FAC Explorer

Finding 1213580 (2025-003)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2026-05-03
Audit: 400469
Organization: Monterey Park Lions Club Senior Citizens Housing Corporation (CA)
Auditor: KKAJ LLP

AI Summary

  • Core Issue: The audit package was submitted late to HUD’s REAC system, missing the 9-month deadline.
  • Impacted Requirements: Management must ensure timely submission of the audit package to avoid delays in financial reporting.
  • Recommended Follow-Up: Implement a process to ensure that all necessary information is provided to the auditor on time, especially during personnel changes.

Finding Text

FINDING NUMBER 2025-003: SUBMISSION OF THE AUDIT INTO HUD’S REAC SYSTEM, UG Listing 14.155 and 14.195 Finding Resolution Status: - Cleared Statement of Condition: Management is responsible submitting the audit package into the HUD’s REAC system within 9 months of the fiscal year end. Criteria: The audit package was submitted after the 9 month deadline. Effect: HUD received the financial information late. Cause: Due to a change in personnel information was not timely given to the auditor. Recommendation: In the future the audit package should be timely filed with the Federal Audit Clearinghouse. Non-compliance code: Z – Other.

Corrective Action Plan

FINDING NUMBER 2025-003 Reporting views of responsible officials: The Company has already submitted the audit package into HUD’s REAC system and the Company will timely file the audit with HUD in the future. Auditors' summary of auditee's comments on the findings and recommendations: The Company has already submitted the audit package into HUD’s REAC System and the Company will timely file the audit package with HUD and REAC in the future. Response indicator: Agree. Response: The Company has already submitted the audit package to the Federal Audit Clearinghouse and the Company will timely file the audit package with the Federal Audit Clearinghouse in the future. Completion date: October 2, 2025 Contact person: Bonnie Calvert

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

  • 1213576 2025-001
    Material Weakness Repeat
  • 1213577 2025-003
    Material Weakness Repeat
  • 1213578 2025-001
    Material Weakness Repeat
  • 1213579 2025-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $7.25M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $2.64M