Finding 1163590 (2024-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-12-08

AI Summary

  • Core Issue: Chesterfield Square Mutual Homes, Inc. has not submitted required audit reports for fiscal years ending July 31, 2023 or 2022.
  • Impacted Requirements: Submission is mandated by federal regulations within 30 days of receiving the auditor's report or 9 months post fiscal year-end.
  • Recommended Follow-Up: Management should promptly obtain a Unique Entity Identifying Number (UEIN) and submit the necessary reports to ensure compliance.

Finding Text

2024-001: Reporting, AL #14.155 Condition Chesterfield Square Mutual Homes, Inc. has not submitted the audit reporting package and the Form SF-SAC to the Federal Audit Clearinghouse for fiscal years ending July 31, 2023 or 2022. Criteria All entities subject to the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), are required to submit the audit reporting package and the Form SF-SAC to the Federal Audit Clearinghouse 30 days after receipt of the auditor’s report, or 9 months after the end of the fiscal year, whichever comes first. Cause Management has been unable to obtain a Unique Entity Identifying Number (UEIN), which is a required field for submission to the Federal Audit Clearinghouse. Effect The Project is not compliance with federal reporting guidelines. Recommendation Management should take immediate steps to obtain the UEIN and submit the audit reporting package and the Form SFSAC to the Federal Audit Clearinghouse for fiscal years ending July 31, 2023 or 2022. Views of Responsible Officials and Planned Corrective Action Management agrees with auditor recommendations. See Corrective Action Plan prepared by management.

Corrective Action Plan

October 31, 2024 RE: Chesterfield Square Audit Finding 2024-001: Reporting, AL #14.155 Corrective Action Plan To Whom It May Concern: Drucker & Falk, LLC is partnering with the Chesterfield Square board president to obtain a Unique Entity Identifying Number (UEIN) such that audit reporting package and the Form SF-SAC can be submitted to the Federal Audit Clearinghouse for fiscal years ending July 31, 2023 and 2022. Respectfully, Drucker & Falk, LLC Agent Sharon B. Stover

Categories

Allowable Costs / Cost Principles Reporting

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $4.81M
14.856 LOWER INCOME HOUSING ASSISTANCE PROGRAM SECTION 8 MODERATE REHABILITATION $1.10M