EIN: 363097568
UEI: DCVDF7MJKPC4
Audited by: Audit Solutions LLC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on July 27, 2026. 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 January 27, 2027 (148 days from today).
What is a management decision? →FAC accepted this audit on July 14, 2025 — management decision was due January 14, 2026.
FAC accepted this audit on July 8, 2024 — management decision was due January 8, 2025.
FAC accepted this audit on August 30, 2023 — management decision was due March 1, 2024.
I noted the following deficiency in bank collateral for funds on deposit as of December 31, 2022: Deposit Insured Deficient BMO Harris Bank $ 366,255 $ 250,000 $ (116,255) Questioned Costs: None noted. Effect: Authority?s funds in excess of the insured amount are vulnerable. Cause: The Authority did not monitor the balances of its accounts closely enough to ensure adequate protection of all funds. Recommendation: I recommend that the Authority periodically contact the bank to ensure all funds are fully secured. Management?s Response: - Cicero Housing will maintain deposits with the bank (BMO Harris) - The Bank (BMO Harris) will provide security as required by applicable law, regulation or rule per the third-party custodian agreement. The custodian (The Bank) agrees to provide safekeeping services and to hold any securities pledged by them in a custodial account established for the benefit of the secured party pursuant to the agreement signed. - The Director (Lillian Gutierrez) will maintain quarterly contact with our bank representative to verify fund balances are fully secure.
Show full finding ▾Hide full finding ▴Deposits in Excess of FDIC & Pledged Securities Coverage. Criteria: All public funds on deposit at a financial institution should be safeguarded by either FDIC insurance or collateral pledged by the financial institution. Condition: I noted the following deficiency in bank collateral for funds on deposit as of December 31, 2022: Deposit Insured Deficient BMO Harris Bank $ 366,255 $ 250,000 $ (116,255) Questioned Costs: None noted. Effect: Authority?s funds in excess of the insured amount are vulnerable. Cause: The Authority did not monitor the balances of its accounts closely enough to ensure adequate protection of all funds. Recommendation: I recommend that the Authority periodically contact the bank to ensure all funds are fully secured. Management?s Response: - Cicero Housing will maintain deposits with the bank (BMO Harris) - The Bank (BMO Harris) will provide security as required by applicable law, regulation or rule per the third-party custodian agreement. The custodian (The Bank) agrees to provide safekeeping services and to hold any securities pledged by them in a custodial account established for the benefit of the secured party pursuant to the agreement signed. - The Director (Lillian Gutierrez) will maintain quarterly contact with our bank representative to verify fund balances are fully secure.
Deposits in Excess of FDIC & Pledged Securities Coverage. Corrective action planned: - Cicero Housing will maintain deposits with the bank (BMO Harris) - The Bank (BMO Harris) will provide security as required by applicable law, regulation or rule per the third-party custodian agreement. The custodian (The Bank) agrees to provide safekeeping services and to hold any securities pledged by them in a custodial account established for the benefit of the secured party pursuant to the agreement signed. - The Director (Lillian Gutierrez) will maintain quarterly contact with our bank representative to verify fund balances are fully secure. Contact person: Lillian Gutierrez, Executive Director. Anticipated completion date: August 2, 2023.
FAC accepted this audit on September 21, 2022 — management decision was due March 21, 2023.
FAC accepted this audit on January 25, 2022 — management decision was due July 25, 2022.
FAC accepted this audit on December 3, 2020 — management decision was due June 3, 2021.
FAC accepted this audit on January 1, 2020 — management decision was due July 1, 2020.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on October 15, 2018 — management decision was due April 15, 2019.
FAC accepted this audit on September 11, 2017 — management decision was due March 11, 2018.
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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