Finding 565963 (2024-005)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-06-24

AI Summary

  • Core Issue: The Housing Authority did not provide an operating budget for the fiscal year, hindering financial oversight.
  • Impacted Requirements: The absence of a budget affects the ability to manage resources and assess compliance with financial goals.
  • Recommended Follow-Up: Establish a system to ensure the operating budget is created and maintained moving forward.

Finding Text

2024-005 Missing Documentation – Operating Budget Criteria: An operating budget is a financial plan that outlines an organization's expected revenues and expenses for a specific period. It's used to manage day-to-day operations, allocate resources, and achieve short-term financial goals. Condition: The Housing Authority was unable to produce an operating budget or operating budget revision for the requested fiscal year end. Questioned Cost: Cannot be determined, due to incomplete information. Effect: We are unable to determine whether the Housing Authority worked within the budget constraints during the fiscal year. Cause: Lack of Board and management oversight. Recommendation: We recommend the Authority implement a system to maintain the operating budget.

Corrective Action Plan

View of responsible officials and corrective action plan: All documents are done in a timely manner with the Board of Directors approval, since dismissing the two past employees. The Board of Directors, MRI, and HUD are fully aware of the situation. The budget questionnaire was turned in in a timely manner as it should and all documents that are required are turned in in a timely manner.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 565962 2024-004
    Material Weakness Repeat
  • 1142404 2024-004
    Material Weakness Repeat
  • 1142405 2024-005
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.872 Public Housing Capital Fund $1.00M
14.850 Public and Indian Housing $257,275