Finding Text
Supportive Housing for the Elderly (Section 202) Assistance Listing Number 14.157 and Project Based Rental Assistance (Section 8 Project-Based Cluster) Assistance Listing Number 14.195 Criteria: In accordance with HUD’s Uniform Financial Reporting Standards rule, annually, a PHA or owner is required to submit its financial statement, prepared in accordance with generally accepted accounting principles (GAAP), in the electronic format specified by HUD. The unaudited financial statement is due three months after the PHA’s or owner’s fiscal year-end and the audited financial statement is due nine months after its fiscal year-end. Condition: The financial statements were not submitted to HUD Real Estate Assesment Center (REAC) within the required periods for the year ended December 31, 2024. Cause: Due to delays of audit documentation from management, the audit was not able to be completed within the required time frame. Effect: The Project is not in compliance with the requirement to complete the filing required within the required time frame. Questioned Costs: None Repeat Finding: No Recommendation: The financial statements should be filed as soon as possible to the HUD REAC. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.