EIN: 452516561
UEI: DJ6QAABZ2WK3
Audited by: Mahoney Ulbrich Christiansen & Russ, PA
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 31, 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 October 1, 2026 (31 days from today).
What is a management decision? →FAC accepted this audit on January 29, 2025 — management decision was due July 29, 2025.
FAC accepted this audit on January 2, 2024 — management decision was due July 2, 2024.
SECTION II – FINDINGS - FINANCIAL STATEMENTS AUDIT 2023-001 - Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative’s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2022-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee’s comment - On October 1, 2023, the Cooperative entered into a management agreement with Anderson Asset Property Group, LLC to manage the Cooperative. The management company has proper segregation of duties in place such that no one employee has access to both physical assets and the related accounting records. Status - Resolved Auditor’s non-compliance code - S - Internal Control Deficiencies SECTION III – FINDINGS AND QUESTIONED COSTS –MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
Show full finding ▾Hide full finding ▴SECTION II – FINDINGS - FINANCIAL STATEMENTS AUDIT 2023-001 - Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative’s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2022-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee’s comment - On October 1, 2023, the Cooperative entered into a management agreement with Anderson Asset Property Group, LLC to manage the Cooperative. The management company has proper segregation of duties in place such that no one employee has access to both physical assets and the related accounting records. Status - Resolved Auditor’s non-compliance code - S - Internal Control Deficiencies SECTION III – FINDINGS AND QUESTIONED COSTS –MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
The Board of Directors is and will remain involved in the financial affairs of the Cooperative. The Cooperative hired a new management agent with proper segregation of duties.
2022-001
FAC accepted this audit on February 5, 2023 — management decision was due August 5, 2023.
2022-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2021-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment - The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status - Outstanding Auditor?s non-compliance code - S - Internal Control Deficiencies SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
Show full finding ▾Hide full finding ▴2022-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2021-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment - The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status - Outstanding Auditor?s non-compliance code - S - Internal Control Deficiencies SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
Department of Housing and Urban Development: HUD project FHA #074-23027 Village Cooperative of Cedar Falls Federal ID# 45-2516561 The FASS system generated the following findings from its review of the August 31, 2022 financial statements. The results of the assessment are summarized below. The project owner should provide their assigned HUD Project Manager a written response addressing each of the findings, and appropriate documentation (e.g. copies of cancelled checks, bank statements, etc.) to prove the finding has been resolved. Project Auditor Findings: The auditor reported the following findings: Compliance Oriented Findings. The Schedule of Findings and Questioned Costs by the auditor contained findings related to the following Auditor Indicator Codes: Finding Reference No. / Code - Finding Condition 2022-001 / S - Internal Control Deficiencies Corrective Action(s). For all audit findings that were unresolved as of the date of the audit report, the owner must provide their HUD Project Manager a written response and supporting documentation indicating the finding has been resolved. Corrective Action Plan: The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2021-001
FAC accepted this audit on January 12, 2022 — management decision was due July 12, 2022.
SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT 2021-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2020-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation.
Show full finding ▾Hide full finding ▴SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT 2021-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2020-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation.
The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2020-001
FAC accepted this audit on December 9, 2020 — management decision was due June 9, 2021.
SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT 2020-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2019-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment - The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status - Outstanding Auditor?s non-compliance code - S - Internal Control Deficiencies SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
Show full finding ▾Hide full finding ▴SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT 2020-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2019-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment - The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status - Outstanding Auditor?s non-compliance code - S - Internal Control Deficiencies SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2019-001
FAC accepted this audit on November 19, 2019 — management decision was due May 19, 2020.
SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT 2019-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2018-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment - The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status - Outstanding Auditor?s non-compliance code - S - Internal Control Deficiencies SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
Show full finding ▾Hide full finding ▴SECTION II ? FINDINGS - FINANCIAL STATEMENTS AUDIT 2019-001 ? Significant deficiency - Segregation of duties Criteria - Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition - The Cooperative has one employee that performs day to day management and accounting functions. Cause - The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect - The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding - This finding was reported in the prior year as finding 2018-001. Recommendation - The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment - The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status - Outstanding Auditor?s non-compliance code - S - Internal Control Deficiencies SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT No matters were reported.
The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2018-001
FAC accepted this audit on December 6, 2018 — management decision was due June 6, 2019.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2017-001
FAC accepted this audit on December 19, 2017 — management decision was due June 19, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2016-001
FAC accepted this audit on December 8, 2016 — management decision was due June 8, 2017.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴GSA_MIGRATION
GSA_MIGRATION
2015-001
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 Iowa →
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.
