FAC Explorer

Finding 47739 (2022-002)

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Requirement
P
Questioned Costs
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Year
2022
Accepted
2023-08-24
Audit: 52715
Organization: Lancaster Village Consumer Housing Cooperative (IN)
Auditor: Comer Nowling and Associates PC

AI Summary

  • Core Issue: The Cooperative failed to file audited financial statements into the REAC system within the required 90 days after the fiscal year-end.
  • Impacted Requirements: HUD mandates timely filing of audited financial statements, which was not met for the year ending July 31, 2022.
  • Recommended Follow-Up: Management must ensure future filings are completed on time, specifically within 90 days post fiscal year-end.

Finding Text

S3800-010 Finding Reference Number ? 2022-002 S3800-011 Title and CFDA Number of Federal Program ? 14.126 HUD Insured Mortgage and 14.195 Section 8 Housing Assistance Payments S3800-015 Type of Finding ? Federal Award S3800-016 Finding Resolution Status ? Open S3800-017 Information on Universe Population Size ? N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? HUD requires the Cooperative to file audited financial statements into the REAC system within 90 days after the fiscal year-end. S3800-030 Statement of Condition ? The audited financial statements for the year ended July 31, 2022 were not filed into the REAC system within 90 days after the year-end. S3800-032 Cause ? The Cooperative changed management companies during the year and records were not transferred within a reasonable amount of time. S3800-033 Effect or Potential Effect ? The REAC filing for the year ended July 31, 2022 is late. S3800-035 Auditor Non-Compliance Code ? Z S3800-040 Questioned Costs ? $0 S3800-045 Reporting Views of Responsible Officials ? Management will make sure future audited financial statements are filed into the REAC system within 90 days after the fiscal year end. S3800-050 Context ? The REAC filing for the year ended July 31, 2022 is late. S3800-080 Recommendation ? Management needs to make sure future audited financial statements are filed into the REAC system within 90 days after the fiscal year end. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management will make sure future audited financial statements are filed into the REAC system within 90 days after the fiscal year end. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? June 2023

Corrective Action Plan

Corrective Action Plan Lancaster Village Consumer Housing Cooperative For the Year Ended July 31, 2022 Lancaster Village Consumer Housing Cooperative respectfully submits the following Corrective Action Plan for the year ended July 31, 2022. Name and address of the independent public accounting firm who conducted the related audit: Comer, Nowling And Associates, P.C. 10475 Crosspoint Boulevard, Suite 200 Indianapolis, Indiana 46256 Finding 2022-001 Corrective Action Planned ? Management will deposit $252 into the replacement reserve and confirm future deposits are made in accordance with HUD. Contact Person(s) Responsible ? Joe Holland, Director of Accounting, Kirkpatrick Management Anticipated Completion Date ? June 2023 Auditee Disagreements ? N/A Finding 2022-002 Corrective Action Planned ? None necessary ? REAC filed June 2023 Contact Person(s) Responsible ? Joe Holland, Director of Accounting, Kirkpatrick Management Anticipated Completion Date ? June 2023 Auditee Disagreements ? N/A This corrective action plan was prepared by Kirkpatrick Management, the management company, on behalf of Lancaster Village Consumer Housing Cooperative _______________________________ Joe Holland, Director of Accounting Kirkpatrick Management 5702 Kirkpatrick Way Indianapolis, Indiana 46220 317-570-4358

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.126 Mortgage Insurance_cooperative Projects $9.17M
14.195 Section 8 Housing Assistance Payments Program $1.41M