FAC Explorer

Finding 1218375 (2025-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-06-24
Audit: 404676
Organization: William Booth Residence Inc., A North Carolina Corporation (NC)
Auditor: COHNREZNICK LLP

AI Summary

  • Core Issue: The Single Audit was not submitted to the FAC within the required nine-month timeframe after the fiscal year end.
  • Impacted Requirements: Annual financial statements must be filed with the FAC within 30 days after the report date or nine months after the fiscal year end.
  • Recommended Follow-Up: Management should establish procedures to ensure timely submission of financial statements to the FAC.

Finding Text

Finding No. 2025-001 - Reporting U.S. Department of Housing and Urban Developmen Federal Program Name: Section 202 Supportive Housing for the Elderly Assistance Listing Number: 14.157 Criteria: The FAC requires that the annual financial statements be submitted the earlier of 30 days after the report date or nine months after the fiscal year end. Condition: The Single Audit was not submitted to the Federal Audit Clearinghouse (FAC) within nine months after the fiscal year end of the Company for the year ended September 30, 2024. Cause: Management does not have controls in place to timely file its financial statements with the FAC. Effect or Potential Effect: Management is not in compliance with the requirement to timely submit the Single Audit to the FAC. Questioned Costs: None Context: Management does not have a process in place to ensure that all audits are submitted to the FAC timely. Identification as a Repeat Finding: No Recommendation: Management should implement procedures to ensure that the financial statements are submitted to the FAC in accordance with the FAC filing requirements. Auditor Noncompliance Code: Z - Other Finding Resolution Status: Resolved Views of Responsible Officials: Management agrees with the finding and is taking steps to address the issue that caused it.

Corrective Action Plan

Project Legal Name: William Booth Residence, Inc., A North Carolina Corporation HUD Project No.: 053-EE107 Audit Firm: CohnReznick LLP Period covered by the audit: 10/1/24-9/30/25 Corrective Action Plan prepared by: Name: Philip Gesner Position: Financial Project Manager, USA Southern Territory Finance Department Telephone Number: 470-816-5977 A. Current Findings on the Schedule of Findings, Questioned Costs and Recommendations 1. Finding 2025-001 a. Comments on the Finding and Each Recommendation The auditee agrees with the finding. The auditee agrees with the recommendation to implement procedures to ensure that the financial statements are submitted to the FAC in accordance with the FAC filing requirements. b. Action(s) Taken or Planned on the Finding Management agrees with the finding and is taking steps to address the issue that caused it. Management was able to implement procedures to submit the 2025 audit within the 9-month period. B. Status of Corrective Actions on Findings Reported in the Schedule of the Status of Prior Year Findings, Questioned Costs and Recommendations None

Categories

Reporting

Other Findings in this Audit

  • 1218374 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $6.20M