Finding Text
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: Resolved Information on Universe Population Size: The finding was not a result of a sampling procedure. Sample Size Information: The finding was not a result of a sampling procedure. Identification of Repeat Finding and Finding Reference Number: This is not a repeat finding. Criteria: The Regulatory Agreement and Project Rental Assistance Contract require audited financial statements be submitted to HUD within 60 days of the project?s fiscal year end. Uniform Financial Reporting Standards (UFRS) changed the deadline to 90 days. Statement of Condition: Financial statements were not filed with HUD by the 90 day deadline. Cause: The prior CPA retired. Effect or Potential Effect: Financial statements were not filed with HUD. Auditor Non-Compliance Code: Z Questioned Costs: There are no questioned costs. The finding does not relate to an undocumented transaction or unreasonable expenditure. Reporting Views of Responsible Officials: Management agrees with the finding. The financial statements were submitted to HUD on June 16, 2022. Context: Financial statements were not filed with HUD by the 90 day deadline. Recommendation: The owner should complete its accounting process on a timely basis. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. The financial statements were submitted to HUD on June 16, 2022. Response Indicator: Agree Completion Date: June 16, 2022 Response: Management agrees with the finding. The financial statements were submitted to HUD on June 16, 2022.