Centennial Square

2025–001 Type of Finding: - Material Weakness in Internal Control over Financial Reporting Condition: Centennial Square does not have a policy in place to provide reasonable assurance that financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP); therefore, the potential exists that a material misstatement of the annual financial statements could occur and not be prevented, or detected and corrected, by Centennial Square’s internal controls. Criteria or Specific Requirement: Internal controls should be in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Effect: The lack of controls in place over the financial reporting function increases the risk of misstatements, fraud, or errors occurring and not being detected and corrected. Cause: Centennial Square has not adopted a policy to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP; however, management has reviewed and approved the annual financial statements and related notes, as prepared by CliftonLarsonAllen, and has accepted responsibility for those financial statements. Repeat Finding: The finding is a repeat of a finding in the immediately prior year. Prior year finding number was 2024-001. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Views of Responsible Officials and Planned Corrective Actions: Management will continue to rely on CliftonLarsonAllen to draft the financial statements and the related notes to the financial statements, and will review, approve, and accept responsibility for the annual financial statements prior to their issuance.

2025–002 Type of Finding: - Material Misstatements Corrected During Audit Process Condition: Centennial Square does not have sufficient internal controls to detect material misstatement of the annual financial statements. Criteria or Specific Requirement: Internal controls should be in place to provide reasonable assurance that financial statements are free of material misstatement and prepared in accordance with U.S. GAAP. Effect: The absence of sufficient internal controls could result in undetected material misstatements in the financial statements, compromising their reliability and accuracy. Cause: Centennial Square lacks adequate internal controls to identify and correct material misstatements in their financial statements. Repeat Finding: No. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that the financial statements are free of material misstatement and prepared in accordance with U.S. GAAP. Views of Responsible Officials and Planned Corrective Actions: Management will evaluate controls, processes, and job duties during the upcoming year in order to ensure the control structure is sufficient to detect material misstatement to the financial statements.

Type of Finding: 􀁸 Material Weakness in Internal Control over Financial Reporting Condition: Centennial Square does not have a policy in place to provide reasonable assurance that financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP); therefore, the potential exists that a material misstatement of the annual financial statements could occur and not be prevented, or detected and corrected, by Centennial Square’s internal controls. Criteria or specific requirement: Internal controls should be in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Effect: The lack of controls in place over the financial reporting function increases the risk of misstatements, fraud, or errors occurring and not being detected and corrected. Cause: Centennial Square has not adopted a policy to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP; however, management has reviewed and approved the annual financial statements and related notes, as prepared by CliftonLarsonAllen, and has accepted responsibility for those financial statements. Repeat finding: The finding is a repeat of a finding in the immediately prior year. Prior year finding number was 2023-001. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Views of responsible officials and planned corrective actions: Management will continue to rely on CliftonLarsonAllen to draft the financial statements and the related notes to the financial statements, and will review, approve, and accept responsibility for the annual financial statements prior to their issuance.

Type of Finding: Material Weakness in Internal Control over Financial Reporting Condition: Centennial Square does not have a policy in place to provide reasonable assurance that financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP); therefore, the potential exists that a material misstatement of the annual financial statements could occur and not be prevented, or detected and corrected, by the project’s internal controls. Criteria or specific requirement: Internal controls should be in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Context: While performing audit procedures, it was noted that management does not have internal controls in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Effect: The lack of controls in place over the financial reporting function increases the risk of misstatements, fraud, or errors occurring and not being detected and corrected. Cause: Centennial Square has not adopted a policy to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP; however, management has reviewed and approved the annual financial statements and related notes, as prepared by CliftonLarsonAllen, and has accepted responsibility for those financial statements. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Views of responsible officials and planned corrective actions: Management will continue to rely on CliftonLarsonAllen to draft the financial statements and the related notes to the financial statements, and will review, approve, and accept responsibility for the annual financial statements prior to their issuance.

Type of Finding: Material Weakness in Internal Control over Financial Reporting Condition: Centennial Square does not have a policy in place to provide reasonable assurance that financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP); therefore, the potential exists that a material misstatement of the annual financial statements could occur and not be prevented, or detected and corrected, by the project?s internal controls. Criteria or specific requirement: Internal controls should be in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Context: While performing audit procedures, it was noted that management does not have internal controls in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Effect: The lack of controls in place over the financial reporting function increases the risk of misstatements, fraud, or errors occurring and not being detected and corrected. Cause: Centennial Square has not adopted a policy to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP; however, management has reviewed and approved the annual financial statements and related notes, as prepared by CliftonLarsonAllen, and has accepted responsibility for those financial statements. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Views of responsible officials and planned corrective actions: Management will continue to rely on CliftonLarsonAllen to draft the financial statements and the related notes to the financial statements, and will review, approve, and accept responsibility for the annual financial statements prior to their issuance.

Type of Finding: Material Weakness in Internal Control over Financial Reporting Condition: Centennial Square does not have a policy in place to provide reasonable assurance that financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP); therefore, the potential exists that a material misstatement of the annual financial statements could occur and not be prevented, or detected and corrected, by the project?s internal controls. Criteria or specific requirement: Internal controls should be in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Context: While performing audit procedures, it was noted that management does not have internal controls in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Effect: The lack of controls in place over the financial reporting function increases the risk of misstatements, fraud, or errors occurring and not being detected and corrected. Cause: Centennial Square has not adopted a policy to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP; however, management has reviewed and approved the annual financial statements and related notes, as prepared by CliftonLarsonAllen, and has accepted responsibility for those financial statements. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Views of responsible officials and planned corrective actions: Management will continue to rely on CliftonLarsonAllen to draft the financial statements and the related notes to the financial statements, and will review, approve, and accept responsibility for the annual financial statements prior to their issuance.

Type of Finding: Significant Deficiency in Internal Control over Financial Reporting and over Compliance Condition: There is a deficiency in the effectiveness of internal controls over cash disbursements; the key control in place (dual signatures) for cash disbursement was not consistently followed throughout the fiscal year. Criteria or specific requirement: The project is required to design and implement effective internal controls over cash disbursements. Context: While performing audit procedures, it was noted that the key control in place (dual signatures) for cash disbursements was not consistently followed throughout the fiscal year. Effect: The effectiveness of the internal controls over cash disbursements may result in an erroneous or fraudulent transaction failing to be prevented or detected by Centennial Square?s internal controls. Cause: There is a deficiency in the effectiveness of internal controls. Recommendation: Management should consistently follow their internal control procedures over cash disbursements. Views of responsible officials and planned corrective actions: Management plans to consistently follow their internal control procedures over cash disbursements.

2020?001 Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: Centennial Square does not have a policy in place to provide reasonable assurance that financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP); therefore, the potential exists that a material misstatement of the annual financial statements could occur and not be prevented, or detected and corrected, by the project?s internal controls. Criteria or specific requirement: Internal controls should be in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Context: While performing audit procedures, it was noted that management does not have internal controls in place to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Effect: The lack of controls in place over the financial reporting function increases the risk of misstatements, fraud, or errors occurring and not being detected and corrected. Cause: Centennial Square has not adopted a policy to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP; however, management has reviewed and approved the annual financial statements and related notes, as prepared by CliftonLarsonAllen, and has accepted responsibility for those financial statements. Recommendation: Centennial Square should evaluate their financial reporting processes and controls, including the expertise of its internal staff, to determine whether additional controls over the preparation of annual financial statements can be implemented to provide reasonable assurance that financial statements are prepared in accordance with U.S. GAAP. Views of responsible officials and planned corrective actions: Management will continue to rely on CliftonLarsonAllen to draft the financial statements and the related notes to the financial statements, and will review, approve, and accept responsibility for the annual financial statements prior to their issuance.

2020?002 Type of Finding: Significant Deficiency in Internal Control over Financial Reporting and over Compliance Condition: There is a deficiency in the effectiveness of internal controls over cash disbursements; the key control in place (dual signatures) for cash disbursement was not consistently followed throughout the fiscal year. Criteria or specific requirement: The project is required to design and implement effective internal controls over cash disbursements. Context: While performing audit procedures, it was noted that the key control in place (dual signatures) for cash disbursements was not consistently followed throughout the fiscal year. Effect: The effectiveness of the internal controls over cash disbursements may result in an erroneous or fraudulent transaction failing to be prevented or detected by Centennial Square?s internal controls. Cause: There is a deficiency in the effectiveness of internal controls. Recommendation: Management should consistently follow their internal control procedures over cash disbursements. Views of responsible officials and planned corrective actions: Management plans to consistently follow their internal control procedures over cash disbursements.

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