Finding Text
2023-3 Late HUD Financial Reporting
Condition: The owner did not meet the HUD financial reporting requirement.
Criteria: According to HUD’s Uniform Financial Reporting Standards rule, annually, an owner is required to submit a financial statement, prepared in accordance with generally accepted accounting principles (GAAP), in the electronic format specified by HUD. The unaudited financial statement is due three months after the owner’s fiscal year end and the audited financial statement is due nine months after its fiscal year-end (24 CFR section 5.801). The financial statement must include the financial activities of this program.
Cause: The cause is undeterminable.
Effect: The Project is not compliant with HUD program requirements.
Recommendation: I recommend the owner meet HUD program requirements.