Finding Text
2023-001 Unaudited Submission
Criteria Financial Data Schedule (FDS) submission for unaudited financials are due within 2 months after the fiscal year end (24 CFR section 5.801).
Condition Management missed the deadline for its unaudited REAC FDS submission.
Context The Authority 's unaudited FDS submission was due on December 15th, 2023. The Authority did not submit the submission until December 28th, 2023.
Cause Management misinterpreted the deadline for the unaudited FDS submission for PHA's.
Effect The Authority is not in compliant with the reporting guidelines outlined in the HCV compliance supplement.
Recommendations The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timelier basis.
Management Views Management agrees with the finding, see Management's corrective action plan.