Guam - The Guam Office of Public Accountability has issued the findings of an audit of the Guam Housing and Urban Renewal Authority. According to the report, GHURA ended last fiscal year with a decrease in net assets of $4.5 million, that's a significant decline from the half million dollar increase GHURA realized in FY2011. Auditors however noted the net decrease was primarily because of a decrease in federal grants and subsidies. Likewise GHURA also saw a 30-percent decrease in operating revenues and expenditures. Auditors rendered a clean opinion on the agency's financial statements. However as for its four federal programs, GHURA received a clean audit on one of them while the remaining three received unqualified opinions.
Auditors found four material weaknesses that pertained to income verification, tenant file documentation, GHURA's administrative plan and a conflict of interest with the agency's legal counsel who resigned last month. We should note GHURA had consulted with HUD and hired a special conflicts attorney to determine if any such conflict exists. The conflicts counsel opined no such conflict exists. You can read the audit on guamopa.org.