Finding 1105858 (2024-003)

Finding 2024-003: Financial Data Schedule Housing Choice Voucher – 14.871 Material Weakness/Noncompliance Reporting Criteria: Financial Assessment Sub¬system, FASS-PH. The Uniform Financial Reporting Standards (24 CFR section 5.801) require PHAs to submit timely GAAP-based unaudited and audited financial information electronically to HUD. The unaudited submission is due 60 days after the fiscal year end. Condition: The Agency’s unaudited submission was due November 31, 2024 and was not submitted until January 16, 2025. Cause: The Agency utilizes a fee accountant to perform this function on its behalf. The monthly accounting during the year was behind and did not allow for the Agency to complete the unaudited submission by the deadline. Effect or Potential Effect: The Agency was in noncompliance with filing its unaudited information to REAC by the deadline. Recommendation: The Agency should make an effort to have timely monthly financial reports which would allow it to be able to close its year end in a more timely fashion and would allow for the Agency to report to REAC by the deadline. View of the Responsible Officials of the Auditee: The auditee's management agrees with the finding.