Finding Text
2022-002Annual Financial ReportsCriteria:According to 7 CFR 3560.308, to ensure that the project is in sound financial condition and is complying with the program financial management requirements, the RD requires annual financial reports to be submitted by each borrower.
Condition:
The required financial reports and forms for Fred Bell Way were not submitted to the RD.
Cause:
The CDP staff was not aware of and did not follow the guidelines for annual reporting.
Effect:
Failure to file annual reports to RD could result in the loss or withholding of rental assistance funds thereby putting a financial strain on the project.
Questioned Cost:
Undetermined
Recommendation:
Establish an understanding and initiate the requirements of the management and reporting of RD funds.
Management's Views and Corrective Action Plan
Management's response is included in "Management's View and Corrective Action Plan" at the end of this report after the schedule of findings and questioned cost