Finding 2023-001 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit its annual financial report, certified by a Certified Public Accountant, to HUD within 90 days following of the end of the fiscal year June 30, 2022.
Criteria: HUD requirements, under the Uniform Financial Reporting Standards for HUD Housing Programs; Final Rule, and the Regulatory Agreement require that the Project's annual financial statements report be submitted to HUD within 90 days following the end of each fiscal year.
Effect: Noncompliance with HUD regulations and the possibility that the Project could be subject to criminal and civil monetary penalties.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022.
Context: A test was performed to review the most recent fiscal year audit submission to HUD. The annual financial statement report for the fiscal year June 30, 2022 was found to have not been submitted to HUD within 90 days following the end of the fiscal year June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management submit the annual financial report, certified by a Certified Public Accountant, each year going forward within 90 days following the fiscal year end. We also recommend that the project request funds from replacement reserve to fund the annual audit expense.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the annual financial report, certified by a Certified Public Accountant, for the year ended June 30, 2022 was not submitted to HUD within the required due date. Management will provide additional oversight to ensure the annual financial reports are submitted each fiscal year going forward within required due dates. The annual financial report for the fiscal year ended June 30, 2022 has been submitted to HUD as of year ended June 30, 2023.
Finding 2023-002 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit the data collection form and required reporting package to the Federal Audit Clearinghouse (FAC) within the required due dates for the single audit for the year ending June 30, 2022.
Criteria: The Uniform Guidance, 2 CFR Part 200 Section 200.512(d), Report Submission, requires any non-federal entity that expends Federal awards which must be audited under Subpart F of 2 CFR to electronically submit to the FAC the data collection form and the reporting package described in 2 CFR Part 200 Section 200.512. Additionally, 2 CFR Section 200.512(a) requires the reporting package and data collection form to be submitted to the FAC the earlier of 30 calendar days after the reports are received from the auditors or nine months after the end of the audit period.
Effect: Noncompliance with Uniform Guidance regulations.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022
Context: A test was performed to review the two most recent fiscal year audits performed under the Uniform Guidance and the required data collection forms were submitted to the FAC to determine if the Corporation qualified as a low-risk auditee. A single audit was performed under the Uniform Guidance for the years ending June 30, 2022 and 2021, however, the data collection form was not submitted to the FAC within the required due dates for the year ending June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management ensure that the data collection forms are submitted electronically to the FAC within the required due dates each fiscal year going forward.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the data collection form for the years ended June 30, 2022 was not submitted to the FAC within the required due dates. Management will provide additional oversight to ensure the data collection forms are submitted electronically to the FAC each fiscal year going forward within required due dates. The data collection form for the year ending June 30, 2022 was submitted to the FAC on June 12, 2023.
Finding 2023-001 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit its annual financial report, certified by a Certified Public Accountant, to HUD within 90 days following of the end of the fiscal year June 30, 2022.
Criteria: HUD requirements, under the Uniform Financial Reporting Standards for HUD Housing Programs; Final Rule, and the Regulatory Agreement require that the Project's annual financial statements report be submitted to HUD within 90 days following the end of each fiscal year.
Effect: Noncompliance with HUD regulations and the possibility that the Project could be subject to criminal and civil monetary penalties.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022.
Context: A test was performed to review the most recent fiscal year audit submission to HUD. The annual financial statement report for the fiscal year June 30, 2022 was found to have not been submitted to HUD within 90 days following the end of the fiscal year June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management submit the annual financial report, certified by a Certified Public Accountant, each year going forward within 90 days following the fiscal year end. We also recommend that the project request funds from replacement reserve to fund the annual audit expense.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the annual financial report, certified by a Certified Public Accountant, for the year ended June 30, 2022 was not submitted to HUD within the required due date. Management will provide additional oversight to ensure the annual financial reports are submitted each fiscal year going forward within required due dates. The annual financial report for the fiscal year ended June 30, 2022 has been submitted to HUD as of year ended June 30, 2023.
Finding 2023-002 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit the data collection form and required reporting package to the Federal Audit Clearinghouse (FAC) within the required due dates for the single audit for the year ending June 30, 2022.
Criteria: The Uniform Guidance, 2 CFR Part 200 Section 200.512(d), Report Submission, requires any non-federal entity that expends Federal awards which must be audited under Subpart F of 2 CFR to electronically submit to the FAC the data collection form and the reporting package described in 2 CFR Part 200 Section 200.512. Additionally, 2 CFR Section 200.512(a) requires the reporting package and data collection form to be submitted to the FAC the earlier of 30 calendar days after the reports are received from the auditors or nine months after the end of the audit period.
Effect: Noncompliance with Uniform Guidance regulations.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022
Context: A test was performed to review the two most recent fiscal year audits performed under the Uniform Guidance and the required data collection forms were submitted to the FAC to determine if the Corporation qualified as a low-risk auditee. A single audit was performed under the Uniform Guidance for the years ending June 30, 2022 and 2021, however, the data collection form was not submitted to the FAC within the required due dates for the year ending June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management ensure that the data collection forms are submitted electronically to the FAC within the required due dates each fiscal year going forward.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the data collection form for the years ended June 30, 2022 was not submitted to the FAC within the required due dates. Management will provide additional oversight to ensure the data collection forms are submitted electronically to the FAC each fiscal year going forward within required due dates. The data collection form for the year ending June 30, 2022 was submitted to the FAC on June 12, 2023.
Finding 2023-001 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit its annual financial report, certified by a Certified Public Accountant, to HUD within 90 days following of the end of the fiscal year June 30, 2022.
Criteria: HUD requirements, under the Uniform Financial Reporting Standards for HUD Housing Programs; Final Rule, and the Regulatory Agreement require that the Project's annual financial statements report be submitted to HUD within 90 days following the end of each fiscal year.
Effect: Noncompliance with HUD regulations and the possibility that the Project could be subject to criminal and civil monetary penalties.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022.
Context: A test was performed to review the most recent fiscal year audit submission to HUD. The annual financial statement report for the fiscal year June 30, 2022 was found to have not been submitted to HUD within 90 days following the end of the fiscal year June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management submit the annual financial report, certified by a Certified Public Accountant, each year going forward within 90 days following the fiscal year end. We also recommend that the project request funds from replacement reserve to fund the annual audit expense.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the annual financial report, certified by a Certified Public Accountant, for the year ended June 30, 2022 was not submitted to HUD within the required due date. Management will provide additional oversight to ensure the annual financial reports are submitted each fiscal year going forward within required due dates. The annual financial report for the fiscal year ended June 30, 2022 has been submitted to HUD as of year ended June 30, 2023.
Finding 2023-002 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit the data collection form and required reporting package to the Federal Audit Clearinghouse (FAC) within the required due dates for the single audit for the year ending June 30, 2022.
Criteria: The Uniform Guidance, 2 CFR Part 200 Section 200.512(d), Report Submission, requires any non-federal entity that expends Federal awards which must be audited under Subpart F of 2 CFR to electronically submit to the FAC the data collection form and the reporting package described in 2 CFR Part 200 Section 200.512. Additionally, 2 CFR Section 200.512(a) requires the reporting package and data collection form to be submitted to the FAC the earlier of 30 calendar days after the reports are received from the auditors or nine months after the end of the audit period.
Effect: Noncompliance with Uniform Guidance regulations.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022
Context: A test was performed to review the two most recent fiscal year audits performed under the Uniform Guidance and the required data collection forms were submitted to the FAC to determine if the Corporation qualified as a low-risk auditee. A single audit was performed under the Uniform Guidance for the years ending June 30, 2022 and 2021, however, the data collection form was not submitted to the FAC within the required due dates for the year ending June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management ensure that the data collection forms are submitted electronically to the FAC within the required due dates each fiscal year going forward.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the data collection form for the years ended June 30, 2022 was not submitted to the FAC within the required due dates. Management will provide additional oversight to ensure the data collection forms are submitted electronically to the FAC each fiscal year going forward within required due dates. The data collection form for the year ending June 30, 2022 was submitted to the FAC on June 12, 2023.
Finding 2023-001 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit its annual financial report, certified by a Certified Public Accountant, to HUD within 90 days following of the end of the fiscal year June 30, 2022.
Criteria: HUD requirements, under the Uniform Financial Reporting Standards for HUD Housing Programs; Final Rule, and the Regulatory Agreement require that the Project's annual financial statements report be submitted to HUD within 90 days following the end of each fiscal year.
Effect: Noncompliance with HUD regulations and the possibility that the Project could be subject to criminal and civil monetary penalties.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022.
Context: A test was performed to review the most recent fiscal year audit submission to HUD. The annual financial statement report for the fiscal year June 30, 2022 was found to have not been submitted to HUD within 90 days following the end of the fiscal year June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management submit the annual financial report, certified by a Certified Public Accountant, each year going forward within 90 days following the fiscal year end. We also recommend that the project request funds from replacement reserve to fund the annual audit expense.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the annual financial report, certified by a Certified Public Accountant, for the year ended June 30, 2022 was not submitted to HUD within the required due date. Management will provide additional oversight to ensure the annual financial reports are submitted each fiscal year going forward within required due dates. The annual financial report for the fiscal year ended June 30, 2022 has been submitted to HUD as of year ended June 30, 2023.
Finding 2023-002 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit the data collection form and required reporting package to the Federal Audit Clearinghouse (FAC) within the required due dates for the single audit for the year ending June 30, 2022.
Criteria: The Uniform Guidance, 2 CFR Part 200 Section 200.512(d), Report Submission, requires any non-federal entity that expends Federal awards which must be audited under Subpart F of 2 CFR to electronically submit to the FAC the data collection form and the reporting package described in 2 CFR Part 200 Section 200.512. Additionally, 2 CFR Section 200.512(a) requires the reporting package and data collection form to be submitted to the FAC the earlier of 30 calendar days after the reports are received from the auditors or nine months after the end of the audit period.
Effect: Noncompliance with Uniform Guidance regulations.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022
Context: A test was performed to review the two most recent fiscal year audits performed under the Uniform Guidance and the required data collection forms were submitted to the FAC to determine if the Corporation qualified as a low-risk auditee. A single audit was performed under the Uniform Guidance for the years ending June 30, 2022 and 2021, however, the data collection form was not submitted to the FAC within the required due dates for the year ending June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management ensure that the data collection forms are submitted electronically to the FAC within the required due dates each fiscal year going forward.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the data collection form for the years ended June 30, 2022 was not submitted to the FAC within the required due dates. Management will provide additional oversight to ensure the data collection forms are submitted electronically to the FAC each fiscal year going forward within required due dates. The data collection form for the year ending June 30, 2022 was submitted to the FAC on June 12, 2023.
Finding 2023-001 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit its annual financial report, certified by a Certified Public Accountant, to HUD within 90 days following of the end of the fiscal year June 30, 2022.
Criteria: HUD requirements, under the Uniform Financial Reporting Standards for HUD Housing Programs; Final Rule, and the Regulatory Agreement require that the Project's annual financial statements report be submitted to HUD within 90 days following the end of each fiscal year.
Effect: Noncompliance with HUD regulations and the possibility that the Project could be subject to criminal and civil monetary penalties.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022.
Context: A test was performed to review the most recent fiscal year audit submission to HUD. The annual financial statement report for the fiscal year June 30, 2022 was found to have not been submitted to HUD within 90 days following the end of the fiscal year June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management submit the annual financial report, certified by a Certified Public Accountant, each year going forward within 90 days following the fiscal year end. We also recommend that the project request funds from replacement reserve to fund the annual audit expense.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the annual financial report, certified by a Certified Public Accountant, for the year ended June 30, 2022 was not submitted to HUD within the required due date. Management will provide additional oversight to ensure the annual financial reports are submitted each fiscal year going forward within required due dates. The annual financial report for the fiscal year ended June 30, 2022 has been submitted to HUD as of year ended June 30, 2023.
Finding 2023-002 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit the data collection form and required reporting package to the Federal Audit Clearinghouse (FAC) within the required due dates for the single audit for the year ending June 30, 2022.
Criteria: The Uniform Guidance, 2 CFR Part 200 Section 200.512(d), Report Submission, requires any non-federal entity that expends Federal awards which must be audited under Subpart F of 2 CFR to electronically submit to the FAC the data collection form and the reporting package described in 2 CFR Part 200 Section 200.512. Additionally, 2 CFR Section 200.512(a) requires the reporting package and data collection form to be submitted to the FAC the earlier of 30 calendar days after the reports are received from the auditors or nine months after the end of the audit period.
Effect: Noncompliance with Uniform Guidance regulations.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022
Context: A test was performed to review the two most recent fiscal year audits performed under the Uniform Guidance and the required data collection forms were submitted to the FAC to determine if the Corporation qualified as a low-risk auditee. A single audit was performed under the Uniform Guidance for the years ending June 30, 2022 and 2021, however, the data collection form was not submitted to the FAC within the required due dates for the year ending June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management ensure that the data collection forms are submitted electronically to the FAC within the required due dates each fiscal year going forward.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the data collection form for the years ended June 30, 2022 was not submitted to the FAC within the required due dates. Management will provide additional oversight to ensure the data collection forms are submitted electronically to the FAC each fiscal year going forward within required due dates. The data collection form for the year ending June 30, 2022 was submitted to the FAC on June 12, 2023.
Finding 2023-001 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit its annual financial report, certified by a Certified Public Accountant, to HUD within 90 days following of the end of the fiscal year June 30, 2022.
Criteria: HUD requirements, under the Uniform Financial Reporting Standards for HUD Housing Programs; Final Rule, and the Regulatory Agreement require that the Project's annual financial statements report be submitted to HUD within 90 days following the end of each fiscal year.
Effect: Noncompliance with HUD regulations and the possibility that the Project could be subject to criminal and civil monetary penalties.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022.
Context: A test was performed to review the most recent fiscal year audit submission to HUD. The annual financial statement report for the fiscal year June 30, 2022 was found to have not been submitted to HUD within 90 days following the end of the fiscal year June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management submit the annual financial report, certified by a Certified Public Accountant, each year going forward within 90 days following the fiscal year end. We also recommend that the project request funds from replacement reserve to fund the annual audit expense.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the annual financial report, certified by a Certified Public Accountant, for the year ended June 30, 2022 was not submitted to HUD within the required due date. Management will provide additional oversight to ensure the annual financial reports are submitted each fiscal year going forward within required due dates. The annual financial report for the fiscal year ended June 30, 2022 has been submitted to HUD as of year ended June 30, 2023.
Finding 2023-002 - U.S. Department of Housing and Urban Development: Mortgage Insurance for Rental and Cooperative Housing for Moderate Income Families and Elderly, Assistance Listing #14.135; Mortgage Insurance for Supplemental Loans for Multifamily Housing, Assistance Listing #14.151; and Section 8 Housing Assistance Payments, Assistance Listing #14.195
Statement of Condition: The Corporation did not submit the data collection form and required reporting package to the Federal Audit Clearinghouse (FAC) within the required due dates for the single audit for the year ending June 30, 2022.
Criteria: The Uniform Guidance, 2 CFR Part 200 Section 200.512(d), Report Submission, requires any non-federal entity that expends Federal awards which must be audited under Subpart F of 2 CFR to electronically submit to the FAC the data collection form and the reporting package described in 2 CFR Part 200 Section 200.512. Additionally, 2 CFR Section 200.512(a) requires the reporting package and data collection form to be submitted to the FAC the earlier of 30 calendar days after the reports are received from the auditors or nine months after the end of the audit period.
Effect: Noncompliance with Uniform Guidance regulations.
Cause: Timing delays in receipt of information required to complete the audit for the year ending June 30, 2022
Context: A test was performed to review the two most recent fiscal year audits performed under the Uniform Guidance and the required data collection forms were submitted to the FAC to determine if the Corporation qualified as a low-risk auditee. A single audit was performed under the Uniform Guidance for the years ending June 30, 2022 and 2021, however, the data collection form was not submitted to the FAC within the required due dates for the year ending June 30, 2022.
Questioned Costs: N/A
Recommendation: We recommend management ensure that the data collection forms are submitted electronically to the FAC within the required due dates each fiscal year going forward.
Views of Responsible Officials and Corrective Action Plan: Management acknowledges the data collection form for the years ended June 30, 2022 was not submitted to the FAC within the required due dates. Management will provide additional oversight to ensure the data collection forms are submitted electronically to the FAC each fiscal year going forward within required due dates. The data collection form for the year ending June 30, 2022 was submitted to the FAC on June 12, 2023.