FAC Explorer

Audit 30622

FY End
2022-03-31
Total Expended
$10.34M
Findings
4
Programs
6
Organization: Kingsport Housing and Redevelopment Authority (TN)
Year: 2022 Accepted: 2022-12-13
Auditor: Smith Marion & CO

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
37073 2022-001 Significant Deficiency - L
37074 2022-001 Significant Deficiency - L
613515 2022-001 Significant Deficiency - L
613516 2022-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.871 Section 8 Housing Choice Vouchers $706,401 Yes 1
14.267 Continuum of Care Program $497,744 - 0
14.241 Housing Opportunities for Persons with Aids $341,733 - 0
14.896 Family Self-Sufficiency Program $101,600 - 0
14.850 Public and Indian Housing $96,900 - 0
14.872 Public Housing Capital Fund $53,487 - 0

Contacts

Name Title Type
TB7HXYMMV9F8 Bytha Kilgore Auditee
4233922515 Chad Porter Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule presents the expenditures incurred (and related awards received) by the Housing Authority of Kingsport (Authority) that are reimbursable under federal programs of federal agencies providing financial assistance awards. For the purpose of this schedule, only the portion of the program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. This schedule also only includes the amounts expended by the Authority, none of the amount expended, if any, by the blended or discretely presented component units have been included.The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
Financial Data Schedule (FDS) submission for unaudited financials are due within 2 months after the fiscal year end (24 CFR section 5.801). Management missed deadlines for its unaudited submissions. Upon review of the unaudited FDS submission, we noted that the date of the submission was passed the due date. Management was late in submitting its financial information to its fee accountant. This in part was caused by software changes that limited its ability to produce timely and reliable financial data. The Authority is not in compliance with HUD reporting requirements. The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timely basis. We agree with this finding and have outlined our plan of action in our corrective action plan.
Finding 2022-001
Financial Data Schedule (FDS) submission for unaudited financials are due within 2 months after the fiscal year end (24 CFR section 5.801). Management missed deadlines for its unaudited submissions. Upon review of the unaudited FDS submission, we noted that the date of the submission was passed the due date. Management was late in submitting its financial information to its fee accountant. This in part was caused by software changes that limited its ability to produce timely and reliable financial data. The Authority is not in compliance with HUD reporting requirements. The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timely basis. We agree with this finding and have outlined our plan of action in our corrective action plan.
Finding 2022-001
Financial Data Schedule (FDS) submission for unaudited financials are due within 2 months after the fiscal year end (24 CFR section 5.801). Management missed deadlines for its unaudited submissions. Upon review of the unaudited FDS submission, we noted that the date of the submission was passed the due date. Management was late in submitting its financial information to its fee accountant. This in part was caused by software changes that limited its ability to produce timely and reliable financial data. The Authority is not in compliance with HUD reporting requirements. The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timely basis. We agree with this finding and have outlined our plan of action in our corrective action plan.
Finding 2022-001
Financial Data Schedule (FDS) submission for unaudited financials are due within 2 months after the fiscal year end (24 CFR section 5.801). Management missed deadlines for its unaudited submissions. Upon review of the unaudited FDS submission, we noted that the date of the submission was passed the due date. Management was late in submitting its financial information to its fee accountant. This in part was caused by software changes that limited its ability to produce timely and reliable financial data. The Authority is not in compliance with HUD reporting requirements. The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timely basis. We agree with this finding and have outlined our plan of action in our corrective action plan.