CORNERSTONE PROPERTY VENTURES, LLCNon-Profit

**Criteria: In accordance with the HUD Regulatory Agreement, the property is required to submit a financial report in accordance with accounting principles generally accepted in the United States of America within 90 days following the end of the fiscal year. **Condition: The Company did not issue required financial reports within the deadline. **Cause: Management was unaware of the filing requirements due to significant turnover in key positions. In addition, due to the significant turnover, the monthly reporting and closing cycle did not function properly to ensure account balances were reconciled timely and accurately. **Effect or potential effect: The Company is not in compliance with the HUD Regulatory Agreement. **Recommendation: Management should implement controls over financial reporting to ensure reports are filed in a timely manner. **Perspective: N/A **Questioned costs: N/A **Views of responsible officials: Auditee agrees with auditor finding and has implemented controls to ensure financial reports are submitted in accordance with the HUD Regulatory Agreement. **Auditor’s evaluation of the views of responsible officials: Management’s response is appropriate to address the noncompliance that occurred.