FAC Explorer

Finding 1156338 (2024-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-09-29
Audit: 368639
Organization: Walden Oaks Apartments Preservation 071-11262 (ID)
Auditor: Rubinbrown LLP

AI Summary

  • Issue: The Project failed to electronically submit financial statements to HUD.
  • Requirement: Compliance with HUD regulations and timely submission of financial statements is mandatory.
  • Follow-up: Ensure the Partnership understands its responsibility and implement a process for future submissions.

Finding Text

The audit is to be submitted to HUD through the REAC system in accordance with the Regulatory Agreement and HUD’s guidelines. The Project did not electronically submit its financial statements to HUD.It is the responsibility of the Partnership to ensure that the financial statements are electronically submitted to HUD. The Project was not in compliance with HUD regulations.

Corrective Action Plan

The financial statements shall be submitted to HUD once finalized.

Categories

HUD Housing Programs

Other Findings in this Audit

  • 1156337 2024-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $5.60M
14.195 Project-Based Rental Assistance (pbra) $935,796
14.191 Multifamily Housing Service Coordinators $67,195