Finding Text
Criteria: In accordance with the Uniform Financial Reporting Standards for HUD Housing Program, the Organization must file the financial data templates prepared with audited financial statement data to Real Estate Assessment Center no later than nine months after the Organization's fiscal year end. Condition: The Organization did not submit its Financial Data Schedule and audited financial statements for the year ended September 30, 2021 to Office of Public and Indian Housing Real Estate Assessment Center (PIH-REAC) by the required due date. Cause: The Organization did not have adequate procedures to ensure the timely filing of the financial data to PIH-REAC. Effect: Late filing has resulted in noncompliance with timely submission of financial information to PIH-REAC. Recommendation: The Organization should improve its financial reporting process so that it can submit its single audit reporting package to the PIH-REAC no later than nine months after the Organization's fiscal year end. Views of Responsible Officials and Planned Corrective Action: We were not able to submit the financials on time because we lost our previous auditors in 2021. It took some time to find a new company that handles HUD audit. Going forward, we will strive to get back to our normal schedule at the soonest time and get back in compliance.