Finding 521110 (2024-001)

Finding Reference Number: 2024-001 Federal Programs: Section 202 Direct Loan (CFDA 14.138) Type of Finding: Federal Award Finding Finding Resolution Status: Unresolved Criteria: Proper documentation should be maintained for all transactions. Statement of Condition: Credit card payments totaling $19,088 are not substantiated with proper receipts and credit card balances were not reconciled. Cause: Property management was paying new balances on credit card statements which included past due amounts. Accounting was not receiving details of payments and therefore potentially coding expenses to incorrect accounts. Effect or Potential Effect: Noncompliance and potential payment of duplicate or unauthorized expenses. Auditor Noncompliance Code: Cash management Questioned Costs: $19,088 Recommendation: Management should reconcile accounts and obtain source documents and receipts. Completion Date: 10/31/2024 Reporting Views of Responsible Officials: Management agrees with the finding and is continuing to implement changes to internal controls with the new property manager to assure proper documentation and reporting in the future.