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.