FAC Explorer

Finding 1227292 (2025-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2026-08-19
Audit: 409407
Organization: The Salvation Army Chicago City Fund (IL)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Answer: The Corporation failed to fully fund the replacement reserve.
  • Trend: This issue may indicate ongoing financial management challenges.
  • List: Recommend reviewing funding practices and ensuring compliance with reserve requirements.

Finding Text

The Corporation did not fund the replacement reserve in the full amount required.

Corrective Action Plan

Management will make the delinquent deposit to the replacement reserve of $62,016 and establish transfers for the monthly deposit amount.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1227293 2025-002
    Material Weakness Repeat
  • 1227294 2025-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $232,291