Finding Text
Finding reference number: 2019-001
Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019.
Auditor non-compliance code: Z - Other
Finding resolution status: Resolved
Universe population size: The universe population size is not applicable to the finding
Sample size information: The sample size information is not applicable to the finding
Statistically valid sample: N/A
Name of Federal Agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: N/A
Statement of condition 2019-001: For the year ended December 31, 2019, the Corporation did not submit audited financial statements to HUD within the required time period.
Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to electronically submit audited financial statements to HUD in accordance with HUD guidance.
Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement.
Cause: Due to administrative delays caused by the transition in management agents, the Corporation failed to submit audited financial statements to HUD within the time period required.
Recommendation: The Corporation should submit audited financial statements to HUD within the time period required.
Reporting views of responsible officials: Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.