FAC Explorer

Audit 302341

FY End
2022-12-31
Total Expended
$1.40M
Findings
8
Programs
1
Organization: The Magnificent Mile Association (IL)
Year: 2022 Accepted: 2024-04-02
Auditor: Benford Brown & Associates LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
392127 2022-002 Material Weakness - L
392128 2022-002 Material Weakness - L
392129 2022-002 Material Weakness - L
392130 2022-002 Material Weakness - L
968569 2022-002 Material Weakness - L
968570 2022-002 Material Weakness - L
968571 2022-002 Material Weakness - L
968572 2022-002 Material Weakness - L

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $70,094 Yes 1

Contacts

Name Title Type
XJJ9RLFV2674 Kimberly Bares Auditee
7734766200 Timothy S. Watson Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Schedule includes the federal grant activity of the Association and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: Y Rate Explanation: The Association elected to use the 10% de minimis cost rate during fiscal year 2022.

Finding Details

Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.
Finding 2022-002
Finding 2022-02 Noncompliance with Federal and State Reporting Requirements Assistance Listing Numbers 21.027 Coronavirus Coronavirus State and Local Fiscal Recovery Funds Program Federal Agency U.S. Department of Treasury Passthrough Agency City of Chicago Award Number/Year 2022 Criteria The Association has grant agreements from the City of Chicago with terms requiring compliance with financial reporting requirements in accordance with Uniform Guidance and the State of Illinois’ Grant Accountability and Transparency Act (GATA). As such, for the year ended December 31, 2022, the Association is required to submit audited financial statements, a schedule of expenditures of federal awards (SEFA) and single audit reports to the Federal Audit Clearinghouse. The due date for submission of the audit package to the GATA portal is six (6) months after the Association’s fiscal year-end. The due date for submission of the audit package to the Federal Audit Clearinghouse is nine (9) months after the Association’s fiscal year-end. Condition The Association did not submit its audited financial statements, SEFA and CYEFR and other required information to the Federal Audit Clearinghouse and GATA portal within nine (9) months and six (6) months, respectively, after December 31, 2022. Cause This condition was due to the Association not identifying federal funding passed through the City of Chicago (City) until after receiving notification from the City that it had provided enough funding to require that the Association submit a single audit as a part of maintaining compliance with its grant agreements with the City. Effect The effect is that controls over the financial reporting process were significantly weakened thereby substantially increasing the risk that material misstatements could be included in the financial statements, SEFA, and CYEFR without management being aware. Additionally, noncompliance with financial reporting deadlines could cause funding sources for the Association to suspend funding until compliance is achieved.