FAC Explorer

Finding 1175434 (2024-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2026-02-25
Audit: 389196
Organization: St. John's Housing Corporation (CT)
Auditor: WHITTLESEY PC

AI Summary

  • Issue: The Project missed the deadlines for filing its federal single audit for 2023 and 2024.
  • Requirements Impacted: The Project is not compliant with the federal reporting requirement to file within 30 days of receiving the audit report or by nine months after the audit period.
  • Follow-Up: Implement a process to ensure timely filing of future audits, as agreed upon in the Corrective Action Plan.

Finding Text

Finding No. 2024-001 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the years ended December 31, 2024 and 2023, by the due dates of September 30, 2025 and 2024, respectively. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.

Corrective Action Plan

Management acknowledges the finding regarding the late submission of the federal single audits for the years ended December 31, 2024 and 2023. The delays resulted from insufficient staffing to ensure timely close of the accounting records for the years then ended. Management is working to add additional staffing and provide additional training to staff to ensure more timely closing of the accounting records. The outstanding audits have now been submitted, and management is committed to ensuring full and timely compliance with federal single audit requirements going forward.

Categories

Reporting

Other Findings in this Audit

  • 1175431 2024-001
    Material Weakness Repeat
  • 1175432 2024-002
    Material Weakness Repeat
  • 1175433 2024-003
    Material Weakness Repeat
  • 1175435 2024-002
    Material Weakness Repeat
  • 1175436 2024-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $368,861
10.415 RURAL RENTAL HOUSING LOANS $64,973