FAC Explorer

Finding 1074682 (2023-003)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-09-25
Audit: 320977
Organization: Joshua Manor (LA)
Auditor: Wharton CPA LLC

AI Summary

  • Core Issue: The owner failed to submit the required HUD financial report on time.
  • Impacted Requirements: Annual financial statements must follow GAAP and be submitted electronically within specified deadlines.
  • Recommended Follow-Up: Ensure the owner complies with HUD reporting requirements moving forward.

Finding Text

2023-3 Late HUD Financial Reporting Condition: The owner did not meet the HUD financial reporting requirement. Criteria: According to HUD’s Uniform Financial Reporting Standards rule, annually, an owner is required to submit a financial statement, prepared in accordance with generally accepted accounting principles (GAAP), in the electronic format specified by HUD. The unaudited financial statement is due three months after the owner’s fiscal year end and the audited financial statement is due nine months after its fiscal year-end (24 CFR section 5.801). The financial statement must include the financial activities of this program. Cause: The cause is undeterminable. Effect: The Project is not compliant with HUD program requirements. Recommendation: I recommend the owner meet HUD program requirements.

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

  • 498238 2023-001
    Significant Deficiency
  • 498239 2023-002
    Significant Deficiency
  • 498240 2023-003
    Significant Deficiency
  • 1074680 2023-001
    Significant Deficiency
  • 1074681 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $1.21M
14.195 Section 8 Housing Assistance Payments Program $213,388
14.191 Multifamily Housing Service Coordinators $20,413