EIN: 344005365
UEI: DZC7PX5P29N4
Data as of August 24, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 13, 2022. 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 June 13, 2023 (1169 days ago).
What is a management decision? →A restatement was required of prior year net assets with donor restrictions. Criteria or specific requirement: Appreciation, under the rules of UPMIFA, is to be reported as net assets with donor restrictions until appropriated for expenditure. During 2022, it was determined that, although donor wishes were being adhered to, the appreciation on certain donor endowed funds was being reported as net assets without donor restrictions. Effect: Net assets with donor restrictions was understated by $1,969,617 at the beginning of the year. Cause: Toledo Alliance for the Performing Arts (TAPA) was following the guidance of the predecessor auditor and an attorney when adopting UPMIFA. Repeat Finding: No. Recommendation: Toledo Alliance for the Performing Arts should evaluate their financial reporting processes and controls to determine whether additional controls over the preparation of annual financial statements should be implemented to provide reasonable assurance that financial statements are prepared in accordance with GAAP and the requirements of UPMIFA. Views of responsible officials and planned corrective actions: Management understands that the board of trustees and management share the ultimate responsibility for the internal control system, including the preparation of the financial statements in accordance with GAAP, and feels they have taken the appropriate steps for an entity of their size. Since, the above condition was brought to their attention, management has thoroughly researched UPMIFA, including some of the common mistakes when applying the rules of UPMIFA, and understands what is to be done to correctly classify the appreciation of donor endowed funds going forward.
Show full finding ▾Hide full finding ▴Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: A restatement was required of prior year net assets with donor restrictions. Criteria or specific requirement: Appreciation, under the rules of UPMIFA, is to be reported as net assets with donor restrictions until appropriated for expenditure. During 2022, it was determined that, although donor wishes were being adhered to, the appreciation on certain donor endowed funds was being reported as net assets without donor restrictions. Effect: Net assets with donor restrictions was understated by $1,969,617 at the beginning of the year. Cause: Toledo Alliance for the Performing Arts (TAPA) was following the guidance of the predecessor auditor and an attorney when adopting UPMIFA. Repeat Finding: No. Recommendation: Toledo Alliance for the Performing Arts should evaluate their financial reporting processes and controls to determine whether additional controls over the preparation of annual financial statements should be implemented to provide reasonable assurance that financial statements are prepared in accordance with GAAP and the requirements of UPMIFA. Views of responsible officials and planned corrective actions: Management understands that the board of trustees and management share the ultimate responsibility for the internal control system, including the preparation of the financial statements in accordance with GAAP, and feels they have taken the appropriate steps for an entity of their size. Since, the above condition was brought to their attention, management has thoroughly researched UPMIFA, including some of the common mistakes when applying the rules of UPMIFA, and understands what is to be done to correctly classify the appreciation of donor endowed funds going forward.
Material Weakness in Internal Control over Financial Reporting Recommendation: Toledo Alliance for the Performing Arts should evaluate their financial reporting processes and controls to determine whether additional controls over the preparation of annual financial statements should be implemented to provide reasonable assurance that financial statements are prepared in accordance with GAAP and the requirements of UPMIFA. Explanation of disagreement with audit finding: Toledo Alliance for the Performing Arts received guidance from previous auditors as well as CPA Board Members that endowments organized as a Trust Agreement and held at a for-profit entity, i.e. a bank, did not need to comply with UPMIFA. The originating documents identify TAPA's Endowment at a Trust and the funds are being managed by a bank. Given this information, TAPA did not adopt UPMIFA. At no time were TAPA's overall financial statements misstated. Action taken in response to finding: Due to consultation with the current auditors, TAPA is in agreement that the Endowment should be reported in accordance with GAAP as it related to the UPMIFA guidelines. TAPA has researched UPMIFA and will continue to review and update the Endowment in accordance with GAAP. Name(s) of the contact person(s) responsible for corrective action: Randi Dier Planned completion date for the corrective action plan: ongoing
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