Finding Text
Assistance Listing (Federal award identification number and year): Section 8 Housing
Assistance Payments Contract, CFDA# 14.195 (Project identification number HAP #CA16L000119)
Auditor non-compliance code: Z - Other
Finding resolution status: Completed
Universe population status: N/A
Sample size information: N/A
Statistically valid sample: N/A
Name of Federal agency: U.S Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: N/A
Statement of condition #2024-001: Pursuant to Section 10(e) of the Regulatory Agreement, the
Corporation is required to furnish HUD with a complete annual financial report based upon an
examination of the books and records of the Company prepared in accordance with GAAP, audited in
accordance with Generally Accepted Auditing Standards and Government Auditing Standards and any
additional requirements of HUD unless the report is waived in writing by HUD within ninety days, or
such period established in writing by HUD.
Criteria: The Corporation did not furnish HUD with a complete annual financial report within ninety
days following the end of the fiscal year ending June 30, 2024.
Effect: The Corporation was not in compliance with the Regulatory Agreement.
Cause: The accounting team did not provide financial information in a timely manner.
Recommendation: The annual financial statements should be issued in a timely manner pursuant to
the time frame set forth by HUD.
Management's response: Management concurs with the finding and recommendation. The audited
financial statements have been submitted to HUD. No further action is required.