FAC Explorer

Finding 943818 (2021-003)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2021
Accepted
2024-02-14
Audit: 290355
Organization: Evergreen Estates Housing Development Fund Company, Inc. (NY)
Auditor: Marks Paneth LLP

AI Summary

  • Issue: The electronic submission to REAC was not filed within the required nine-month timeframe after year-end.
  • Requirements Impacted: Compliance with the Uniform Guidance is at risk due to late submission of financial statements.
  • Follow-Up: Submit the electronic filing to REAC immediately and ensure timely finalization of financial statements in the future.

Finding Text

Condition: Electronic submission to REAC was not submitted within nine months of year end. Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with the Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible.

Categories

Reporting

Other Findings in this Audit

  • 367376 2021-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $12.96M
14.195 Section 8 Housing Assistance Payments Program $2.47M