Finding Text
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.