Finding Text
Criteria: According to 24 CFR §5.801of Uniform financial reporting standards established by HUD, requires the Authority to submit financial information through the HUD REAC system no later than 60 days after the end of the fiscal year of the reporting period.
Condition: The Authority did not submit the Unaudited Submission to REAC until February 12, 2025 which was required by November 30, 2024.
Cause: Management did not get the financial information to the fee accountant in a timely manner in order for the REAC submission to be completed within the required deadlines.
Effect or Potential Effect: The Authority is in noncompliance with external reporting requirements of HUD.
Recommendation: In the future the Authority needs to get the information needed to submit the electronic submission to REAC and to allow the audit to be completed and submitted within the time requirements.
View of Responsible Official: Management agrees with the Finding.