Finding 1160422 (2024-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-10-15

AI Summary

  • Issue: The Project missed the deadline to file its federal single audit for the year ended December 31, 2023.
  • Requirements Impacted: The audit should have been filed by September 30, 2024, but was not submitted on time.
  • Recommended Follow-up: Implement a new process to ensure timely filing of future audits.

Finding Text

Finding No. 2024-001 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the year ended December 31, 2023, by the due date of September 30, 2024. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.

Corrective Action Plan

Finding Reference Number: 2024-001 Single Audit Report Filing Description of Finding: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors' report or nine months after the end of the audit period. The Project did not file its federal single audit for the year ended December 31, 2023, by the due date of September 30, 2024. Statement of Concurrence or Nonconcurrence: The Project agrees with the audit finding. Corrective Action: We have transitioned to a new CPA firm and have been working with them closely with the board to ensure that all required signatures are obtained in a timely manner for the 2024 reporting fiscal year. Name of Contact Person: Paula Tracy, President, 860-398-5425 ext.511#, paulat@wildwoodmgt.com Projected Completion Date: Has been completed, we started talking to the new firm in January 2024.

Categories

Reporting

Other Findings in this Audit

  • 1160419 2024-001
    Material Weakness Repeat
  • 1160420 2024-001
    Material Weakness Repeat
  • 1160421 2024-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.195 Project-Based Rental Assistance (pbra) $109,742
10.415 Rural Rental Housing Loans $47,858
10.427 Rural Rental Assistance Payments $14,178