Finding 1238990 (2024-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2026-09-30
Audit: 413861
Auditor: 060903326

AI Summary

  • Issue: The Project missed the deadlines for filing its federal single audit for 2023 and 2024.
  • Requirements Impacted: The Project is not compliant with the federal reporting requirement, which mandates filing within specific timeframes.
  • Follow-Up: Implement a process to ensure timely filing of future audits, as agreed upon in the Corrective Action Plan.

Finding Text

Finding No. 2024-001 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the years ended December 31, 2024 and 2023, by the due dates of September 30, 2025 and 2024, respectively. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.

Corrective Action Plan

Our prior accounting firm no longer practices in the USDA audit space necessitating our transition to a new CPA firm. We have been working closely with the board and our new firm to do our best to ensure that all required future filings are made in a timely manner.

Categories

Reporting

Other Findings in this Audit

  • 1238989 2024-001
    Material Weakness Repeat
  • 1238991 2024-002
    Material Weakness Repeat
  • 1238992 2024-002
    Material Weakness Repeat
  • 1238993 2024-003
    Material Weakness Repeat
  • 1238994 2024-003
    Material Weakness Repeat
  • 1238995 2024-004
    Material Weakness Repeat
  • 1238996 2024-004
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $221,947
10.415 RURAL RENTAL HOUSING LOANS $10,809