FAC Explorer

Finding 392277 (2023-003)

-
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-04-04
Audit: 302540
Organization: Drake Manor Housing Development Fund Corporation (MA)
Auditor: Efpr Group Cpa's PLLC

AI Summary

  • Issue: The Corporation failed to submit financial information to HUD within the required 90-day timeframe after the fiscal year ended.
  • Requirements Impacted: This non-compliance violates HUD’s Uniform Financial Reporting Standards and 24 CFR section 5.801.
  • Follow-Up: The Corporation should enhance year-end procedures to ensure timely reporting, with management confirming they will meet the March 31, 2024 deadline for the next submission.

Finding Text

Condition - The Corporation did not submit financial information to HUD within 90 days after the end of the fiscal year. Criteria - In accordance with HUD’s Uniform Financial Reporting Standards (UFRS) rule and 24 CFR section 5.801, owners are required to submit financial information to HUD, no later than 90 days after the end of the fiscal year. Effect - The Corporation is not in compliance with financial reporting requirements. Questioned Cost - None identified. Cause - The audit was not competed within 90 days after the end of the fiscal year. Recommendation - The Corporation should review year end procedures to ensure timely and accurate reporting based on HUD’s UFRS. Management’s Reply - (d) Comments on the finding and recommendation: Management agrees with the finding. (e) Actions Taken: Management has taken appropriate actions to timely submit the audit information. (f) Anticipated Completion Date: Management anticipates timely filing the required financial information for December 31, 2023 by the due date of March 31, 2024.

Corrective Action Plan

Name of Auditee: Drake Manor Housing Development Fund Corporation Name of Audit Firm: EFPR Group, CPAs, PLLC Period Covered by the Audit: Year ended December 31, 2023 CAP Prepared by: Brian Tasso, Controller Phone: 781-932-9229 (A) Current Finding on the Schedule of Findings and Responses (3) Audit Finding 2023-003 - Financial Reporting (d) Comments on the finding and recommendation: Management agrees with the finding. (e) Actions Taken: Management has taken appropriate actions to timely submit the audit information. (f) Anticipated Completion Date: Management anticipates timely filing the required financial information for December 31, 2023 by the due date of March 31, 2024.

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $106,089