FAC Explorer

Finding 41541 (2022-002)

- Repeat Finding
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-09-28
Audit: 39186
Organization: Rivercrest Commons Housing Development Fund Company, Inc. (NY)
Auditor: Efpr Group Cpa's PLLC

AI Summary

  • Core Issue: The Company failed to submit financial information to HUD within the required 90 days after the fiscal year-end.
  • Impacted Requirements: This non-compliance with HUD's UFRS and 24 CFR section 5.801 is a repeat finding from 2021.
  • Recommended Follow-Up: The Company should improve year-end procedures and consider scheduling audits closer to the fiscal year-end to ensure timely submissions.

Finding Text

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. Condition - The Company did not submit financial information to HUD within 90 days after the end of the fiscal year. Cause - The audit was scheduled for July 2023 creating the need for an owners certified (unaudited) submission to HUD but remained unsubmitted by the Company. Effect - The Company is not in compliance with financial reporting requirements. Questioned Costs - None identified. Repeat Finding - This is a repeat of finding 2021-002 as reported for the year ended December 31, 2021. Recommendation - The Company should review year end procedures to ensure timely and accurate reporting based on HUD's UFRS. Additionally, the Company may also elect to schedule the annual audit closer to the end of the fiscal year to bypass the need for the owner certified submission. Management's Response - The Company will work to engage its auditors to perform the December 31, 2023 audit in March of 2024 and complete the audited submission within 90 days after the end of the fiscal year.

Corrective Action Plan

Name of auditee: Rivercrest Commons Housing Development Fund Company, Inc. Project No.: 014-HDl 19 TIN: 20-0597209 Name of audit firm: EFPR Group, CP As, PLLC Period covered by audit: December 31, 2022 CAP prepared by: Mark Bolebruch, Accountant accounting@amsterdamhousingauthority.org Finding 2022-002 The Company will work to engage its auditors to perform the December 31, 2023 audit in March of 2024 and complete the audited submission within 90 days after the end of the fiscal year.

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $34,604