2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-002: Lack of Documentation for Review of Tenant Files Federal Departments: Department of Housing and Urban Development Assistance Listing #: 14.239 Internal Controls Significant Deficiency Category of Finding ? Eligibility Criteria ? Uniform Guidance requires in S200.303 that nonprofit organizations establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition ? Personnel at the Corporation were unable to produce documentation supporting the review of tenant files for tenant eligibility. Cause ? The Corporation has an informal process around tenant file review. It was clearly communicated to the team that reviews are required, and checklist were provided, but it was not clearly communicated that documentation needed to be maintained to show the review occurred. Effect ? A tenant could be ineligible and it would not be caught as a file review was not completed, or the review is not properly completed and no one would know since there was no documentation of the review or lack of review. Recommendation ? We recommend that management create written tenant file review policies and procedures which include a requirement that the review process be documented when reviews are completed. Auditee?s comments and response ? The Corporation created written policies and procedures for affordable housing program compliance and review of the applicable tenant files in fiscal year 2023 and is in the process of adopting these policies and procedures. Responsible party for corrective action: Nancy Cashman, Executive Director
2022-002: Lack of Documentation for Review of Tenant Files Federal Departments: Department of Housing and Urban Development Assistance Listing #: 14.239 Internal Controls Significant Deficiency Category of Finding ? Eligibility Criteria ? Uniform Guidance requires in S200.303 that nonprofit organizations establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition ? Personnel at the Corporation were unable to produce documentation supporting the review of tenant files for tenant eligibility. Cause ? The Corporation has an informal process around tenant file review. It was clearly communicated to the team that reviews are required, and checklist were provided, but it was not clearly communicated that documentation needed to be maintained to show the review occurred. Effect ? A tenant could be ineligible and it would not be caught as a file review was not completed, or the review is not properly completed and no one would know since there was no documentation of the review or lack of review. Recommendation ? We recommend that management create written tenant file review policies and procedures which include a requirement that the review process be documented when reviews are completed. Auditee?s comments and response ? The Corporation created written policies and procedures for affordable housing program compliance and review of the applicable tenant files in fiscal year 2023 and is in the process of adopting these policies and procedures. Responsible party for corrective action: Nancy Cashman, Executive Director
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-003: Filing of Single Audit Report Federal Departments: Department of Housing and Urban Development Assistance Listing #: All programs Internal Controls Significant Deficiency & Compliance Category of Finding ? Reporting Criteria ? Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition ? The Corporation did not submit the Single Audit Reporting Package for the year ended September 30, 2021 within nine months after the end of the audit period (June 30, 2022). Cause ? The Corporation faced turnover and short staffing within the accounting department during fiscal year 2021. Additionally, 12 properties were brought in-house for property management that had historically been managed by a third party, and these properties required additional attention from management to get them properly set-up within the Organization's accounting system. This additional work while short-staffed cause the Corporation to not complete the year-end close in a timely and efficient manner. As a result, the audit was not completed until after the June 30, 2022 deadline. Effect ? Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year's Single Audit. Recommendation ?We recommend that the Corporation develop, document, and implement policies and procedures for to ensure timely submission of the Single Audit Reporting Package. Auditee?s comments and response ? Management of the Corporation hired additional staff to allow management the additional time necessary to prepare and review internal financial statements in a timely and efficient manner so that the audit can begin and be completed in a timely and efficient manner. A separate issue arose during the 2022 audit which will cause a repeat finding in the 2023 audit, but Management believes their processes are properly designed to ensure timely filing of the Single Audit Reporting Package under normal circumstances. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-002: Lack of Documentation for Review of Tenant Files Federal Departments: Department of Housing and Urban Development Assistance Listing #: 14.239 Internal Controls Significant Deficiency Category of Finding ? Eligibility Criteria ? Uniform Guidance requires in S200.303 that nonprofit organizations establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition ? Personnel at the Corporation were unable to produce documentation supporting the review of tenant files for tenant eligibility. Cause ? The Corporation has an informal process around tenant file review. It was clearly communicated to the team that reviews are required, and checklist were provided, but it was not clearly communicated that documentation needed to be maintained to show the review occurred. Effect ? A tenant could be ineligible and it would not be caught as a file review was not completed, or the review is not properly completed and no one would know since there was no documentation of the review or lack of review. Recommendation ? We recommend that management create written tenant file review policies and procedures which include a requirement that the review process be documented when reviews are completed. Auditee?s comments and response ? The Corporation created written policies and procedures for affordable housing program compliance and review of the applicable tenant files in fiscal year 2023 and is in the process of adopting these policies and procedures. Responsible party for corrective action: Nancy Cashman, Executive Director
2022-002: Lack of Documentation for Review of Tenant Files Federal Departments: Department of Housing and Urban Development Assistance Listing #: 14.239 Internal Controls Significant Deficiency Category of Finding ? Eligibility Criteria ? Uniform Guidance requires in S200.303 that nonprofit organizations establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition ? Personnel at the Corporation were unable to produce documentation supporting the review of tenant files for tenant eligibility. Cause ? The Corporation has an informal process around tenant file review. It was clearly communicated to the team that reviews are required, and checklist were provided, but it was not clearly communicated that documentation needed to be maintained to show the review occurred. Effect ? A tenant could be ineligible and it would not be caught as a file review was not completed, or the review is not properly completed and no one would know since there was no documentation of the review or lack of review. Recommendation ? We recommend that management create written tenant file review policies and procedures which include a requirement that the review process be documented when reviews are completed. Auditee?s comments and response ? The Corporation created written policies and procedures for affordable housing program compliance and review of the applicable tenant files in fiscal year 2023 and is in the process of adopting these policies and procedures. Responsible party for corrective action: Nancy Cashman, Executive Director
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations
2022-001: Audit Adjustments and Oversight of the Financial Reporting Process Material Weakness Criteria ? Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition ? During the annual audit, approximately twenty adjustments were made to the Corporation?s financial statements to properly record development activity that in the aggregate, were material to the financial statements. Management reviewed, approved, and accepted responsibility for the audit adjustments before the financial statements were issued. The need for us to record significant audit adjustments indicates a break down in the internal controls related to preparing and reviewing the Corporation?s financial statements which we consider a material weakness because a misstatement of financial statements could occur and not be prevented or detected. Cause ? There was significant staff turnover in fiscal year 2022. The new finance team members had a steep learning curve around properly accounting for certain real estate activities, particularly development related accounting. Also, during the year-end close, the Director of Operations ? the most knowledgeable individual in this area was ill and unable to perform the in-depth review that she ordinarily would have performed before financials were sent to the auditors. Effect ? A material misstatement of the financial statement could occur and not be prevented or detected. Members of management using the Corporation?s internal books and records may not have complete and accurate information throughout the year. Recommendation ? We recommend the Corporation develop and implement a process around properly recording and reviewing development accounting to ensure that necessary adjustments and reconciliations are performed before year-end. This review should ensure that the books for the year under audit make sense, not just the books for the project?s life to date. Additionally, additional education and cross training should be implemented in the accounting team to offset the negative effect of the Director of Operations being unavailable in the future. Auditee's comments and response ? The Corporation continues to work on educating their new team and implementing good financial statement review processes. Management also intends to implement a simplified development accounting process going forward. Responsible party for corrective action: Kris Meyer, Director of Operations