FAC Explorer

Finding 398241 (2023-001)

- Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-05-22
Audit: 306914
Organization: Crestwood Court, Inc. (MO)
Auditor: Hood & Associates CPAS PC

AI Summary

  • Core Issue: Annual financial statements were not submitted electronically by the 90-day deadline.
  • Impacted Requirements: Compliance with U.S. Department of Housing and Urban Development regulations was not met.
  • Recommended Follow-Up: Implement strategies to address staffing shortages, like offering incentives to attract new candidates.

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.

Corrective Action Plan

A Director of Finance was hired in March 2023 to ensure timeliness of financial statement filings. An upgraded accounting software (NetSuite) was implemented in May 2023 which created some temporary delays in timeliness of reporting as finance employees were trained on new processes. The accounting software upgrade is creating efficiencies that should facilitate the timely filing of financial statements moving forward. Contac Person: Jen Swisher, Director of Finance Anticipated Completion Date: December 1, 2023.

Categories

Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.03M