Finding Text
OTHER MATTERS
2023-001 BOARD OVERSIGHT
Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project.
Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly.
Cause: Board of directors are not meeting on a regular basis.
Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions.
Questioned Costs: N/A
Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties.
Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.