Finding Text
FINDING NO. 2023-001: LATE REAC SUBMISSION FOR SECTION 811 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES, ALN #14.181 The Project did not timely submit audited financial statements with the U.S. Department of Housing and Urban Development Real Estate Assessment Center (REAC). CRITERIA: The Project is required to submit audited financial statements with the REAC system within 90 days after year end. CAUSE OF CONDITION: The Project did not have systems in place to submit the audited financial statements within the required 90 days. RECOMMENDATION: Auditor recommends management implement systems to ensure audited financial statements are submitted to REAC as required by the US. Department of Housing and Urban Development within 90 days after the fiscal year end.