Answer: The Corporation failed to submit the annual financial report to HUD on time.
Trend: This delay could indicate ongoing issues with financial reporting processes.
List: Follow up by ensuring timely report submissions in the future and reviewing internal reporting procedures.
Finding Text
The Corporation did not furnish HUD with a complete annual financial report within ninety (90) days following the end of the fiscal year ended June 30, 2024.
Corrective Action Plan
The Corporation should file the June 30, 2024, financial statements as soon as possible and should ensure the annual financial report is filed within 90 days in future periods.