Finding 518035 (2024-001)

Significant Deficiency Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2025-01-07

Audit: 336369

Organization: St. Mark United Methodist Church Housing Foundation, Inc. (IL)

Auditor: Alexander Mannie & Company PC

AI Summary

Answer: We identified ten necessary adjustments to correct the financial records.
Trend: The adjustments primarily affected areas like right-of-use assets, lease liabilities, and fixed assets.
List: Follow up on the implementation of these adjustments to ensure accurate financial reporting.

Finding Text

As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. The adjustments were necessary for basis areas such as right-of-use asset, lease liability, fixed assets, accumulated depreciation, and expenses.

Corrective Action Plan

The Management Agent will be aware of any newly accounting pronouncements that effect the Project’s books and records must be adopted timely. Also, material accounts should be reviewed monthly to determine whether they are properly classified.

Other Findings in this Audit

518036 2024-001

Significant Deficiency Repeat
1094477 2024-001

Significant Deficiency Repeat
1094478 2024-001

Significant Deficiency Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$4.47M
14.195	Project-Based Rental Assistance (pbra)	$1.23M