Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.
Finding No. 2022-001 ? Timely review over cash and financial reporting Criteria Management is responsible for the design, implementation, and maintenance of internal controls over financial reporting. Condition Cash reconciliations were not reviewed timely. As a result, an unreconciled difference was carried for several months and across two fiscal years. In addition, accounting performed by a third-party property management company relating to real estate activity was not reviewed timely for accuracy and completeness. Effect Adjusting journal entries were required at June 30, 2022 to correct misstatements noted. Cause The unreconciled difference on the monthly cash reconciliations was originally believed to be a software issue and was not investigated further. There was no manual reconciliation performed. The third-party management company recorded operating activity but did not properly account for all development activity. The third party management company is dependent on management to provide the necessary adjustments to the real estate general ledgers. The third-party management company was not involved in development matters at the properties and defers to management for the proper accounting of that activity. Recommendation Management should review and resolve all unreconciled differences on bank statements in a timely manner. If errors are caused by general ledger software issues, then a manual reconciliation should be performed. Management should also timely review all real estate activity against related partnership, operating and development agreements and expectations. Reporting Views of Responsible Officials Management will ensure that bank statements and all real estate activities are reviewed timely each month.