Finding Text
2025-002 U.S. Department of Agriculture – 10.415 Rural Rental Housing Loan Program Reporting SIGNIFICANT DEFICIENCY - NONCOMPLIANCE Condition: Controls in place did not ensure required annual reporting was submitted by the deadline. The Corporation submitted the annual report for the period ended September 30, 2024 on August 25, 2025. Which resulted in a late submission, 56 days after the required deadline. Criteria: The U.S. Department of Agriculture’s, Rural Housing Services, Multi Family Housing Asset Management Handbook (HB-2-3560) requires agencies to submit Annual program reports by June 30 of the subsequent year. Cause: The Corporation lacked adequate monitoring procedures over established procedures, to ensure reports are prepared and submitted by required reporting deadlines. Effect: The Corporation was not in compliance with reporting requirements. However, the delay did not impact federal funding, program operations, or decision-making by the awarding agency. Recommendation: The Corporation should continue to evaluate procedures for ensuring timely submission to meet the various federal award program report deadlines. Grantees Response: The Corporation concurs and is implementing this recommendation.