FAC Explorer

Finding 960547 (2023-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-03-25
Audit: 297245
Organization: St. Mark United Methodist Church Housing Foundation, Inc. (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Answer: We identified eight necessary audit adjustments to correct financial records.
  • Trend: Most adjustments were significant and impacted key areas like fixed assets and revenue.
  • List: Focus on correcting fixed assets, accumulated depreciation, deferred revenue, revenue, and expenses.

Finding Text

As a result of our audit, we proposed eight (8) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas such as fixed assets, accumulated depreciation, deferred revenue, revenue, and expenses.

Categories

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Other Findings in this Audit

  • 384104 2023-001
    Material Weakness
  • 384105 2023-001
    Material Weakness
  • 960546 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.56M
14.195 Section 8 Housing Assistance Payments Program $1.20M