Finding Text
2024-002 - REPORTING Significant Deficiency/Other Noncompliance Criteria Within ninety (90) days following the end of each fiscal year of the Development, Borrower shall furnish the Agency with a complete annual financial report for the Development based upon an examination of the books and records of Borrower containing a detailed, itemized statement of all income and expenditures, prepared and certified by a certified public accountant in accordance with the reasonable requirements of the Agency. Condition Winslow Village II, Inc. has not filed its annual financial statements to MHFA for the year ended December 31, 2024. Cause Management has not developed a system of internal controls over financial reporting sufficient in order to submit timely financial statements to MHFA. Effect As a result of not filing its annual financial statement, MHFA is unable to assess the financial condition of the project. 2024-002 - REPORTING (CONTINUED) Prior Year Finding None noted Recommendation We recommend that the annual financial statement be filed in a form and substance required by MHFA as soon as possible and to implement a schedule to ensure timely filing in the future. Views of Responsible Officials See corrective action plan.