Finding 1076863 (2024-001)

Federal Program – Mortgage Insurance - Rental Housing Assistance Listing Number – 14.134 Significant Deficiency Category of Finding – L – Reporting Criteria - Pursuant to 2 CFR section 200.512(a), the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine months after the end of the audit period. Condition - The Corporation did not submit the Single Audit Reporting Package for the year ended June 30, 2023 within nine months after the end of the audit period (March 31, 2024). Cause - The Single Audit Reporting website was updated in 2023 and the Corporation did not file the Single Audit Reporting Package upon completion of the update. Effect - Failure to submit the required Single Audit Reporting Package timely automatically results in the Corporation not qualifying for low-risk auditee status for the subsequent year’s single audit. Recommendation - We recommend the Corporation develop, document, and implement policies and procedures for timely submission of the Single Audit Reporting Package. Auditee’s comment - The Corporation will designate an individual in management to document financial statement preparation processes to ensure timely submission of the Single Audit Reporting Package. The 2023 Single Audit Reporting Package was filed in July 2024. Status - Resolved