FAC Explorer

Finding 1166147 (2025-002)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2025-12-22
Audit: 377051
Organization: Coronado Gardens Consumer Housing Cooperative (MI)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Issue: The financial statements for the year ending July 31, 2025, were not submitted on time.
  • Trend: This delay indicates a potential pattern of late filings, which could affect compliance.
  • Follow-up: Ensure timely filing for future statements and review processes to prevent recurrence.

Finding Text

The audited financial statements for the fiscal year-end July 31, 2025 were not filed into the REAC system within 90 days after the year-end.

Corrective Action Plan

Management will ensure the audited financial statements are filed into the REAC system within 90 days after the fiscal year end.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1166146 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $564,051
14.103 INTEREST REDUCTION PAYMENTS_RENTAL AND COOPERATIVE HOUSING FOR LOWER INCOME FAMILIES $332,212
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $297,328