Finding Text
Findings reference number: 2024-004 - Title and AL Number of Federal Program: Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Housing Projects (Sec 223(f)), AL 14.155 - Type of finding: Compliance - Resolution Status: In process - Population size: N/A - Sample size: N/A - Repeat finding: Yes - Criteria: The financial statement submission to HUD's Real Estate Assessment Center (REAC) for the year ended December 31, 2024 is due by March 31, 2025. - The Data Collection Form (DCF) should be submitted to the by the earlier of 30 days after receipt of the final audit report or nine months after year end. - Condition: The financial statement submission for the year ending December 31, 2024 was filed late. - Cause: The bookkeeper for the Project was unable to close the books and complete the year-end accounting on a timely basis. - Effect: The REAC submission was filed late. - Noncompliance code: Z – Other - Questioned costs: None - Reporting views of officials: Management agrees with the finding and will make every effort to file future reports on a timely basis. - Contract number: 114-11392 - Context: This was noted while performing procedures on the reporting requirements. - Recommendation: The audited financial statements should be submitted to REAC by the reporting deadline. - Auditors' summary of auditee's comments: They are in agreement. - Completion date: 12/31/2025 - Response: In the future, management will ensure that the financial statements are submitted to REAC by the reporting deadline.