Finding 399876 (2023-002)

Statement of Condition Certain general ledger accounts were not reconciled in a timely manner. In addition, the unaudited and audited Financial Data Schedule (FDS) were not filed in time. Criteria The FDS is the Authority’s primary means of reporting annual financial and programmatic information and is the basis for meeting financial statement reporting requirements as well as reporting federal expenditures to HUD. Cause Significant employee turnover in key positions within the Authority. Effect or Potential Effect Financial items were misstated resulting in delays in the FDS submission and the overall audit completion. Recommendation We recommend the Authority reevaluate internal responsibilities over the periodic reconciliation and closeout of financial activity to assist in meeting reporting obligations. Management’s Response Management agrees with the finding, see Corrective Action Plan for plan of action.