Finding 49827 (2022-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-05-14
Audit: 42234
Organization: Nate Smith Housing Corporation (MA)
Auditor: Cohnreznick LLP

AI Summary

  • Core Issue: The audited financial statements for 2021 were submitted late to HUD.
  • Impacted Requirements: Financial data must be filed within 90 days after the fiscal year ends.
  • Recommended Follow-Up: Ensure future submissions are timely to avoid compliance issues.

Finding Text

Department of Housing and Urban Development Finding No. 2022-001 Late Filing; Assistance Listing Number 14.157 Supportive Housing for the Elderly Criteria Audited financial statement data submissions are due within 90 days of the fiscal year end. Statement of Condition The audited annual financial statement data for the year ended December 31, 2021 was not timely submitted to HUD via the Real Estate Assessment Center (REAC) system and data collection form. Cause The Sponsor required additional time for resolving entity fees and accounting related matters. Effect or Potential Effect The audited annual financial statement data was not filed timely to REAC. Recommendation Audited financial statements should be timely filed. Auditor Noncompliance Code Other. Views of Responsible Officials The Sponsor made note that audited financial statements should be timely filed. Finding Resolution Status Resolved.

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

  • 49826 2022-001
    Significant Deficiency
  • 626268 2022-001
    Significant Deficiency
  • 626269 2022-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $359,892