Finding 974681 (2023-001)

- Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-05-22
Audit: 306909
Organization: Tradewinds, Inc. (MO)

AI Summary

  • Issue: Financial statements were not submitted electronically within the required 90 days after year-end.
  • Requirements Impacted: Compliance with HUD regulations under 24 C.F.R., Part 5, Subpart H.
  • Follow-Up: Implement staffing strategies to prevent future delays, such as offering incentives and optimizing current resources.

Finding Text

Failure to Submit the annual Financial Statements by the Due Date Condition: The financial reporting was not submitted electronically into the Financial Assessment Subsystem (FASS) within 90 days after year-end.Criteria: Timely filing of the annual financial statements electronically through FASS is required by the U. S. Department of Housing and Urban Development pursuant to 24 C.F.R., Part 5, Subpart H.Cause: The fiscal team experienced staffing shortages due to turnover and extended leave of the accountant responsible for preparation of the financial statements.Effect: The financial statements for the year ended June 30, 2023 were not finalized until approximately three months after year-end. There was not enough time for an audit to be completed and financial reporting to be submitted within 90 days after year-end.Identification of a repeat finding: This is a repeat finding from the previous audit, 2022-001.Recommendation: We recommend developing strategies to help with staffing issues such as offering incentives to attract candidates and making the most of the current workforce.Management’s Response/Corrective Action Plan: Management agrees. See Corrective Action Plan.

Categories

Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.42M