Finding Text
Criteria: Entities that administer the Housing Choice Voucher Program must submit audited financial information annually to the Department of Housing and Urban Development (HUD) in accordance with 24 CFR 5.801 – uniform financial reporting standards. Audited financial information must be submitted to HUD electronically through HUD’s Real Estate Assessment Center (REAC) website, and the submission of this information to HUD must take place within nine months of the entity’s fiscal year end.
Condition: Audited financial information for the period ending June 30, 2023 was not submitted to HUD through the REAC website within the required time-frame.
Effect: FRC is in violation of HUD financial reporting requirements.
Cause: Oversight.
Identification of a Repeat finding: This is a repeat finding from the immediate past audit.
Questioned Cost: None.
Recommendation: We recommend that management ensures future submissions are completed on a timely basis.
Management Response: Management agrees with this finding and recommendation.