FAC Explorer

Finding 9207 (2022-003)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2024-01-19
Audit: 12566
Organization: Urban Development Corporation (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Core Issue: The Project failed to provide the necessary Resident Balance By Fiscal Period for December 31, 2022, impacting reconciliation efforts.
  • Impacted Requirements: This affects the accuracy of the 1130 Tenant Receivable, 1130 Accounts Receivable HUD, 2210 Prepaid Revenue, and 2191 Tenant Deposit Held in Trust accounts.
  • Recommended Follow-Up: Ensure the Resident Balance is submitted promptly to avoid recurrence of this issue in future audits.

Finding Text

The Project did not provide the Resident Balance By Fiscal Period-December 31, 2022 to reconcile to the 1130 Tenant Receivable, 1130 Accounts Receivable HUD, 2210 Prepaid Revenue, and 2191 Tenant Deposit Held in Trust (Contra). The Resident Balance by Fiscal Period is the subsidiary ledger for the accounts noted. This finding is a repeated finding from prior year

Categories

HUD Housing Programs

Other Findings in this Audit

  • 9196 2022-001
    Material Weakness
  • 9197 2022-002
    Material Weakness
  • 9198 2022-003
    Material Weakness
  • 9199 2022-004
    Material Weakness Repeat
  • 9200 2022-005
    Material Weakness Repeat
  • 9201 2022-006
    Material Weakness
  • 9202 2022-007
    Material Weakness
  • 9203 2022-008
    Material Weakness
  • 9204 2022-009
    Material Weakness
  • 9205 2022-001
    Material Weakness
  • 9206 2022-002
    Material Weakness
  • 9208 2022-006
    Material Weakness
  • 9209 2022-007
    Material Weakness
  • 9210 2022-008
    Material Weakness
  • 585638 2022-001
    Material Weakness
  • 585639 2022-002
    Material Weakness
  • 585640 2022-003
    Material Weakness
  • 585641 2022-004
    Material Weakness Repeat
  • 585642 2022-005
    Material Weakness Repeat
  • 585643 2022-006
    Material Weakness
  • 585644 2022-007
    Material Weakness
  • 585645 2022-008
    Material Weakness
  • 585646 2022-009
    Material Weakness
  • 585647 2022-001
    Material Weakness
  • 585648 2022-002
    Material Weakness
  • 585649 2022-003
    Material Weakness
  • 585650 2022-006
    Material Weakness
  • 585651 2022-007
    Material Weakness
  • 585652 2022-008
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.44M
14.195 Section 8 Housing Assistance Payments Program $1.00M