Finding Text
Condition: The Project did not comply with HUD’s annual filing requirement prior to the
deadline.
Criteria: Projects are required to ensure that financial status reports are presented in accordance
with the terms of the applicable agreement between the Project and HUD.
Context: Audited financial statements are due to HUD and REAC no later than 90 days after the
fiscal year end.
Cause: Due to a change in software, the annual filing was not completed timely.
Effect: Untimely financial reporting.
Identification as a Repeat Finding: Yes, see prior audit finding 2023-001.
Recommendation: The Project should implement policies and procedures to ensure that annual
financial reports are filed prior to deadlines.
Amount of Questioned Cost: None
Reporting Views of Responsible Officials: Management agrees with the finding and has
implemented policies and procedures to ensure that this does not recur. Please refer to
management’s corrective action plan. The Project plans to comply for the year ending
June 30, 2025.