Federal Audit History
Single audits filed with the Federal Audit Clearinghouse$3.0M in federal awards expended in FY2022
| Year | Federal $ expended | Auditor | Opinion | Flags |
|---|
| 2022 | $3.0M | Orta & Choate, P.C. | Unmodified (clean) | Material weakness |
Federal Programs
Top programs · FY2022| Program | Agency | Expended | Major program | Findings |
|---|
| U.S. Department of Housing and Urban Development Community Development Block Grant ("CDBG") via Passed through the City of Los Angeles Community Investment for Families Department | HUD | $3.0M | Yes | 2 |
Audit Findings
FY2022 · auditor's own text2022-001Program incomeMaterial weakness
During our review of the accounting for the loan proceeds from the CDBG funds, it was determined that the Foundation
incorrectly booked the loan proceeds received as revenue instead of loan payable.
2022-002ReportingMaterial weakness
Per discussions with management, it was determined that the Foundation was unaware of the Single Audit filing requirement for Federal funds received in the Organization’s fiscal year in excess of $750,000.
Source: Federal Audit Clearinghouse single audits (required of organizations expending $1,000,000+ in federal awards per year for fiscal years beginning on or after Oct 1, 2024; $750,000 before).