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Authorization to accept and submit to HUD CHA’s Financial Statement Audit and Annual Comprehensive Financial Report for the year ended December 31, 2024.
presenter
Presenter: Michael Moran, Chief Financial Officer
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Recommendation
It is recommended that the Board of Commissioners (“Board”) accept the attached Financial Statement Audit and Annual Comprehensive Financial Report for the year ended December 31, 2024 and authorize the Operating Chairman or his designee to submit such documents to the United States Department of Housing and Urban Development (HUD).
The Chief Financial Officer 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 2024, 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, 2025, nine months after the end of its fiscal year (2024).
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, 2024.
Respectfully Submitted:
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Matthew Brewer
Operating Chairman