Finding 515594 (2022-004)

Financial Data Schedule (FDS) audited submissions are due 9 months after fiscal year end (24 CFR section 5.801). Management missed the deadline for the audited submission to the FDS system. The audited numbers were not available until 2023. The failure to meet the reporting deadline can be attributed to the audit not being completed within the 9 month required period after the fiscal year end. The Authority will receive a lower SEMAP score and will be classified as a troubled housing authority which could impact its subsidies. The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timelier basis and modifying its procedures to minimize its reliance on external spreadsheets for financial information.