Finding 1136455 (2024-001)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-05-09

AI Summary

  • Core Issue: The Corporation failed to submit a complete annual financial report to HUD within the required ninety days after the fiscal year-end.
  • Impacted Requirements: This non-compliance violates Section 10(e) of the Regulatory Agreement.
  • Recommended Follow-up: Ensure timely issuance of annual financial statements in accordance with HUD's deadlines; management has confirmed compliance with the recommendation.

Finding Text

Assistance Listing (Federal award identification number and year): Section 8 Housing Assistance Payments Contract, CFDA# 14.195 (Project identification number HAP #CA16L000119) Auditor non-compliance code: Z - Other Finding resolution status: Completed Universe population status: N/A Sample size information: N/A Statistically valid sample: N/A Name of Federal agency: U.S Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition #2024-001: Pursuant to Section 10(e) of the Regulatory Agreement, the Corporation is required to furnish HUD with a complete annual financial report based upon an examination of the books and records of the Company prepared in accordance with GAAP, audited in accordance with Generally Accepted Auditing Standards and Government Auditing Standards and any additional requirements of HUD unless the report is waived in writing by HUD within ninety days, or such period established in writing by HUD. Criteria: The Corporation did not furnish HUD with a complete annual financial report within ninety days following the end of the fiscal year ending June 30, 2024. Effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: The accounting team did not provide financial information in a timely manner. Recommendation: The annual financial statements should be issued in a timely manner pursuant to the time frame set forth by HUD. Management's response: Management concurs with the finding and recommendation. The audited financial statements have been submitted to HUD. No further action is required.

Categories

HUD Housing Programs

Other Findings in this Audit

  • 560013 2024-001
    Significant Deficiency
  • 560014 2024-002
    Significant Deficiency
  • 560015 2024-003
    Significant Deficiency
  • 560016 2024-004
    Significant Deficiency
  • 1136456 2024-002
    Significant Deficiency
  • 1136457 2024-003
    Significant Deficiency
  • 1136458 2024-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.195 Project-Based Rental Assistance (pbra) $1.90M