Finding 37073 (2022-001)

Financial Data Schedule (FDS) submission for unaudited financials are due within 2 months after the fiscal year end (24 CFR section 5.801). Management missed deadlines for its unaudited submissions. Upon review of the unaudited FDS submission, we noted that the date of the submission was passed the due date. Management was late in submitting its financial information to its fee accountant. This in part was caused by software changes that limited its ability to produce timely and reliable financial data. The Authority is not in compliance with HUD reporting requirements. The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timely basis. We agree with this finding and have outlined our plan of action in our corrective action plan.