FAC Explorer

Finding 519849 (2023-001)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2025-01-21
Audit: 339112
Organization: Anchorage Affordable Housing and Land Trust (AK)
Auditor: Hutchings & Associates LLC

AI Summary

  • Core Issue: The Organization failed to engage a qualified audit firm on time, missing the deadline for submitting the audit package as required by 2 CFR 200.512(a).
  • Impacted Requirements: The Organization is not compliant with federal regulations regarding the timely submission of audit reports.
  • Recommended Follow-Up: Improve internal controls to ensure timely engagement of audit firms and adhere to submission deadlines for annual audits.

Finding Text

Criteria: Pursuant Uniform Guidance 2 CFR 200.512(a), the audit package and data collection form shall be submitted 30 days after receipt of the auditors' report, or nine months after the end of the fiscal year - whichever comes first. Condition: The Organization did not engage a qualified audit firm within the required timeline to complete and submit the audit in a timely manner. Questioned costs: None noted. Context: The audit firm was engaged to perform an audit in accordance with 2 CFR 200.512(a) more than nine months after the audit period. Effect: The Organization is not in compliance with 2 CFR 200.512(a). Cause: The Organization did not have controls in place to identify the requirements of the federal single audit threshold. Repeat finding: N/A Recommendation: The Organization should combine its accounting and provided accounting records timely, arrange for an annual audit and submit the reporting package within the guidelines as outlined the Uniform Guidance regulations.

Corrective Action Plan

Name of Contact Person: Robin Ward Corrective Action Planned: Due to turnover of the start up of the Organization's rental operation, the accounting for the for the rental properties was performed by the managment company. The Organization was unable to have the annual audit completed within the required timeframe, and subsequently was late in submission of the FAC report. The Organization has contracted with the management company's accountants to combine all the accounting into one set of records and to conduct audit preparation and other financial services as requested. The Organization will work on getting financial information in a timely fashion and submit the reporting package in accordance with the guidelines. Anticipated completion date: January 2025.

Categories

Reporting

Other Findings in this Audit

  • 1096291 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $6.34M
97.024 Emergency Food and Shelter National Board Program $185,363