FAC Explorer

Finding 400764 (2023-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-06-13
Audit: 308777
Organization: Jude's Place Apartments, Inc. (KY)
Auditor: Deming Malone Livesay & Ostroff

AI Summary

  • Answer: Year-end financial statements are not compliant with U.S. accounting principles.
  • Trend: Missing year-end adjusting entries, cash flow statements, and full note disclosures indicate a pattern of incomplete reporting.
  • List: Ensure future statements include all necessary adjustments, a cash flow statement, and comprehensive notes for compliance.

Finding Text

The year-end financial statements prepared for the Organization’s board members and management to assess ongoing operating results are not prepared in accordance with accounting principles generally accepted in the United States of America, in that they do not include certain year-end adjusting entries, a statement of cash flows, and full note disclosures.

Corrective Action Plan

The Organization will continue to rely on Deming, Malone, Livesay & Ostroff, PSC to prepare the year-end financial statements and related note disclosures. The Organization will review and accept responsibility for the financial statements and note disclosures.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 400765 2023-002
    Material Weakness
  • 400766 2023-003
    Significant Deficiency
  • 400767 2023-001
    Material Weakness
  • 400768 2023-002
    Material Weakness
  • 400769 2023-003
    Significant Deficiency
  • 977206 2023-001
    Material Weakness
  • 977207 2023-002
    Material Weakness
  • 977208 2023-003
    Significant Deficiency
  • 977209 2023-001
    Material Weakness
  • 977210 2023-002
    Material Weakness
  • 977211 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $928,000
14.239 Home Investment Partnerships Program $79,327