Finding Text
Audited Financial Data Schedule Not Submitted Timely (Other Matter)
Public Housing Program – Assistance Listing No. 14.850a, Section 8 Housing Choice Voucher Program – Assistance Listing No. 14.871, Emergency Housing Voucher Program – Assistance Listing No. 14.EHV, Capital Fund Program – Assistance Listing No. 14.872; Grant Period: Fiscal Year-End March 31, 2024
Criteria
Title 24 of the Code of Federal Regulations, Subtitle B, Part 902, Subpart C 902.33 Financial Reporting Requirements includes a requirement for PHA’s to submit audited financial statements within 9 months of the end of applicable financial reporting periods (fiscal year-ends). The audit submission was due to HUD’s Real Estate Assessment Center (REAC) and the Federal Audit Clearinghouse (FAC) by December 31, 2024.
Condition and Perspective
The Authority did not submit its audited financial statements within 9 months of the end of its reporting period applicable to the fiscal year ended March 31, 2024.
Questioned Costs – None noted
Cause
Personnel turnover within the PHA resulted in an audit delay.
Effect
Non-compliance with HUD’s audit reporting requirements.
Recommendation
We recommend that the Authority complete and submit its annual independent audit within 9 months of its future reporting periods.
Management’s Response
The Authority will complete and submit its annual independent audit within 9 months of its future reporting periods. The Authority’s Executive Director, Dr. Earl Hall, has assumed the responsibility of executing this corrective action no later than December 31, 2025.