Finding Text
Finding 2022-001 ? Filing Annual Reports Timely Finding Resolution Status: In process. Information on Universe and Population Size: This is not applicable. Sample Size Information: This is not applicable. Noncompliance Information: This is not applicable. Statement of Condition: Waterbrook violated the U.S. Department of Housing and Urban Development (HUD) Regulatory agreement by not filing 2022 audited financial statements on time. Criteria: HUD regulatory agreement requires annual audited financial statements be submitted to Real Estate Assessment Center (REAC) using the Financial Assessment Subsystem (FASSUB) 90 days after year end. Effect or Potential Effect: Waterbrook is in violation of the HUD regulatory agreement and capital advance documents. Cause: Unaware of HUD Regulatory Agreement. Recommendation: Waterbrook should immediately file the annual audited financial statements with HUD and REAC using the FASSUB system. Auditor Noncompliance Information: Z ? Other. Questioned Costs: $0 Reporting Views of Responsible Officials: Waterbrook will file the 2022 audited financial statements with HUD and REAC using the FASSUB system. Concur or Do Not Concur with This Finding: Concur. Agree or Disagree with Auditor Recommendations: Agree. Completion Date: August 31, 2023 Actions Taken or Plan on the Finding: Waterbrook will file the 2022 audited financial statements with HUD and REAC using the FASSUB system. Waterbrook hired a new auditing firm to file the 2022 audited financial statements with HUD and REAC.