Finding Text
2022-002 ? INTERNAL CONTROL OVER FINANCIAL REPORTING MATERIAL WEAKNESS/MATERIAL NONCOMPLIANCE CRITERIA Filing of financial reports. (1) For entities listed in paragraphs (a)(1) and (2) of this section, the financial information to be submitted to HUD in accordance with paragraph (b) of this section, must be submitted annually, no later than 60 days after the end of the fiscal year of the reporting period, and as otherwise provided by law (for public housing agencies, see also 24 CFR 903.33). (24 CFR 5.801(c)) CRITERIA The unaudited FDS was required to be submitted to HUD by July 15th, 2022, which includes HUD?s 15 day grace period. The Authority submitted the FDS on November 18th, 2022. CAUSE Due to a miscommunication between the Authority staff and fee accountant, the unaudited FDS report was not submitted timely. EFFECT Failure to submit information timely hinders HUD?s ability to monitor and make decisions about the programs.QUESTIONED COSTS None identified. CONTEXT All PHA?s that administer Public and Indian Housing and Capital Fund Programs are required to prepare and submit an unaudited FDS to HUD within 75 days of the end of its fiscal year. REPEAT FINDING Not a repeat finding. RECOMMENDATION We recommend that the Authority review their year end closing process to ensure that adequate procedures are in place to ensure financial reports are submitted timely.