FAC Explorer

Finding 22730 (2022-002)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-08-10
Audit: 19318
Organization: Victory One Housing Development Fund Corporation (NY)
Auditor: Vargas & Rivera LLP

AI Summary

  • Issue: Financial information was not submitted to HUD within the required 90 days after the fiscal year ended.
  • Impact: This delay means the project is not in compliance with 24 CFR 5.801.
  • Next Steps: File the financial information as soon as possible to rectify the situation.

Finding Text

Criteria - Reporting: Compliance Requirement ? Within 90 days following the end of each fiscal year the project owners must submit to HUD financial information derived from the audited financial statements electronically to HUD via the Internet (24 CFR 5.801). Condition: The financial information was not submitted to HUD within the 90 days following the end of fiscal year. Effect: The Project is not in compliance with 2 CFR 5.801. Context: The financial information was not filed timely. Cause: The financial statements were not finalized by the due date. Recommendation: The financial information should be filed as soon as possible. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.

Corrective Action Plan

Planned Corrective Action: Management acknowledges that the HUD financial information was not submitted timely and has implemented controls to ensure timely filings. Anticipated Completion Date: The financial statements will be submitted by July 31, 2023.

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

  • 22729 2022-001
    Significant Deficiency
  • 599171 2022-001
    Significant Deficiency
  • 599172 2022-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $10.83M
14.182 Section 8 New Construction and Substantial Rehabilitation $985,467