Finding Text
Section III - Federal Award Finding
Finding #2024-001: Section 8 Housing Assistance Payments Program, Assistance Listing: 14.195 and
Mortgage Insurance Section 223(f) Insured Loan Assistance Lising: 14.155
Type of Finding: Significant Deficiency
Condition: The audited financial statements for the periods ended June 30, 2021,
2022 and 2023 were not entered into the FASSUB or Federal Audit
Clearinghouse (FAC) system timely.
Criteria: The HUD regulatory agreement requires the audited financial statements
to be prepared in accordance with GAAP and filed into the FASSUB
system within 90 days of year end.
Effect: The Corporation is in violation of the compliance requirement of its
major federal program.
Questioned Cost: $0
Cause: Financials were not ready\available for audit.
Recommendation: We recommend the audited financial statements be submitted into the
FASSUB system within 90 days of year end.
Auditor’s Comment:
The 2021 and 2022 financial statements will not be submitted. The June
30, 2023 and 2024 financial data was received and submitted into the
FASSUB system.