EIN: 371385062
UEI: JNRKGQNGRZH7
Audited by: Gordon, Stockman & Waugh, P.C.
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 March 4, 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 September 4, 2026 (4 days from today).
What is a management decision? →There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible.Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Jeff Cottingham, Management agent, and Father Elia, sponsor of the project, will be responsible for monitoring monthly financial results and accounting information as correction is not practical.
2024-001
FAC accepted this audit on March 25, 2025 — management decision was due September 25, 2025.
There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible.Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Jeff Cottingham, Management agent, and Father Elia, sponsor of the project, will be responsible for monitoring monthly financial results and accounting information as correction is not practical.
2023-001
FAC accepted this audit on June 4, 2024 — management decision was due December 4, 2024.
There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible.Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management’s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Jeff Cottingham, Management agent, and Father Elia, sponsor of the project, will be responsible for monitoring monthly financial results and accounting information as correction is not practical.
2022-001
The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation’s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation’s activities and operations. Management Response: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Show full finding ▾Hide full finding ▴Criteria: A strong system of internal controls requires the Corporation to prepare its own financial statements and accompanying disclosures in accordance with accounting principles generally accepted in the United States of America. Condition: The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation’s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation’s activities and operations. Management Response: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Jeff Cottingham, Management agent, and Father Elia, sponsor of the project, will continue to monitor financial reports and accounting information as correction is not practical.
2022-002
FAC accepted this audit on April 2, 2023 — management decision was due October 2, 2023.
There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Finding No. 2022-001 ? Segregation of Duties Federal Agency: U.S. Department of Housing and Urban Development Program Name: Section 8 ? Lower Income Housing Assistance Program Supportive Housing for the Elderly (Section 202) Mortgage Financing CFDA #: 14.195 14.157 Questioned Costs: None Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible. Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Finding No. 2022-001 ? Segregation of Duties Jeff Cottingham, Management agent, and Father Elia, sponsor of the project, will be responsible for monitoring monthly financial results and accounting information as correction is not practical
2021-001
The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Show full finding ▾Hide full finding ▴Finding No. 2022-002 ? Preparation of Financial Statements Criteria: A strong system of internal controls requires the Corporation to prepare its own financial statements and accompanying disclosures in accordance with accounting principles generally accepted in the United States of America. Condition: The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Finding No. 2022-002 ? Preparation of Financial Statements Jeff Cottingham, Management agent, and Father Elia, sponsor of the project, will continue to monitor financial reports and accounting information as correction is not practical.
2021-002
FAC accepted this audit on March 23, 2022 — management decision was due September 23, 2022.
There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Finding No. 2021-001 ? Segregation of Duties Federal Agency: U.S. Department of Housing and Urban Development Program Name: Section 8 ? Lower Income Housing Assistance Program Supportive Housing for the Elderly (Section 202) Mortgage Financing CFDA #: 14.195 14.157 Questioned Costs: None Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible. Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Jeff Cottingham, Management agent, and Father Elia, sponsor of project, will be responsible for monitoring monthly financial results and accounting information as correction is not practical.
2020-001
The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Show full finding ▾Hide full finding ▴Finding No. 2021-002 ? Preparation of Financial Statements Criteria: A strong system of internal controls requires the Corporation to prepare its own financial statements and accompanying disclosures in accordance with accounting principles generally accepted in the United States of America. Condition: The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for sound economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Jeff Cottingham, Management agent, and Father Elia, sponsor of project, will continue to monitor financial reports and accounting information as correction is not practical.
2020-002
FAC accepted this audit on March 22, 2021 — management decision was due September 22, 2021.
There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical. "
Show full finding ▾Hide full finding ▴"Finding No. 2020-001 ? Segregation of Duties Federal Agency: U.S. Department of Housing and Urban Development Program Name: Section 8 ? Lower Income Housing Assistance Program Supportive Housing for the Elderly (Section 202) Mortgage Financing CFDA #: 14.195 14.157 Questioned Costs: None Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible. Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical. "
"Finding No. 2020-001 ? Segregation of Duties Management agent and sponsor of project will be responsible for monitoring monthly financial results and accounting information as correction is not practical. "
2019-001
The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for should economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical. "
Show full finding ▾Hide full finding ▴"Finding No. 2020-002 ? Preparation of Financial Statements Criteria: A strong system of internal controls requires the Corporation to prepare its own financial statements and accompanying disclosures in accordance with accounting principles generally accepted in the United States of America. Condition: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for should economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical. "
"Finding No. 2020-002 ? Preparation of Financial Statements Management agent and sponsor will continue to monitor financial reports and accounting information as correction is not practical. "
2019-002
FAC accepted this audit on March 24, 2020 — management decision was due September 24, 2020.
There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Show full finding ▾Hide full finding ▴Finding No. 2019-001 ? Segregation of Duties Federal Agency: U.S. Department of Housing and Urban Development Program Name: Section 8 ? Lower Income Housing Assistance Program Supportive Housing for the Elderly (Section 202) Mortgage Financing CFDA #: 14.195 14.157 Questioned Costs: None Criteria: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented, if possible. Condition: There is minimal segregation of duties among personnel involved in the accounting function. A lack of proper segregation of duties could allow errors or irregularities to occur and go undetected. Due to budgetary constraints imposed by HUD, small projects, for sound economic conditions, must function with a small number of office personnel and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Cause: For sound economic reasons, the Corporation and the management company must function with a small number of office personnel, and correction of this condition would require the employment of additional office personnel. Consequently, corrective action may not be practical. Effect: A lack of segregation of duties increases the risk that errors or fraud may occur and not be prevented or detected on a timely basis. Recommendation: When this condition exists, management?s close supervision and review of accounting information is the best means of preventing or detecting errors and irregularities. Management Response: We agree and will continue to monitor monthly financial results and accounting information as correction is not practical.
Finding No. 2019-001 ? Segregation of Duties Management agent and sponsor of project will be responsible for monitoring monthly financial results and accounting information as correction is not practical.
2018-001
The Corporation prepares its accounting records and reports on the cash basis of accounting. As part of the audit, the accounting records were converted to the accrual basis as required by accounting principles generally accepted in the United States of America. In addition, audit adjustments were also made to properly record fixed asset additions and depreciation. The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for should economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Show full finding ▾Hide full finding ▴Finding No. 2019-002 ? Preparation of Financial Statements Criteria: A strong system of internal controls requires the Corporation to prepare its own financial statements and accompanying disclosures in accordance with accounting principles generally accepted in the United States of America. Condition: The Corporation prepares its accounting records and reports on the cash basis of accounting. As part of the audit, the accounting records were converted to the accrual basis as required by accounting principles generally accepted in the United States of America. In addition, audit adjustments were also made to properly record fixed asset additions and depreciation. The Corporation also engages Gordon, Stockman & Waugh, P.C. to assist in preparing its financial statements and accompanying disclosures. However, as independent auditors, Gordon, Stockman & Waugh, P.C. cannot be considered part of the Corporation?s internal control system. Cause: The Corporation engages Gordon, Stockman & Waugh, P.C. to assist in this process as correction of this condition by the Corporation would require the employment of additional personnel. Consequently, corrective action may not be practical. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Corporation should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Corporation?s activities and operations. Management Response: This condition is inherent in operations which, for should economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.
Finding No. 2019-002 ? Preparation of Financial Statements Management agent and sponsor will continue to monitor financial reports and accounting information as correction is not practical.
2018-002
FAC accepted this audit on March 14, 2019 — management decision was due September 14, 2019.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2017-001
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2017-002
FAC accepted this audit on March 8, 2018 — management decision was due September 8, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2016-001
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2016-002
FAC accepted this audit on March 19, 2017 — management decision was due September 19, 2017.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2015-001
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2015-002
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.
Browse other Single Audit organizations in Illinois →
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.
