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 PIHREAC. 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.