Finding Text
Finding No. 2025-001: Current Year audit submission was late. a. The Gethsemane Manor Housing Development Fund Company, Inc. December 31, 2025 audit was not submitted to the Real Estate Assessment Center (REAC) within 90-days. b. Criteria: The HUD regulatory agreement requires the audit to be submitted to the Real Estate Assessment center within 90-days of yearend. c. Effect of condition: The effect is that the project would not be in compliance with HUD regulations. d. Cause of condition: The audit material was submitted late to the auditor due to an unexpected software implementation issue. e. Recommendation: We recommend that management implement procedures to ensure that audit material is submitted to the auditor in a timely manner in the future. f. Views of responsible officials and planned corrective actions: Gethsemane Manor Housing Development Fund Company, Inc. agrees with the finding and the auditor’s recommendations have been adopted.