title
Authorization to accept and submit to HUD CHA's Financial Statement Audit and Annual Comprehensive Financial Report for the year ended December 31, 2023.
presenter
Presenter: Michael Moran, Chief Financial Officer
end
Recommendation
The Finance and Audit Committee has reviewed and approved the Chicago Housing Authority's ("CHA") audited Financial Statement Audit and Annual Comprehensive Financial Report for the year ended December 31, 2023, pursuant to the Finance and Audit Committee's Charter. The 2023 reports were presented to the Finance and Audit Committee at its September 12, 2024 regular meeting.
It is recommended that the Board of Commissioners ("Board") accept the attached, Financial Statement Audit and Annual Comprehensive Financial Report for the year ended 2023 and authorize the CEO or her designee to submit such documents to the United States Department of Housing and Urban Development (HUD).
CHA staff has completed all necessary due diligence to support the submission of this initiative and recommends the approval of this item accordingly.
Background
HUD requires public housing authorities to annually publish a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed, certified public accountants. For the year ended 2023, the Authority engaged Ernst & Young to audit its results and issue the Annual Comprehensive Financial Report in accordance with HUD requirements. The Authority is required to submit the Financial Statement Audit and Financial Report to HUD by September 30, 2024, nine months after the end of its fiscal year (2023).
Ernst & Young has issued the CHA an unmodified opinion. The Report of Independent Auditors states that CHA's financial statements present fairly, in all material respects, the financial position of the Authority as of December 31, 2023.
Respectfully Submitted: ...
Click here for full text