Finding Text
Assistance Listing (Federal award identification number and year): LIHPRHA Capital Grant, Assistance Listing No. 14.122, 122-44641 and 1996; Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate, Assistance Listing No. 14.135, 122-35766 and 2024 Auditor non-compliance code: Z - Other Finding resolution status: In process 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. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2025-004: The Corporation did not furnish HUD with a complete annual financial report within ninety (90) days following the year ended June 30, 2025. Criteria: Pursuant to the HUD Regulatory Agreement and LIHPRHA Capital Grant, within 90 days, or such a period established in writing by HUD, following the fiscal year end, the Corporation is required to furnish to HUD a complete annual financial report based upon the examination of the books and records of the Corporation prepared in accordance with GAAP and with the requirements of HUD, and audited in accordance with Generally Accepted Auditing Standards and Government Auditing Standards. Effect: The Corporation is not in compliance with the HUD Regulatory Agreement and LIHPRHA Capital Grant. Cause: There were delays in obtaining all of the information required to complete the audit. Recommendation: The Corporation should ensure the annual financial report is filed within 90 days of year end. Management's response: Management concurs with the finding and recommendation. The audited financial statements have been submitted to HUD. No further action is required.