Finding 555747 (2024-001)

Requirement

Questioned Costs

Year

2024

Accepted

2025-04-23

Audit: 354402

Organization: Gardenside Terrace, Inc. (IN)

Auditor: Comer Nowling and Associates PC

AI Summary

Issue: Financial statements for the year-end October 31, 2024, were not submitted to the REAC system on time.
Trend: This delay could indicate ongoing compliance challenges with timely reporting.
Follow-up: Ensure a review of filing processes to prevent future delays and consider implementing reminders for deadlines.

The audited financial statements for the fiscal year-end October 31, 2024 were not filed into the REAC system within 90 days after the year-end.

The management company will provide the auditors with information to perform the audit in a timely manner.

ALN	Program Name	Expenditures
14.108	Rehabilitation Mortgage Insurance	$1.77M
14.126	Mortgage Insurance_cooperative Projects	$1.22M
14.195	Section 8 Housing Assistance Payments Program	$626,281