Finding Text
2022-002: Timely Financial Reporting and SF-SAC Submission Criteria ? Filing of the SF-SAC Submission timely represents a functioning financial system. Condition and Context ? Complete and accurate financial results were not available on a timely basis in order to begin the audit prior to the due date of the SF-SAC. Significant adjustments needed to be determined and posted before an accurate set of financial statements was available to complete the SF-SAC (see Finding 2022-001). Effect ? Complete and accurate financial results were not available on a timely basis in order to begin the audit prior to the due date of the SF-SAC. Recommendation ? Procedures need to be developed for the following: ? Management should implement procedures to complete and reconcile all financial information within a reasonable time period after year end. ? Management should implement a system to track the due date of the SF-SAC to ensure timely filing. Management Response Bridges to Housing Stability, Inc. has procedures to complete and reconcile all financial information within a 90-day period after year-end. Due to the Finance Manager making changes to the financial information contrary to these procedures, the information was not finalized in a timely manner. The procedures to complete and reconcile all financial information in a timely manner are being followed for FY23. This was the first year a federal audit and SF-SAC was required. If the organization meets the threshold in the future needed to file the SF-SAC, Bridges to Housing Stability?s management will ensure that all deadlines are followed and due dates are tracked. Program CFDA 21.023 Finding 2022-002 is also a finding for the major federal program as timely filing of the SF-FAC is a requirement under the Uniform Guidance.