Finding 1221513 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-06-30

Audit: 405819

Organization: Mt. Zion Housing Authority of Hammond, INC 073 11344 Dba Pleasant View (IN)

Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

Answer: Management failed to calculate surplus cash on their own.
Trend: This issue highlights a recurring lack of timely financial calculations by management.
List: Follow up to ensure management develops a process for regular surplus cash calculations.

Finding Text

Management did not calculate surplus cash until the calculation was performed by the prior auditors. The surplus cash calculation prepared by the prior auditors was not available until September 23, 2025, the date of the audited financial statements.

Corrective Action Plan

Management will provide documentation to the auditors in a timely manner in order to complete the audit prior to the deadline.

Other Findings in this Audit

1221511 2025-001

Material Weakness Repeat
1221512 2025-002

Material Weakness Repeat
1221514 2025-002

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.155	MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS	$4.22M
14.195	SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM	$1.38M