Core Issue: The Authority missed the deadline for submitting audited financial data, which is required within 9 months after the fiscal year end.
Impacted Requirements: This noncompliance affects the Financial Data Schedule (FDS) submissions and could lead to a lower SEMAP score, classifying the Authority as troubled.
Recommended Follow-Up: Improve internal controls over financial reporting and adjust procedures to ensure timely submissions and reduce reliance on external spreadsheets.
Finding Text
Program Name Housing Choice Vouchers Noncompliance Significant
Deficiency
ALN Number 14.871 L Reporting
2024-005 Financial Assessment Subsystem
Criteria Financial Data Schedule (FDS) audited submissions are due 9 months after fiscal year end (24 CFR section 5.801).
Condition Management missed the deadline for the audited submission to the FDS system.
Context The audited numbers were not available until 2025.
Cause The failure to meet the reporting deadline can be attributed to the audit not being completed within the 9 month required period after the fiscal year end.
Effect The Authority will receive a lower SEMAP score and will be classified as a troubled housing authority which could impact its subsidies.
Recommendations The Authority needs to improve its internal controls over financial reporting by submitting its financial data on a timelier basis and modifying its procedures to minimize its reliance on external spreadsheets for financial information.
Management Views Management agrees.
Corrective Action Plan
The Executive Director has implemented procedures for the procurement of an auditor to ensure the
Financia Data Schedule is filed within nine months after the conclusion of the fiscal year.
Name of Responsible Person: Tami Lucia, Executive Director
Implementation date: September 2024
Categories
HUD Housing ProgramsReportingSignificant DeficiencyInternal Control / Segregation of Duties