The Magnificent Mile Association

EIN: 362119989

UEI: XJJ9RLFV2674

Data as of August 23, 2026

The Magnificent Mile Association3 audit years2 findings
3
Audit Years
2
Total Findings
0
Repeat Findings

FY 2022-12-31

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on April 2, 2024. 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 October 2, 2024 (691 days ago).

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2022-002
Reporting
MATERIAL WEAKNESS

Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.

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Full finding narrative

Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.

Corrective Action Plan

The Association will implement procedures to ensure that all federal funds received are identified as such to ensure that the Association maintains compliance with applicable federal requirements including required audit submission due dates. The Association will also update its financial policies and procedures to include these new procedures and have the updated financial policies and procedures reviewed and approved by the board of directors. Persons Responsible Executive Director and Accountant Date of Implementation of Recommendation December 2023

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2022-002
Other
MATERIAL WEAKNESS

The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause: This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect: The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.

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Full finding narrative

Finding 2022-02: Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers: 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency: U.S. Department of Treasury Passthrough Agency: City of Chicago Award Number/Year: 2022 Criteria: The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition: The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause: This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect: The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.

Corrective Action Plan

The Association will implement procedures to ensure that all federal funds received are identified as such to ensure that the Association maintains compliance with applicable federal requirements including required audit submission due dates. The Association will also update its financial policies and procedures to include these new procedures and have the updated financial policies and procedures reviewed and approved by the board of directors. Persons Responsible Executive Director and Accountant Date of Implementation of Recommendation December 2023

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