EIN: 521729460
UEI: JXQ6A1K616N5
Audited by: SB & COMPANY, LLC
Oversight agency: 14 [Department of Housing and Urban Development]
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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 November 21, 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 May 21, 2025 (466 days ago).
What is a management decision? →For the year ended June 30, 2022, St. Ambrose Housing Aid Center, Inc. (the Organization) did not complete the 2022 financial statement audit until May 2023. Also, due to turnover within the Organization, it took an extended amount of time to gather the required documents and support for the audit. Thus, the reporting package was not submitted to the Federal clearing house until after the regulatory deadline of March 31, 2023. Criteria: The Organization is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The Organization did not have the June 30, 2022, financial records closed timely in order to meet the deadline. Effect: The Organization’s 2022 audit was not completed timely, thus increased risk of error due to unreconciled accounts in a timely manner. Questioned Costs: None. Recommendation: We recommend that the Organization implement procedures to ensure the Organization’s activity is closed timely for the fiscal year and ensure proper documentation is maintained and available for audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. Refer to Section V: Corrective Action Plan for management’s approach to correct the finding.
Show full finding ▾Hide full finding ▴Significant Deficiency over Financial Reporting and Noncompliance over Financial Reporting Repeat Finding: Yes Condition: For the year ended June 30, 2022, St. Ambrose Housing Aid Center, Inc. (the Organization) did not complete the 2022 financial statement audit until May 2023. Also, due to turnover within the Organization, it took an extended amount of time to gather the required documents and support for the audit. Thus, the reporting package was not submitted to the Federal clearing house until after the regulatory deadline of March 31, 2023. Criteria: The Organization is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The Organization did not have the June 30, 2022, financial records closed timely in order to meet the deadline. Effect: The Organization’s 2022 audit was not completed timely, thus increased risk of error due to unreconciled accounts in a timely manner. Questioned Costs: None. Recommendation: We recommend that the Organization implement procedures to ensure the Organization’s activity is closed timely for the fiscal year and ensure proper documentation is maintained and available for audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. Refer to Section V: Corrective Action Plan for management’s approach to correct the finding.
On March 3rd, 2022, three months prior to the end of the St. Ambrose Housing Aid Center's fiscal year, management was notified by the previous auditors that their firm was discontinuing its audit practice and is discontinuing this line of business for all its clients. This news was totally unexpected. Following this surprise announcement, management initiated a search for a new audit firm with the skills and experience to accurately review the books and records of a large nonprofit organization with diverse real property assets. Management ultimately identified and engaged SB & Company, LLC in August of 2022 to perform all audits of St. Ambrose Housing Aid Center, Inc., and subsidiaries. An additional challenge occurred when our CFO, who worked for the organization for eight years, submitted her resignation in July 2023. While we were pleased for the growth opportunity for our colleague, her departure left the organization in a tenuous position. Finding a replacement has been difficult, we have engaged a search firm, but it has been difficult to find someone with the required skillset who would accept our compensation package. The late notification of the previous auditor and the time-intensive process for identifying and engaging a new firm meant that St. Ambrose Housing Aid Center, Inc. would not be able to deliver a timely audit. Management acknowledges that it is the responsibility of the Company to maintain an adequate system of internal controls over the financial reporting to initiate, authorize, record, process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Management maintains its books and records using an adequate system of internal controls currently. While our circumstances have been difficult, we have discussed a schedule with our auditor that we believe will allow the audit to be performed to improve our delivery for the year ending June 30, 2024. Contact Person: Gerard Joab Anticipated Implementation Date: December 1, 2024
FAC accepted this audit on February 7, 2023 — management decision was due August 7, 2023.
FAC accepted this audit on May 8, 2022 — management decision was due November 8, 2022.
FAC accepted this audit on February 17, 2021 — management decision was due August 17, 2021.
FAC accepted this audit on January 28, 2019 — management decision was due July 28, 2019.
FAC accepted this audit on February 20, 2018 — management decision was due August 20, 2018.
FAC accepted this audit on January 16, 2017 — management decision was due July 16, 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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