Finding Text
Statement of Condition: Annual financial reports for 2023 were not filed with RD by the requested due
date.
Criteria: Per the RD Handbook, the Organization is required to submit timely financial reports directly to
RD within 90 days of year end.
Effect: The Organization is not in compliance with RD regulations.
Cause: The Organization’s management prior to June 1, 2023 lacked the necessary skills and
experience to manage the projects in accordance with requirements established by RD.
Recommendation: The Organization should utilize staff with appropriate experience to perform the daily
duties of managing a RD project.
Management Response: As of June 1, 2023, the Organization hired an experienced management
company to perform managerial duties related to the Projects. The management company will help
ensure financial reports are submitted on a timely basis.