FAC Explorer

Finding 1094477 (2024-001)

Significant Deficiency Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-01-07
Audit: 336369
Organization: St. Mark United Methodist Church Housing Foundation, Inc. (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Answer: We identified ten necessary adjustments to correct the financial records.
  • Trend: The adjustments primarily affected areas like right-of-use assets, lease liabilities, and fixed assets.
  • List: Follow up on the implementation of these adjustments to ensure accurate financial reporting.

Finding Text

As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. The adjustments were necessary for basis areas such as right-of-use asset, lease liability, fixed assets, accumulated depreciation, and expenses.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 518035 2024-001
    Significant Deficiency Repeat
  • 518036 2024-001
    Significant Deficiency Repeat
  • 1094478 2024-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.47M
14.195 Project-Based Rental Assistance (pbra) $1.23M