Finding Text
Finding No. 2024-1
Statement of Condition:
HUD requires that the financial statements be electronically submitted to HUD’s Real
Estate Assessment Center within 90 days of fiscal year- end.
Criteria:
The financial statements for the year ended December 31, 2023 were not filed
electronically with HUD’s Real Estate Assessment Center within 90 days of fiscal yearend.
Questioned Cost:
None.
Cause:
During a portion of the year ended December 31, 2023, the books were not kept complete
in a condition that easily permitted an audit and meet the HUD annual reporting
deadlines.
Effect:
Management is not in compliance with the requirement to timely submit the financial
statements to HUD’s Real Estate Assessment Center.
Recommendations:
Management should institute procedures to ensure that the financial statements are filed
with HUD’s Real Estate Assessment Center within 90 days of year-end.
Auditor Noncompliance Code:
Z – Other
Auditee’s Summary Comments:
Management agrees with the finding and will implement procedures to ensure the
financial statements are filed timely.