EIN: 470467350
UEI: MPC7HBJ23LT3
Audited by: Frankel, LLC
Oversight agency: 84 [Department of Education]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 30, 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 June 30, 2025 (426 days ago).
What is a management decision? →The Club implemented a new general ledger software system in May 2023 and experienced significant difficulties in transferring beginning balances, entering current transactions timely and accurately, as well as reconciling key accounts. In particular, after the implementation, monthly bank account reconciliations were not completed until late 2024. Cause: The Club was not prepared to implement the new software and did not have adequate resources to deal with the difficulties encountered and routine accounting functions. Effect: The Club had significant unrecorded or improperly recorded transactions in the general ledger which resulted in a significant adjustment to the cash account balance and other accounts that were material to the financial statements. Response: See Corrective Action Plan.
Show full finding ▾Hide full finding ▴Criteria: Maintenance of the general ledger is critical to accurate and reliable financial reporting. Condition: The Club implemented a new general ledger software system in May 2023 and experienced significant difficulties in transferring beginning balances, entering current transactions timely and accurately, as well as reconciling key accounts. In particular, after the implementation, monthly bank account reconciliations were not completed until late 2024. Cause: The Club was not prepared to implement the new software and did not have adequate resources to deal with the difficulties encountered and routine accounting functions. Effect: The Club had significant unrecorded or improperly recorded transactions in the general ledger which resulted in a significant adjustment to the cash account balance and other accounts that were material to the financial statements. Response: See Corrective Action Plan.
Action(s) Taken or Planned on the Finding: Our plan to correct the general ledger system and accurately account for transactions going forward is as follows: 1.) Hire an experienced Chief Financial Officer to implement best practices within the organization’s accounting function. 2.) Develop processes to ensure that significant balance sheet accounts, including cash, investments, and receivables, are reviewed and reconciled each month. 3.) Hire a general ledger specialist whose primary focus will be on accounting for and reconciling receivable balances. These steps will allow us to account for transactions accurately and report correct financial statement balances. Anticipated Completion Date: The new Chief Financial Officer started September 30, 2024. The implementation of new processes and procedures will begin in December 2024 and once established will continue indefinitely. The hiring process for the additional staff is expected to commence in December 2024.
The Club’s accounting personnel must review and record all transactions related to the current period in the general ledger in accordance with GAAP. Cause: The Club did not review all transactions to identify and record significant receivable and investment changes and the related revenue implications in its general ledger. Effect: The Club had significant unrecorded or improperly recorded transactions in the general ledger which resulted in a significant number of adjusting entries that were material to the financial statements. Response: See Corrective Action Plan.
Show full finding ▾Hide full finding ▴Criteria: Internal controls should be in operation that provide reasonable assurance of the Club’s ability to report financial data reliably in accordance with generally accepted accounting principles (GAAP). Condition: The Club’s accounting personnel must review and record all transactions related to the current period in the general ledger in accordance with GAAP. Cause: The Club did not review all transactions to identify and record significant receivable and investment changes and the related revenue implications in its general ledger. Effect: The Club had significant unrecorded or improperly recorded transactions in the general ledger which resulted in a significant number of adjusting entries that were material to the financial statements. Response: See Corrective Action Plan.
Action(s) Taken or Planned on the Finding: Our plan to accurately account for transactions is as follows: 1.) The organization is adding additional staff to the accounting department, which will allow for separation of duties, better tracking, and additional oversight from month to month. 2.) The CFO will work closely with the Chief Development Officer and accounting personnel to develop a monthly reconciliation process that ensures contribution and special event activity is reviewed and accurately recorded in the appropriate period. This will allow us to account for transactions accurately and to remain in accordance with U.S. GAAP. This corrective action plan will be reviewed annually to ensure compliance. Anticipated Completion Date: While additional procedures were implemented in January 2023, employee turnover and the implementation of a new general ledger system created additional challenges and the procedures developed were not sufficient to prevent the identified issues. Updated procedures will begin in December 2024.
FAC accepted this audit on September 20, 2023 — management decision was due March 20, 2024.
FAC accepted this audit on July 18, 2022 — management decision was due January 18, 2023.
FAC accepted this audit on June 29, 2021 — management decision was due December 29, 2021.
FAC accepted this audit on August 12, 2020 — management decision was due February 12, 2021.
FAC accepted this audit on August 28, 2019 — management decision was due February 28, 2020.
FAC accepted this audit on June 18, 2018 — management decision was due December 18, 2018.
FAC accepted this audit on June 27, 2017 — management decision was due December 27, 2017.
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.
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