Finding Text
Department of Housing and Urban Development Finding No. 2022-001 Late Filing; Assistance Listing Number 14.157 Supportive Housing for the Elderly Criteria Audited financial statement data submissions are due within 90 days of the fiscal year end. Statement of Condition The audited annual financial statement data for the year ended December 31, 2021 was not timely submitted to HUD via the Real Estate Assessment Center (REAC) system and data collection form. Cause The Sponsor required additional time for resolving entity fees and accounting related matters. Effect or Potential Effect The audited annual financial statement data was not filed timely to REAC. Recommendation Audited financial statements should be timely filed. Auditor Noncompliance Code Other. Views of Responsible Officials The Sponsor made note that audited financial statements should be timely filed. Finding Resolution Status Resolved.