Core Issue: Financial statements were not filed on time as required by HUD regulations.
Impacted Requirements: Must file financial statements within nine months after the fiscal year end.
Recommended Follow-Up: Management should implement measures to ensure timely filing in the future.
Finding Text
Corrective Action Started or in Progress
Finding No. 2024-1
Statement of Condition
Management did not file the financial statements in a timely manner according to HUD regulations.
Criteria
The terms of the regulatory agreement require that the financial statements be filed within nine months after the fiscal year end.
Cause
An administrative oversight in the filing of the financial statements.
Effect
Management is not in compliance with the requirement to timely submit the annual financial statements to HUD.
Auditor Noncompliance Code
Z - Other
Recommendations
Management should ensure timely filing of the financial statements.
Views of Responsible Officials
Management agrees with the findings and will file the financial statements in a timely manner.
Categories
HUD Housing ProgramsInternal Control / Segregation of Duties