Finding 1210885 (2024-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2026-04-30

AI Summary

  • Issue: The Project missed the deadlines for filing its federal single audit for 2023 and 2024.
  • Impacted Requirements: The audit must be filed within thirty days of receiving the auditor's report or nine months after the audit period ends.
  • Recommended Follow-Up: Establish a process to ensure timely filing of future audits.

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 filing of the single audits. Management will work with the Board of Directors and auditor to develop a plan to ensure future audits are completed on a more timely basis in accordance with the filing requirements.

Categories

Reporting

Other Findings in this Audit

  • 1210884 2024-001
    Material Weakness Repeat
  • 1210886 2024-002
    Material Weakness Repeat
  • 1210887 2024-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $176,175
10.415 RURAL RENTAL HOUSING LOANS $121,330