FAC Explorer

Finding 1161635 (2020-002)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2020
Accepted
2025-10-30
Audit: 371524
Organization: L.b.s.h. Housing Corporation (NY)
Auditor: PINTO MUCENSKI HOOPER VANHOUSE & CO CPAS PC

AI Summary

  • Issue: The Corporation failed to file the Single Audit financial reporting package and Data Collection Form by the due date.
  • Impacted Requirement: Timely submission is required within 30 days of receiving the auditor's report or nine months after the fiscal year ends.
  • Recommended Follow-Up: Ensure future submissions meet deadlines to maintain low-risk auditee status.

Finding Text

The Corporation's Single Audit financial reporting package and Data Collection Form (SF-SAC) for 2019 was not filed by the required due date. The audit package and data collection form shall be submitted the earlier of thirty days after receipt of the auditor's report, or nine months after the end of the fiscal year. The Corporation did not meet the timely submission requirement and cannot be considered a low-risk auditee in the next single audit reporting period.

Corrective Action Plan

We recommend that management work with their independent auditor to ensure a proper data collection form be submitted on a timely basis for the current year. Management will work with their independent auditor to ensure that a proper data collection form will be submitted on a timely basis for the 2020 audit.

Categories

Reporting

Other Findings in this Audit

  • 1161634 2020-001
    Material Weakness Repeat
  • 1161636 2020-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.415 RURAL RENTAL HOUSING LOANS $1.01M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $221,155