Finding 563577 (2024-004)

Low Rent Program-CDFA#14.850 and Capital Fund Program-CDFA#14.872 Finding 2024-004- Federal and State Law Not Complied With Context The earliest accounting records that we received as the auditor was January 24, 2025, which was after the state filing deadline. We did not receive the information requested from Management until much later. It appears that management is not timely sending the accounting records to the fee accountant to allow the latter to process the accounting information. Cause Management understands the deadline. We do not know the cause. Effect Federal and State law were not complied with. In addition, audit findings, if any, are not timely reviewed by the board, since the audit report is not timely finalized. Recommendation Accounting records should be delivered to the fee accountant by at least the 20th of the following month, although earlier would be better. This will allow the fee accountant to timely prepare the accounting information. View of Responsible Official We will follow the auditor’s recommendation. Criteria and Condition Louisiana state law requires that the audit report be filed no later than six months after fiscal year end. In this situation, the deadline was December 31, 2024. Federal law requires the report to be filed no later than nine months after year-end, or March 31, 2025.