FAC Explorer

Finding 1179602 (2023-011)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2026-03-16
Audit: 391997
Organization: Urban Development Corporation (IL)
Auditor: ALEXANDER MANNIE & COMPANY PC

AI Summary

  • Issue: The entity failed to file required Form 1099 NEC for non-employee compensation payments of $600 or more.
  • Trend: This non-compliance indicates a potential pattern of oversight in meeting federal filing requirements.
  • Recommendation: Ensure timely filing of Form 1099 NEC and provide recipient copies by the statutory deadline moving forward.

Finding Text

During our testing of the entity’s compliance with applicable federal laws and regulations, we noted that the entity did not file required Form 1099 NEC information returns for certain non employee compensation payments of $600 or more made during the fiscal year. The Project also did not furnish the required recipient copies by the statutory deadline

Corrective Action Plan

The Project will implement procedures to ensure year-end review of vendor transactions that require Form 1099 filings. The Project will prepare and file forms in compliance with governmental laws and regulations.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1179586 2023-001
    Material Weakness Repeat
  • 1179587 2023-001
    Material Weakness Repeat
  • 1179588 2023-002
    Material Weakness Repeat
  • 1179589 2023-002
    Material Weakness Repeat
  • 1179590 2023-003
    Material Weakness Repeat
  • 1179591 2023-004
    Material Weakness Repeat
  • 1179592 2023-005
    Material Weakness Repeat
  • 1179593 2023-006
    Material Weakness Repeat
  • 1179594 2023-007
    Material Weakness Repeat
  • 1179595 2023-007
    Material Weakness Repeat
  • 1179596 2023-008
    Material Weakness Repeat
  • 1179597 2023-008
    Material Weakness Repeat
  • 1179598 2023-009
    Material Weakness Repeat
  • 1179599 2023-009
    Material Weakness Repeat
  • 1179600 2023-010
    Material Weakness Repeat
  • 1179601 2023-011
    Material Weakness Repeat
  • 1179603 2023-012
    Material Weakness Repeat
  • 1179604 2023-012
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $2.36M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.03M