Finding 1073700 (2023-001)

Criteria: The Organization is required to provide the New Jersey Department of Community Affairs with annual project financial statements within three months of the close of its fiscal year, prepared by a Certified Public Accounting Firm. Condition: The Organization did not provide the New Jersey Department of Community Affairs project financial statements prepared by a Certified Public Accounting Firm for Dunlewy Street and River Stret projects for the year ended December 31, 2023 by the specified due date of March 31, 2024. Cause: There was lack of oversight over the project requirements as specified in the funding agreements with New Jersey Department of Community Affairs. Effect: New Jersey Department of Community Affairs was unable to provide adequate oversight over the projects for the year ended December 31, 2023. Recommendation: We recommend that the Organization’s management perform a detailed review over funding agreements upon receipt and develop a plan to meet any specified requirements. Management’s Response: Management will address the issue and ensure a plan is in place to avoid this in the future.