Management decision deadline — for entities that funded this organization
The FAC accepted this audit on January 2, 2024. 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 July 2, 2024, which was (778 days ago).
What is a management decision? →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 – 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
The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2022-001
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on January 10, 2023. 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 July 10, 2023, which was (1136 days ago).
What is a management decision? →SECTION II ? FINDINGS ? FINANCIAL STATEMENTS AUDIT 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
The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2021-001
SECTION III ? FINDINGS AND QUESTIONED COSTS ?MAJOR FEDERAL AWARD PROGRAM AUDIT 2022-002 ? Unauthorized distributions Department of Housing and Urban Development Assistance Listing Number 14.126 ?Mortgage Insurance ? Cooperative Projects Material Weakness and Noncompliance Category of Finding ? Special Tests and Provisions Criteria ? The HUD Regulatory Agreement specifies the amount of cash distribution is limited to surplus cash as defined and approved by HUD. Condition ? In June 2021, the Cooperative paid a $100,000 distribution to members?, from operations without a calculation of surplus cash and approval from HUD. Cause ? The Cooperative did not follow the calculation of surplus cash as defined and approved through HUD and the regulatory agreement. Effect ? The Cooperative paid a distribution to members? without approval from HUD, which could have resulted in cash flow issues. Recommendation ? We recommend that the Cooperative implement a control process to ensure adherence to the regulatory agreement and obtain HUD approval prior to payment of surplus cash. Auditee?s comment ? The Cooperative is aware of the HUD requirements and regulatory agreement and will follow them in the future. The Board of Directors and management will discuss with HUD in regard to the distribution of $100,000 to members and obtain HUD?s appropriate corrective action plan. Status ? Outstanding Auditor?s non-compliance code ? Z ? Other
The Cooperative is aware of the HUD requirements and regulatory agreement and will follow them in the future. The Board of Directors and management will discuss with HUD in regard to the distribution of $100,000 to members and obtain HUD?s appropriate corrective action plan.
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 6, 2021. 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 March 6, 2022, which was (1627 days ago).
What is a management decision? →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. 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.
2020-001
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 4, 2020. 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 February 4, 2021, which was (2022 days ago).
What is a management decision? →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
The Board of Directors is and will remain involved in the financial affairs of the Cooperative.
2019-001
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 12, 2019. 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 March 12, 2020, which was (2351 days ago).
What is a management decision? →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
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 21, 2018. 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 February 21, 2019, which was (2736 days ago).
What is a management decision? →GSA_MIGRATION
GSA_MIGRATION
2017-001
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 21, 2017. 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 February 21, 2018, which was (3101 days ago).
What is a management decision? →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.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and compliance status.
Start monitoring →Single Audit Intelligence is an independent tool powered by Federal Audit Clearinghouse data. Not affiliated with GSA, OMB, or any federal agency.