Finding Text
Statement of condition 2023-2: Concord Residential Club (the Organization) did not submit its annual audit to HUD within the required time frame as required by the Regulatory Agreement with HUD. Criteria: In accordance with HUD's Uniform Financial Reporting Standards rule, annually, the Organization is required to submit a financial statement, prepared in accordance with generally accepted accounting principles (GAAP), in the electronic format specified by HUD. The audited financial statements are due 90 days after its fiscal year end. Cause: The Organization did not have the accounting staff in place to prepare the accounting records and required documentation in a timely manner after its year end, and therefore was unable to submit the audited financial statements on time. Effect: The Organization did not submit its audited financial statements on time with HUD. Recommendation: The Organization should have controls in place to ensure the timely submission of the audited financial statements to HUD.