Finding Text
Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2024) 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 #2024-001: The Corporation did not furnish HUD with a complete annual financial report within ninety (90) days 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 ninety (90) day 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.