Finding 496456 (2023-003)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2023

Accepted

2024-09-11

Audit: 319378

Organization: Wilmington Housing Authority (NC)

Auditor: Tpo CPA PLLC

AI Summary

Answer: There were delays and inaccuracies in reconciling significant accounts to the general ledger.
Trend: This has led to untimely financial reporting, affecting program activities.
List: Ensure timely reconciliations, improve documentation, and establish better schedules moving forward.

Finding Text

Failure to perform reconciliations of significant accounts to the general ledger accounts in a timely or accurate manner. These delays, inadequate schedules, reconciliations and supporting documentation resulted in untimely financial reporting and impact on the program activities.

Corrective Action Plan

Corrective Action: The Authority will institute corrective policies and procedures including hiring appropriate staff to oversee general ledger account reconciliations and assure compliance to program and applicable HUD compliance requirements.

Other Findings in this Audit

1072898 2023-003

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.871	Section 8 Housing Choice Vouchers	$10.97M
14.850	Public and Indian Housing	$6.03M
14.872	Public Housing Capital Fund	$3.31M
14.999	Emergency Housing Vouchers	$234,018
14.870	Resident Opportunity and Supportive Services - Service Coordinators	$202,048
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$193,017
14.879	Mainstream Vouchers	$149,230
14.877	Public Housing Family Self-Sufficiency Under Resident Opportunity and Supportive Services	$105,859
14.191	Multifamily Housing Service Coordinators	$66,806
14.267	Continuum of Care Program	$60,285
14.999	Public Housing Cares Act	$0
14.999	Hcv Cares Act Funding	$0