FAC Explorer

Finding 1174610 (2025-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-02-19
Audit: 388120
Organization: Fairmount I and II (CA)
Auditor: HODGES & HAMMONS INC

AI Summary

  • Answer: The audit report was submitted late due to insufficient controls.
  • Trend: Timely submission of reports is crucial for compliance and funding eligibility.
  • List: Implement stronger controls to ensure future deadlines are met.

Finding Text

The lack of proper controls caused the submission of Required Audit Report to HUD REAC to be late. The Audit report was dated 11/25/2025. Thus, the REAC submission was late. Entities must adhere strictly to these deadlines to maintain compliance and funding eligibility

Corrective Action Plan

Corrective Action Plan

Categories

Eligibility HUD Housing Programs

Other Findings in this Audit

  • 1174611 2025-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 LUMENT CAPITAL LLC, HUD LOAN GUARNTEE $9.83M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS $3.44M