Finding Text
2023-003 – Audited REAC Submission
Criteria:
HUD requires that all Public Housing Authorities submit their audited financial data on an annual basis. Per 24 CFR 902.33, audited financial statements will be required no later than nine months after the PHA’s fiscal year-end, in accordance with 2 CFR part 200.
Condition:
The audited financial reports were not submitted in a timely manner.
Cause:
The Authority had prior difficulties getting their 2022 audit completed. As a result, the 2023 audit was not able to start on time and was not able to be completed before the reporting deadline.
Effect:
The Authority did not have its financial reports submitted before the deadline leaving the Authority not in compliance with regulations, and at risk of losing points and funding.
Recommendation:
The Authority should submit financial reports in a timely manner going forward. The Authority’s financial records should be brought into compliance with HUD regulations.
View of Responsible Officials:
Management agrees with the finding.