Finding Text
Finding No. 2024-002 – Board Oversight – Other Matter Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Cause: Board of directors are not meeting on a regular basis. Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.