EIN: 362261258
UEI: H6X8HA71QSZ3
Audited by: LINDQUIST, VON HUSEN & JOYCE LLP
Oversight agency: 14 [Department of Housing and Urban Development]
View federal awards & risk assessment →
Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 25, 2023. 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 25, 2023 (1038 days ago).
What is a management decision? →FAC accepted this audit on May 9, 2022 — management decision was due November 9, 2022.
FAC accepted this audit on May 26, 2021 — management decision was due November 26, 2021.
FAC accepted this audit on March 26, 2020 — management decision was due September 26, 2020.
It was noted that the tenant security deposit asset and liability accounts were not being reconciled causing the liability to be less than the asset. Context: Upper management did not implement effective internal controls over reconciling the security deposit account. Questioned costs: $0 Cause: Management paid funds out of the general checking account and did not transfer money from the security deposit bank account. Effect: Failure to reconcile the security deposit accounts resulted in misstatements to the Project's financial report at year-end identified by the Project's independent auditors. Repeat finding: This is not a repeat finding. Recommendation: We recommend that the Project establish oversight controls to ensure accuracy of the security deposit accounts, including not comingling funds. Management should refund tenant's deposits from the separate bank account for tenant security deposits. Views of responsible officials and planned corrective actions: A policy that all security deposit accounts be reconciled on a monthly basis and independently reviewed has been put in place.
Show full finding ▾Hide full finding ▴Finding: 2019-002 ? Special Tests and Provisions - Significant Deficiency CDFA Number: 14.195 Federal Program Name: Section 8 Housing Assistance Payments Program Federal Award Agency: U.S. Department of Housing and Urban Development Award Year: January 1, 2019 ? December 31, 2019 Criteria: Management is responsible for establishing and maintaining effective internal control over compliance. A strong internal control system ensures that compliance requirements are met. Condition: It was noted that the tenant security deposit asset and liability accounts were not being reconciled causing the liability to be less than the asset. Context: Upper management did not implement effective internal controls over reconciling the security deposit account. Questioned costs: $0 Cause: Management paid funds out of the general checking account and did not transfer money from the security deposit bank account. Effect: Failure to reconcile the security deposit accounts resulted in misstatements to the Project's financial report at year-end identified by the Project's independent auditors. Repeat finding: This is not a repeat finding. Recommendation: We recommend that the Project establish oversight controls to ensure accuracy of the security deposit accounts, including not comingling funds. Management should refund tenant's deposits from the separate bank account for tenant security deposits. Views of responsible officials and planned corrective actions: A policy that all security deposit accounts be reconciled on a monthly basis and independently reviewed has been put in place.
2019-002 Special Test and Provisions - Significant Deficiency Condition: It was noted that the tenant security deposit asset and liability accounts were not being reconciled causing the liability to be less than the asset. Management Response: A policy and procedure has been put in place by, effective immediately, to prevent items being missed in the Accounting Process as follows: Policy: It is the policy of Colter Commons, Inc. that all Balance Sheet Accounts be reconciled no less frequently than bi-monthly to ensure proper accounting in the Financial Statements. Procedures:o The Accountant reconciles all the Bank Accounts and Inventory Accounts on a monthly basis.o The GL Accountant reconciles all balance sheet accounts with the exception of the Bank accounts and Inventory accounts no less frequently than on a bi-monthly basis. The CFO or designee verifies the reconciliations by comparing them to the account balances on the general ledger. The CFO signs off on each reconciliation.o The GL Accountant will verify monthly that the Depreciation is created for all entities. The CFO verifies that the depreciation and all major expense items have been recorded on the Financial Statements. Kenneth Gunville, CFO, is responsible for ensuring the policy and procedures are followed in accordance with the corrective action plan. Thank you for this opportunity to respond to your findings.
FAC accepted this audit on June 20, 2019 — management decision was due December 20, 2019.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴FAC accepted this audit on April 17, 2018 — management decision was due October 17, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴FAC accepted this audit on April 4, 2017 — management decision was due October 4, 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.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and filing records.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.
