Finding Text
Criteria:In accordance with HUD guidelines, authorities are responsible for preparing and submitting an unaudited submission in REAC system withing two months after the year end. This Authority was required to submit this report by May 31, 2025. Statement of Condition: The REAC unaudited submission was not submitted until November 19, 2025. Cause: Due to the challenges of the Finance officer resigning during the year and operating short-staffed, the Authority did not provide all necessary documents to the fee accountant in a timely manner. Effect: HUD and REAC were not made aware of the financial condition of the Authority in a timely manner. Identification of a Repeat Finding: Yes Recommendation: The Board and management should make every effort to address the issues that caused this condition.The Authority agrees with this finding and will adhere to the correction action plan in this audit report.