EIN: 411765356
UEI: PJEZWJE7H5P3
Data as of August 22, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on June 26, 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 December 26, 2026 (125 days from today).
What is a management decision? →Finding Number 2025-002 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2025 Compliance Requirement Affected N - Reserve for Replacements Deposits Type of Finding Significant Deficiency in Compliance and Internal Control over Major Federal Program Criteria Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250 Condition The project only made ten of the 12 required deposits for 2025. Questioned Costs $22,844 Context Management did not make the $11,422 payment for July and October. Cause Managements controls did not identify and correct the lack of payment due to turning off automatic payments, on a timely basis. Effect The Replacement Reserve was underfunded by two deposits during 2025. Repeat Finding No Recommendation The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made. The missed July payment was made April of 2026. The missed October deposit has not yet been paid as the property does not have the cash on hand to make the payment. Management will be working with HUD to resolved.
Show full finding ▾Hide full finding ▴Finding Number 2025-002 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2025 Compliance Requirement Affected N - Reserve for Replacements Deposits Type of Finding Significant Deficiency in Compliance and Internal Control over Major Federal Program Criteria Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250 Condition The project only made ten of the 12 required deposits for 2025. Questioned Costs $22,844 Context Management did not make the $11,422 payment for July and October. Cause Managements controls did not identify and correct the lack of payment due to turning off automatic payments, on a timely basis. Effect The Replacement Reserve was underfunded by two deposits during 2025. Repeat Finding No Recommendation The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made. The missed July payment was made April of 2026. The missed October deposit has not yet been paid as the property does not have the cash on hand to make the payment. Management will be working with HUD to resolved.
Section 232 HUD-Insured Mortgage– Assistance Listing No. 14.157 Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250. Recommendation: The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Action taken in response to finding: Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made. The missed July payment was made April of 2026. The Project currently does not have the funds to make the deposit and is working with HUD to resolve. Name of the contact person responsible for corrective action: Thomas Krolak Planned completion date for corrective action plan: December 31, 2026
FAC accepted this audit on September 17, 2025 — management decision was due March 17, 2026.
Finding Number 2024-002 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected G - Unauthorized Loans from Project Funds Type of Finding •Material Weakness in Internal Control over Compliance •Material Noncompliance (Qualified Opinion) Criteria Payroll expenses were over allocated to the property. In addition, management fees will be charged utilizing the HUD approved rate per the Management Agent's Certification Form HUD-9839-B. Condition During audit procedures, it was noted that payroll expenses from a shared employee allocated to the property exceeded the appropriate amount. Furthermore, the management fee charged exceeded the HUD-approved rate. These discrepancies resulted in a receivable from the management agent as of year-end. Questioned costs $23,289 Cause The transition in ownership and management on April 30th contributed to delays in fully understanding the Project’s requirements and properly configuring payroll allocations within the accounting system. Effect The Project was charged for payroll expenses exceeding the shared employee’s actual hours and for management fees above the approved rate during 2024. To correct these issues, a receivable was recorded at year-end, effectively resulting in an unauthorized loan to the management/ownership group. Repeat Finding No Recommendation Management should implement a monthly review process to ensure that management fees are billed in accordance with the terms of the management agreement. Additionally, payroll allocations should be reviewed monthly to confirm that only the appropriate share of expenses is charged to the Project. Views of Responsible Officials and Planned Corrective There is no disagreement with the audit finding. Management Response Management continues to review and establish month end and year end procedures to properly record management fees accordance with HUD approved rate. The payroll allocation issue arose due to a salary allocation being missed during the property management transition. Management continues to review and establish procedures related to payroll allocations to ensure correct expenses are allocated to the Project.
Show full finding ▾Hide full finding ▴Finding Number 2024-002 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected G - Unauthorized Loans from Project Funds Type of Finding •Material Weakness in Internal Control over Compliance •Material Noncompliance (Qualified Opinion) Criteria Payroll expenses were over allocated to the property. In addition, management fees will be charged utilizing the HUD approved rate per the Management Agent's Certification Form HUD-9839-B. Condition During audit procedures, it was noted that payroll expenses from a shared employee allocated to the property exceeded the appropriate amount. Furthermore, the management fee charged exceeded the HUD-approved rate. These discrepancies resulted in a receivable from the management agent as of year-end. Questioned costs $23,289 Cause The transition in ownership and management on April 30th contributed to delays in fully understanding the Project’s requirements and properly configuring payroll allocations within the accounting system. Effect The Project was charged for payroll expenses exceeding the shared employee’s actual hours and for management fees above the approved rate during 2024. To correct these issues, a receivable was recorded at year-end, effectively resulting in an unauthorized loan to the management/ownership group. Repeat Finding No Recommendation Management should implement a monthly review process to ensure that management fees are billed in accordance with the terms of the management agreement. Additionally, payroll allocations should be reviewed monthly to confirm that only the appropriate share of expenses is charged to the Project. Views of Responsible Officials and Planned Corrective There is no disagreement with the audit finding. Management Response Management continues to review and establish month end and year end procedures to properly record management fees accordance with HUD approved rate. The payroll allocation issue arose due to a salary allocation being missed during the property management transition. Management continues to review and establish procedures related to payroll allocations to ensure correct expenses are allocated to the Project.
Material Weakness: Unauthorized Loan Recommendation: Management should implement a monthly review process to ensure that management fees are billed in accordance with the terms of the management agreement. Additionally, payroll allocations should be reviewed monthly to confirm that only the appropriate share of expenses is charged to the Project. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management continues to review and establish month end and year end procedures to properly record management fees accordance with HUD approved rate. The payroll allocation issue arose due to a salary allocation being missed during the property management transition. Management continues to review and establish procedures related to payroll allocations to ensure correct expenses are allocated to the Project.
Finding Number 2024-002 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected G - Unauthorized Loans from Project Funds Type of Finding •Material Weakness in Internal Control over Compliance •Material Noncompliance (Qualified Opinion) Criteria Payroll expenses were over allocated to the property. In addition, management fees will be charged utilizing the HUD approved rate per the Management Agent's Certification Form HUD-9839-B. Condition During audit procedures, it was noted that payroll expenses from a shared employee allocated to the property exceeded the appropriate amount. Furthermore, the management fee charged exceeded the HUD-approved rate. These discrepancies resulted in a receivable from the management agent as of year-end. Questioned costs $23,289 Cause The transition in ownership and management on April 30th contributed to delays in fully understanding the Project’s requirements and properly configuring payroll allocations within the accounting system. Effect The Project was charged for payroll expenses exceeding the shared employee’s actual hours and for management fees above the approved rate during 2024. To correct these issues, a receivable was recorded at year-end, effectively resulting in an unauthorized loan to the management/ownership group. Repeat Finding No Recommendation Management should implement a monthly review process to ensure that management fees are billed in accordance with the terms of the management agreement. Additionally, payroll allocations should be reviewed monthly to confirm that only the appropriate share of expenses is charged to the Project. Views of Responsible Officials and Planned Corrective There is no disagreement with the audit finding. Management Response Management continues to review and establish month end and year end procedures to properly record management fees accordance with HUD approved rate. The payroll allocation issue arose due to a salary allocation being missed during the property management transition. Management continues to review and establish procedures related to payroll allocations to ensure correct expenses are allocated to the Project.
Show full finding ▾Hide full finding ▴Finding Number 2024-002 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected G - Unauthorized Loans from Project Funds Type of Finding •Material Weakness in Internal Control over Compliance •Material Noncompliance (Qualified Opinion) Criteria Payroll expenses were over allocated to the property. In addition, management fees will be charged utilizing the HUD approved rate per the Management Agent's Certification Form HUD-9839-B. Condition During audit procedures, it was noted that payroll expenses from a shared employee allocated to the property exceeded the appropriate amount. Furthermore, the management fee charged exceeded the HUD-approved rate. These discrepancies resulted in a receivable from the management agent as of year-end. Questioned costs $23,289 Cause The transition in ownership and management on April 30th contributed to delays in fully understanding the Project’s requirements and properly configuring payroll allocations within the accounting system. Effect The Project was charged for payroll expenses exceeding the shared employee’s actual hours and for management fees above the approved rate during 2024. To correct these issues, a receivable was recorded at year-end, effectively resulting in an unauthorized loan to the management/ownership group. Repeat Finding No Recommendation Management should implement a monthly review process to ensure that management fees are billed in accordance with the terms of the management agreement. Additionally, payroll allocations should be reviewed monthly to confirm that only the appropriate share of expenses is charged to the Project. Views of Responsible Officials and Planned Corrective There is no disagreement with the audit finding. Management Response Management continues to review and establish month end and year end procedures to properly record management fees accordance with HUD approved rate. The payroll allocation issue arose due to a salary allocation being missed during the property management transition. Management continues to review and establish procedures related to payroll allocations to ensure correct expenses are allocated to the Project.
Material Weakness: Unauthorized Loan Recommendation: Management should implement a monthly review process to ensure that management fees are billed in accordance with the terms of the management agreement. Additionally, payroll allocations should be reviewed monthly to confirm that only the appropriate share of expenses is charged to the Project. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management continues to review and establish month end and year end procedures to properly record management fees accordance with HUD approved rate. The payroll allocation issue arose due to a salary allocation being missed during the property management transition. Management continues to review and establish procedures related to payroll allocations to ensure correct expenses are allocated to the Project.
Finding Number 2024-003 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected S - Internal Controls Type of Finding •Material Weakness in Internal Control over Compliance Criteria Management is responsible for ensuring there are controls in place and they are being followed. Condition The Project should ensure internal control processes are documented and followed. Cause A formal review process had not been adopted during 2024, after the transition in management. The HUD approved budget for the 24-25 grant period, one replacement reserve withdrawal, and the bank reconciliations for August through December did not have documented review or approval. Effect Potential for incorrect reporting. Repeat Finding No Recommendation The Project should establish and follow a consistent review process for budgets, replacement reserve withdrawals, and bank reconciliations. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish monthly processes related to review and approval of budgets, replacement reserve withdrawals, and bank reconciliations.
Show full finding ▾Hide full finding ▴Finding Number 2024-003 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected S - Internal Controls Type of Finding •Material Weakness in Internal Control over Compliance Criteria Management is responsible for ensuring there are controls in place and they are being followed. Condition The Project should ensure internal control processes are documented and followed. Cause A formal review process had not been adopted during 2024, after the transition in management. The HUD approved budget for the 24-25 grant period, one replacement reserve withdrawal, and the bank reconciliations for August through December did not have documented review or approval. Effect Potential for incorrect reporting. Repeat Finding No Recommendation The Project should establish and follow a consistent review process for budgets, replacement reserve withdrawals, and bank reconciliations. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish monthly processes related to review and approval of budgets, replacement reserve withdrawals, and bank reconciliations.
Material Weakness: Internal Controls Over Compliance: The HUD approved budget for the 24-25 grant period, one replacement reserve withdrawal, and the bank reconciliations for August through December did not have documented review or approval. Recommendation: The Project should establish and follow a consistent review process for budgets, replacement reserve withdrawals, and bank reconciliations. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management continues to review and establish monthly processes related to review and approval of budgets, replacement reserve withdrawals, and bank reconciliations.
Finding Number 2024-003 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected S - Internal Controls Type of Finding •Material Weakness in Internal Control over Compliance Criteria Management is responsible for ensuring there are controls in place and they are being followed. Condition The Project should ensure internal control processes are documented and followed. Cause A formal review process had not been adopted during 2024, after the transition in management. The HUD approved budget for the 24-25 grant period, one replacement reserve withdrawal, and the bank reconciliations for August through December did not have documented review or approval. Effect Potential for incorrect reporting. Repeat Finding No Recommendation The Project should establish and follow a consistent review process for budgets, replacement reserve withdrawals, and bank reconciliations. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish monthly processes related to review and approval of budgets, replacement reserve withdrawals, and bank reconciliations.
Show full finding ▾Hide full finding ▴Finding Number 2024-003 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected S - Internal Controls Type of Finding •Material Weakness in Internal Control over Compliance Criteria Management is responsible for ensuring there are controls in place and they are being followed. Condition The Project should ensure internal control processes are documented and followed. Cause A formal review process had not been adopted during 2024, after the transition in management. The HUD approved budget for the 24-25 grant period, one replacement reserve withdrawal, and the bank reconciliations for August through December did not have documented review or approval. Effect Potential for incorrect reporting. Repeat Finding No Recommendation The Project should establish and follow a consistent review process for budgets, replacement reserve withdrawals, and bank reconciliations. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish monthly processes related to review and approval of budgets, replacement reserve withdrawals, and bank reconciliations.
Material Weakness: Internal Controls Over Compliance: The HUD approved budget for the 24-25 grant period, one replacement reserve withdrawal, and the bank reconciliations for August through December did not have documented review or approval. Recommendation: The Project should establish and follow a consistent review process for budgets, replacement reserve withdrawals, and bank reconciliations. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management continues to review and establish monthly processes related to review and approval of budgets, replacement reserve withdrawals, and bank reconciliations.
Finding Number 2024-004 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected N - Reserve for Replacements Deposits Type of Finding Significant Deficiency in Compliance and Internal Control over Major Federal Program Criteria Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250 Condition The project only made eleven of the 12 required deposits for 2024. Questioned Costs $11,422 Cause The October deposit was missed. Effect The Replacement Reserve was underfunded by one deposit during 2024. Repeat Finding No Recommendation The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made.
Show full finding ▾Hide full finding ▴Finding Number 2024-004 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected N - Reserve for Replacements Deposits Type of Finding Significant Deficiency in Compliance and Internal Control over Major Federal Program Criteria Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250 Condition The project only made eleven of the 12 required deposits for 2024. Questioned Costs $11,422 Cause The October deposit was missed. Effect The Replacement Reserve was underfunded by one deposit during 2024. Repeat Finding No Recommendation The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made.
Significant Deficiency: Missing one deposit to the replacement reserve. $11,422 Recommendation: The Project should establish and follow a consistent monthly review process to ensure all deposits to the replacement reserve are made on a timely basis. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made.
Finding Number 2024-004 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected N - Reserve for Replacements Deposits Type of Finding Significant Deficiency in Compliance and Internal Control over Major Federal Program Criteria Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250 Condition The project only made eleven of the 12 required deposits for 2024. Questioned Costs $11,422 Cause The October deposit was missed. Effect The Replacement Reserve was underfunded by one deposit during 2024. Repeat Finding No Recommendation The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made.
Show full finding ▾Hide full finding ▴Finding Number 2024-004 In Process Federal Agency U.S. Dept. of Housing and Urban Development Federal Program Name Section 202 Capital Advance Assistance Listing Number 14.157 Federal Award Identification Number and Year MN46S931002 - 1993 Award Period 2024 Compliance Requirement Affected N - Reserve for Replacements Deposits Type of Finding Significant Deficiency in Compliance and Internal Control over Major Federal Program Criteria Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with the form HUD-9250 Condition The project only made eleven of the 12 required deposits for 2024. Questioned Costs $11,422 Cause The October deposit was missed. Effect The Replacement Reserve was underfunded by one deposit during 2024. Repeat Finding No Recommendation The Project should establish and follow a consistent monthly review process to ensure all deposits are made on a timely basis. Views of Responsible Officials and Planned Corrective Actions There is no disagreement with the audit finding. Management Response Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made.
Significant Deficiency: Missing one deposit to the replacement reserve. $11,422 Recommendation: The Project should establish and follow a consistent monthly review process to ensure all deposits to the replacement reserve are made on a timely basis. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: Management continues to review and establish processes related to review and approval to ensure monthly replacement reserve deposits are made.
FAC accepted this audit on October 26, 2023 — management decision was due April 26, 2024.
The project did not make the correct monthly deposit that was required in order to be in compliance with HUD for the year under audit. Questioned Costs: $4 Cause: The project miscalculated the monthly amount to deposit as $1,293 when it should have been $1,293.33 causing a $4 deficiency as of year-end. Effect: The Replacement Reserve escrow balance was underfunded by $4 at June 30, 2023. Repeat Finding: No. Recommendation: Management should implement a process to ensure the required monthly deposit into the Replacement Reserve is in accordance with form HUD-9250. Views of Management: There is no disagreement with the audit finding. The Project made a deposit to correct the deficiency in the replacement reserve on August 30, 2023.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Department of Housing and Urban Development Federal Program Title: Section 202 Capital Advance Federal Assistance Listing Number: 14.157 Federal Award Identification Number and Year: MN46S931002 - 1993 Pass-Through Agency: N/A Pass-Through Number(s): N/A Award Period: July 1, 2022 through June 30, 2023 Type of Finding: Significant Deficiency in Internal Control over Major Federal Programs Criteria or Specific Requirement: Management is responsible for maintaining required monthly deposits into the Replacement Reserve account in accordance with form HUD-9250. Condition: The project did not make the correct monthly deposit that was required in order to be in compliance with HUD for the year under audit. Questioned Costs: $4 Cause: The project miscalculated the monthly amount to deposit as $1,293 when it should have been $1,293.33 causing a $4 deficiency as of year-end. Effect: The Replacement Reserve escrow balance was underfunded by $4 at June 30, 2023. Repeat Finding: No. Recommendation: Management should implement a process to ensure the required monthly deposit into the Replacement Reserve is in accordance with form HUD-9250. Views of Management: There is no disagreement with the audit finding. The Project made a deposit to correct the deficiency in the replacement reserve on August 30, 2023.
FINDINGS—FEDERAL AWARD PROGRAMS AUDITS U.S. Department of Housing and Urban Development Benet Place respectfully submits the following corrective action plan for the year ended June 30, 2023. Audit period: July 1, 2022 – June 30, 2023 The findings from the schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. 2023-001 Section 202 Capital Advance – Assistance Listing No. 14.157 Recommendation: Management should implement a process to ensure the required monthly deposits into the replacement reserve is in accordance with form HUD-9250. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: The Project made a deposit to correct the deficiency in the replacement reserve on August 30, 2023. Name(s) of the contact person(s) responsible for corrective action: Melissa Binnall Planned completion date for corrective action plan: August 30, 2023 If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call Melissa Binnall at 320-251-2700 Ext: 51313
FAC accepted this audit on October 13, 2021 — management decision was due April 13, 2022.
Reviewed 3 months of bank reconciliations, August2020, October 2020, and January 2021 to ensurebank reconciliations are properly reviewed andcompleted timely. Noted that the bank reconciliationswere all documented as reviewed on June 17, 2021.Questioned costs: N/ACause: Management got behind in signing off on thereconciliations due to working from home as a resultof the COVID-19 pandemic. Management has nowreturned to the normal and timely review process.Effect: Errors or fraud could be missed or not caughttimely.Repeat Finding: No.Recommendation: We recommend that the reconciliations are reviewedtimely.Views of Management: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴2021 ? 001Federal agency: U.S. Department of Housing and Urban DevelopmentFederal program title: Section 202 Capital AdvanceCFDA Number: 14.157Award Period: July 1, 2020 through June 30, 2021Type of Finding: Other MattersCriteria or specific requirement: Bank statements shall be reconciled promptly to theformal accounting records by persons other thanthose recording or handling cash, or preparing andsigning checks.Condition: Reviewed 3 months of bank reconciliations, August2020, October 2020, and January 2021 to ensurebank reconciliations are properly reviewed andcompleted timely. Noted that the bank reconciliationswere all documented as reviewed on June 17, 2021.Questioned costs: N/ACause: Management got behind in signing off on thereconciliations due to working from home as a resultof the COVID-19 pandemic. Management has nowreturned to the normal and timely review process.Effect: Errors or fraud could be missed or not caughttimely.Repeat Finding: No.Recommendation: We recommend that the reconciliations are reviewedtimely.Views of Management: There is no disagreement with the audit finding.
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