Finding Text
Failure to Submit the annual Financial Statements by the Due Date Condition: The financial reporting was not submitted electronically into the Financial Assessment Subsystem (FASS) within 90 days after year-end.Criteria: Timely filing of the annual financial statements electronically through FASS is required by the U. S. Department of Housing and Urban Development pursuant to 24 C.F.R., Part 5, Subpart H.Cause: The fiscal team experienced staffing shortages due to turnover and extended leave of the accountant responsible for preparation of the financial statements.Effect: The financial statements for the year ended June 30, 2023 were not finalized until approximately three months after year-end. There was not enough time for an audit to be completed and financial reporting to be submitted within 90 days after year-end.Identification of a repeat finding: This is a repeat finding from the previous audit, 2022-001.Recommendation: We recommend developing strategies to help with staffing issues such as offering incentives to attract candidates and making the most of the current workforce.Management’s Response/Corrective Action Plan: Management agrees. See Corrective Action Plan.