial, individual cost of $1,000 or more and an estimated useful life in excess of one year. This occurred due to management oversight. Failure to properly capitalize fixed assets may cause the financial statements to be inaccurate. Recommendation We recommend that the management capitalize fixed assets in accordance with established policies.
Show full finding ▾Hide full finding ▴Capitalization of Fixed Assets Our audit revealed that there several transactions were charged to an expense account that should have been capitalized as a fixed asset and several transactions that were capitalized that should have been expensed. Generally accepted accounting principles allows for capitalization of costs if the organization anticipates receiving future benefits from such assets. Philippian Garden’s policy is to capitalize initial, individual cost of $1,000 or more and an estimated useful life in excess of one year. This occurred due to management oversight. Failure to properly capitalize fixed assets may cause the financial statements to be inaccurate. Recommendation We recommend that the management capitalize fixed assets in accordance with established policies.
Management agrees with the above and we follow the organization’s capitalization policy.
Tenant Security Deposits Our audit revealed that the recorded security deposit liability exceeds the corresponding security deposit asset. As of December 31, 2024, the security deposit liability of $16,323 did not agree with the security deposit asset of $15,324. In accordance with Generally Accepted Accounting Principles (GAAP), security deposits collected from tenants should be held in a designated account and recorded as a liability. A corresponding asset should be maintained to ensure funds are available for refunds when tenants vacate. This occurred due to management oversight. Failure to maintain proper account balances can result in financial risk or disagreements with tenants. Recommendation We recommend that management conduct a reconciliation of security deposit liabilities and assets to identify any discrepancies monthly, establish or reinforce controls to ensure all collected deposits are held in a separate account, and review accounting practices to properly record and track security deposit transactions.
Show full finding ▾Hide full finding ▴Tenant Security Deposits Our audit revealed that the recorded security deposit liability exceeds the corresponding security deposit asset. As of December 31, 2024, the security deposit liability of $16,323 did not agree with the security deposit asset of $15,324. In accordance with Generally Accepted Accounting Principles (GAAP), security deposits collected from tenants should be held in a designated account and recorded as a liability. A corresponding asset should be maintained to ensure funds are available for refunds when tenants vacate. This occurred due to management oversight. Failure to maintain proper account balances can result in financial risk or disagreements with tenants. Recommendation We recommend that management conduct a reconciliation of security deposit liabilities and assets to identify any discrepancies monthly, establish or reinforce controls to ensure all collected deposits are held in a separate account, and review accounting practices to properly record and track security deposit transactions.
Management agrees with the above and we review the tenant security deposit listing and the tenant security liability monthly for accuracy.
FAC accepted this audit on July 26, 2024 — management decision was due January 26, 2025.
FAC accepted this audit on March 29, 2023 — management decision was due September 29, 2023.
FAC accepted this audit on April 17, 2022 — management decision was due October 17, 2022.
FAC accepted this audit on August 9, 2021 — management decision was due February 9, 2022.
FAC accepted this audit on March 16, 2020 — management decision was due September 16, 2020.
FAC accepted this audit on March 21, 2019 — management decision was due September 21, 2019.
FAC accepted this audit on April 29, 2018 — management decision was due October 29, 2018.
FAC accepted this audit on April 28, 2017 — management decision was due October 28, 2017.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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