FAC Explorer

Audit 373443

FY End
2025-06-30
Total Expended
$1.97M
Findings
2
Programs
1
Organization: Kleeman Village Housing Corporation, Nfp (IL)
Year: 2025 Accepted: 2025-12-08
Auditor: MCK CPAS & ADVISORS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1163626 2025-001 Material Weakness Yes P
1163627 2025-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $67,953 Yes 1

Contacts

Name Title Type
FNJKN7QDK3T8 Stephanie Coonce Auditee
2179352218 Cathy Mansur Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal grant activity of Kleeman Village Housing Corporation, NFP, HUD Project No. 072-HD144, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements/or Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Kleeman Village Housing Corporation, NFP, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Kleeman Village Housing Corporation, NFP.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Kleeman Village Housing Corporation, NFP has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Kleeman Village Housing Corporation, NFP has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year. The balance of the loan outstanding at June 30, 2025 consists of: Assistance Listing Number 14.181 Program Name Section 811 Direct Loan Outstanding Balance at June 30, 2025 $1,905,600

Finding Details

Finding 2025-001
2025 - 001 Preparation of Financial Statements Condition: The Project prepares its accounting records and reports on the cash basis of accounting. As part of the audit, the accounting records were converted to the accrual basis as required by accounting principles generally accepted in the United States of America. In addition, audit adjustments were also made to properly record fixed assets and depreciation. The Project engages MCK CPAs & Advisors, the external auditors, to assist in preparing its financial statements and accompanying disclosures. Criteria: A strong system of internal controls requires the Project to prepare its own financial statements and accompanying disclosures in accordance with accounting principles generally accepted in the United States of America. Cause: The Project employs limited personnel over the accounting function, which are not trained in monitoring recent accounting developments to the extent necessary to assure preparation of financial statements and related disclosures. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Identification oF Repeat Findings: This condition was included as finding 2024-001 in the Schedule of Findings and Questioned Costs, year ended June 30, 2024. Recommendation: To establish proper internal control over the preparation of its financial statements, including disclosures, the Project should design and implement a comprehensive review procedure to ensure that the accounting records and financial statements, including disclosures, are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable generally accepted accounting principles and knowledge of the Project's activities and operations Management Response: This condition is inherent in operations which, for economic reasons, must function with a small number of office personnel. Correction of this condition would require the employment of additional office personnel. We will continue to monitor financial reports and accounting information as correction of this condition is not practical.