FAC Explorer

Audit 297525

FY End
2023-06-30
Total Expended
$1.01M
Findings
2
Programs
2
Organization: Parc Residential Options, Inc., Project No. 072-Hd045 (IL)
Year: 2023 Accepted: 2024-03-26
Auditor: Cliftonlarsonallen

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
384396 2023-001 Significant Deficiency Yes P
960838 2023-001 Significant Deficiency Yes P

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $978,000 Yes 1
14.195 Section 8 Housing Assistance Payments Program $27,660 - 0

Contacts

Name Title Type
K84MU7G86GH5 Michael Cohlman Auditee
3096913800 Dawn Carlson Auditor
No contacts on file

Notes to SEFA

Title: ADDITIONAL INFORMATION Accounting Policies: Basis of Accounting The accompanying schedule of expenditures of federal awards is prepared on the accrualbasis of accounting. Nonmonetary Assistance The capital advance mortgage note in the amount of $978,000 to the U.S. Department ofHousing and Urban Development is secured by the apartment project. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Corporation did not receive any federal awards in the form of noncash assistance for insurance in effect during the year. In addition, the Corporation did not pass through any federal grants to subrecipients.

Finding Details

Finding 2023-001
Type of Finding: Significant Deficiency in Internal Control over Financial Reporting. Condition: There is minimal segregation of duties among personnel involved in the accounting function. Criteria or Specific Requirement: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented if possible. Cause: There are a small number of personnel to whom to allocate responsibilities in accounting functions. Effect: A lack of segregation of duties increase the risk that errors may occur and not be prevented or detected on a timely basis. Repeat Finding: Yes, Prior year finding 2022-001. Recommendation: Responsibilities and duties should be segregated whenever possible. When this condition exists, management's and the board's close supervision and review of accounting information can help to prevent or detect errors and irregularities.
Finding 2023-001
Type of Finding: Significant Deficiency in Internal Control over Financial Reporting. Condition: There is minimal segregation of duties among personnel involved in the accounting function. Criteria or Specific Requirement: A proper segregation of duties is an important component of a system of strong internal controls and should be implemented if possible. Cause: There are a small number of personnel to whom to allocate responsibilities in accounting functions. Effect: A lack of segregation of duties increase the risk that errors may occur and not be prevented or detected on a timely basis. Repeat Finding: Yes, Prior year finding 2022-001. Recommendation: Responsibilities and duties should be segregated whenever possible. When this condition exists, management's and the board's close supervision and review of accounting information can help to prevent or detect errors and irregularities.