Finding 42150 (2022-001)

2022-001. Late Audited FDS / Federal Clearinghouse Submission Criteria: I noted that the Authority did not submit the electronic transmission of their GAAP based audited Financial Data Schedule (FDS) to the Financial Assessment Subsystem of REAC and to the Federal Clearinghouse within the 9 months of their year-end. Condition: The Authority must submit the audited financial statement to REAC and to the Federal Clearinghouse within 9 months of the fiscal year. Questioned Costs: None noted. Effect: As a result, the Authority did not comply with the HUD requirement of submitting the audited FDS and Federal Clearinghouse within the time allotted. Cause: The Authority was not diligent enough to ensure that the aforementioned submissions were submitted within time due. Recommendation: I recommend that the Authority implement controls to ensure audited FDS and Federal Clearinghouse submissions are submitted in a timely manner.