Finding Text
2022-001 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 out 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 will work to meet on a more regular basis.