Finding Text
Repeat Finding: No; Program Name/CFDA Title: Mortgage Insurance for Hospitals; CFDA Number: 14.128; Federal Agency: U.S. Department of Housing and Urban Development; Type of Finding: Noncompliance, Significant Deficiency; Compliance Requirement: Reporting. Condition: The Organization did not meet its financial reporting obligations under HUD requirements during the year; Criteria: The Organization is required to file quarterly interim financial statements within 40 days following the close of the reporting period; Context: During the audit, it was identified that the Organization did not file three of the required quarterly interim financial statements within 40 days following the close of the reporting period; Cause: The Organization did not have a review process in place to verify that the required reporting requirements were being met and were issued timely; Effect: The Organization is not in compliance with federal regulations and guidelines; Recommendation: It is recommended to develop proper controls around HUD-related reporting requirements. The Organization should file the quarterly interim financials in a timely manner.; View of Responsible Officials: The Organization will implement controls around HUD-related reporting requirements to ensure all quarterly interim financials are submitted within the required time period.