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Texas · Nonprofit · $10M-$50M in federal spending

Village Cooperative of Century Hills

North Richland Hills, TX

The FY2025 single audit reports 1 finding: 1 material weakness.

Score: 8 of 100 (FY2025 audit)

The sum of eight parts, each read from the audit. How the score works.

PartRulePointsMax
Material weaknesses8 points each824
Significant deficiencies3 points each09
Repeat findings5 points each015
Longest repeat chain2 years 3, 3 years 6, 4 years 9, 5+ years 12012
Modified major-program opinionsqualified 8 each; any adverse or disclaimer 15015
Questioned costsknown amount of $25,000 or more, by share and dollars015
Going concernauditor included a going-concern paragraph05
Prior-year latenessprior-year audit late or not filed, scored only with a finding05
Score8100

Federal funding, FY2025

$17,676,700 in federal awards spent, across 1 program. Largest funding agencies:

AgencySpent
Department of Housing and Urban Development$17,676,700

FY2025 audit

FAC record
2025-03-GSAFAC-0000386364
Fiscal year end
March 31, 2025
Accepted by FAC
November 4, 2025
Federal spending
$17,676,700 · 1 program
Major programs
1
Score
8 of 100

Finding 2025-001

material weakness

Program
MORTGAGE INSURANCE_COOPERATIVE PROJECTS (14.126)
Compliance requirement
Other
FAC record
FY2025 audit on fac.gov
Finding text from the filing

Material Weakness – Lack of Internal Controls

Criteria - Management is responsible for establishing and maintaining internal controls in order to safeguard the assets of the Cooperative and achieve accurate financial reporting.

Condition - The Cooperative lacked sufficient controls and procedures related to financial reporting, resulting in no formal documentation and review of financial activity, and a lack of understanding the segregation of duties.

Cause - Appropriate internal controls and procedures related to financial reporting were not established when the property management agent was hired.

Effect - The Cooperative was exposed to an increased risk that misstatements (whether caused by error or fraud) may occur and not be prevented or detected by management on a timely basis. A significant number of journal entries were required to adjust the 2025 financial statements.

Recommendation - We recommend that management design and document their internal control process to ensure that they have an adequately designed system of internal controls.

Auditee’s comment - In June 2025, the Cooperative entered into a management agreement with Paramark Real Estate Services to manage the Cooperative. The management company maintains sufficient controls and procedures related to financial reporting and have proper segregation of duties in place to safeguard the assets of the Cooperative.

Status - Resolved