Finding Text
Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA No. 14.155 (Project identification number 047-11056, 2007) Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition #2024-002: The Corporation submitted the owner certified financial report within ninety (90) days following the end of the fiscal year ending December 31, 2024, however did not furnish HUD with a complete audited annual financial report within nine (9) months following the end of the fiscal year ending December 31, 2024. Criteria: Pursuant to the Regulatory Agreement, within ninety (90) days, or such period established in writing by HUD, following the end of each fiscal year, the Corporation shall engage an independent, licensed Certified Public Accountant to audit the Corporation's annual financial report and to produce and furnish HUD an audit report in accordance with the requirements established by HUD. Effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to administrative delays, the Corporation did not submit the audited financial statements to HUD within the nine (9) month requirement. Recommendation: The annual financial statements should be issued in a timely manner pursuant to the time frame set forth by HUD. Management's response: Management concurs with the finding and recommendation. The audited financial statements have been submitted to HUD.