Core Issue: The Authority did not submit audited financial statements to REAC on time, missing the 9-month deadline after the fiscal year end.
Impacted Requirements: Public Housing Authorities must submit these statements electronically within the specified timeframe to comply with HUD regulations.
Recommended Follow-up: Ensure new management understands the importance of meeting deadlines to prevent future issues.
Finding Text
Finding No. 2023-004 - Reporting; Significant Deficiency (All Federal Programs) CONDITION: The Authority failed to submit audited financial statements electronically into the Real Estate Assessment Center (REAC) within nine (9) months after its fiscal year end. CRITERIA: Public Housing Authorities are required to ensure that audited financial statements are electronically submitted to REAC within 9 months after its fiscal year end. QUESTIONED COSTS: The amount of questioned costs could not be determined. CONTEXT: The Authority lacked proper urgency and diligence to ensure that REAC deadlines were met. CAUSE: The overall cause was a lack of quality control in understanding the importance of meeting all deadlines required by HUD. EFFECT: The Authority was unable to submit the audited financial statements into REAC within the required deadline. RECOMMENDATION: No recommendation. This occurred under prior Authority management.