Finding Text
2024-004 Failure to comply with federal reporting deadlines
Criteria:
The U.S. Department of Housing and Urban Development (HUD) requires Public Housing Agencies (PHAs) to submit financial statements within specific deadlines. Late submissions can result in deductions to a property's FASS score. HUD may impose financial penalties on property owners who consistently fail to meet reporting deadlines. Continued non-compliance may result in restrictions on program participation or funding reductions.
Condition:
Unaudited FDS information is due to PIH-REAC two months after the Housing Authority’s fiscal year end, which is consistent with the requirements of both the Uniform Financial Reporting Standards and OMB Uniform Guidance.
PHAs must submit audited financial data within nine months of the end of their fiscal year. An Independent Public Accountant (IPA) must approve the data before it can be submitted.
Questioned Costs:
None.
Cause:
The Housing Authority did not ensure that the unaudited FDS submission was provided in a timely manner, which has cause the audited submission to also be late.
Effect:
The Housing Authority did not comply with the unaudited FDS submission due date.
Recommendation:
We recommend that the Housing Authority place greater emphasis on all federal reporting deadlines.