Finding Text
Finding reference number: #2024-003 Assistance Listing title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 Auditor non-compliance code: P – Other Finding resolution status: Cleared Universe population size: The universe population size is not applicable to the finding. Sample size population: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Repeat Finding: Yes Statement of condition #2024-003 (Assistance Listing No. 14.155): The Partnership did not furnish HUD with a complete annual financial report within ninety (90) days following the end of the fiscal year ending March 31, 2024. Criteria: Pursuant to the Regulatory Agreement, within ninety (90) days, or such period established in writing by HUD, following the end of each fiscal year, the Partnership shall engage an independent, licensed Certified Public Accountant to audit the Partnership's annual financial report and to produce and furnish HUD an audit report in accordance with the requirements established by HUD. Effect: The Partnership was not in compliance with the Regulatory Agreement. Cause: The Partnership was late to provide the CPA firm (Dauby, O'Connor, & Zaleski, LLC) with open items required to complete the audited financial statements. Recommendation: The annual financial statements should be issued in a timely manner pursuant to the time frame set forth by HUD. Completion Date: August 5, 2024 Management Response: Management concurs with the finding and recommendation. The audited financial statements have been submitted to HUD. No further action is required.