Answer: The Organization missed the deadline for filing the REAC report with HUD for the year ending June 30, 2025.
Trend: Timely filing of compliance reports is critical to maintain good standing with regulatory bodies.
List: Follow up by establishing a timeline for future filings and assigning responsibility to ensure compliance.
Finding Text
The Organization did not file its real estate assessment center report ("REAC") filing on time with the U.S. Department of Housing and Urban Development ("HUD") for the year ended June 30, 2025. (Compliance)
Corrective Action Plan
Management is committed to implementing timely reconciliations and review procedures for key accounts to support quality and timely financial reporting. Management plans to work with their new outsourced accountants to have timely and accurate reporting.