Finding 538089 (2024-002)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-03-27

AI Summary

  • Core Issue: The Authority failed to submit its audited financial reports on time.
  • Impacted Requirements: This non-compliance with HUD regulations puts the Authority at risk of losing funding and points.
  • Recommended Follow-Up: Ensure future submissions meet deadlines and align with HUD regulations.

Finding Text

2024-002 – 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 was not aware of the reporting deadline and as a result the Authority was late submitting their 2023 audit to REAC. 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.

Corrective Action Plan

2024-002 Audited REAC Submission Corrective Action Planned: The Authority will make sure their future audits are completed timely and Audited REAC submissions are completed on time. Completion Date: June 30, 2025

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

  • 538088 2024-001
    Significant Deficiency
  • 538090 2024-003
    Material Weakness
  • 1114530 2024-001
    Significant Deficiency
  • 1114531 2024-002
    Material Weakness
  • 1114532 2024-003
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.871 Section 8 Housing Choice Vouchers $449,195
14.182 Lower Income Housing Assistance Program_section 8 New Construction/substantial Rehabilitation $266,691
14.850 Public Housing Operating Fund $181,363
14.879 Mainstream Vouchers $157,675
14.872 Public Housing Capital Fund $129,847
14.870 Resident Opportunity and Supportive Services - Service Coordinators $56,875