Finding 502700 (2023-002)

Finding 2023-002: Late Submission of Financial Statements to FAC and REAC (Significant Deficiency) Federal Agency: U.S. Department of Housing and Urban Development Federal Program Title: All Federal Programs Federal Assistance Listing Number: 14.850, 14.871 Compliance Requirement: Reporting Criteria: Per 2 CFR Section 200.512, the Authority is required to submit the Data Collection Form and the rest of the reporting package within the earlier of 30 calendar days after receipt of the auditor’s report or nine months after the end of the audit period. Per 2 CFR Section 902.33, the Authority is required to submit its audited Financial Data Schedule (FDS) and audited financial statements no later than 9 months after the PHA’s fiscal year end. Condition: The Authority did not submit its audited financial statements to the Federal Audit Clearinghouse and to REAC by the required due dates. Context: PHAs are required to submit an audited FDS to FAC and REAC within 9 months of fiscal year end. Effect: The Authority did not submit its audited FDS to REAC by the required due date. Cause: The Authority did not have the proper controls in place to ensure the unaudited FDS was re-submitted on time. Repeat Finding: This is a repeat finding. Recommendation: The Authority should review and enhance its policies, procedures, and internal controls to ensure the financial reporting package and audited financial statements are submitted by the required due date. Views of Responsible Officials: The Authority agrees with the finding.