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Delaware State Housing Authority FY25 Financial Statement Audit Unmodified Opinion Two Deficiencies

The Delaware Office of State Auditor issued an unmodified opinion on the Delaware State Housing Authority's FY25 financial statements covering the fiscal year ended June 30, 2025, with total assets of $732,459,779 (up 3.8% from FY24). The audit identified two significant deficiencies: staffing shortfalls that delayed financial statement preparation after the Section Manager resigned in July 2025 and a consultant engaged in August 2025 encountered significant difficulties; and three material misstatements requiring journal entry adjustments of $1,000,000, $688,016, and $5,864,456. One finding was a repeat issue from the prior year. Management has committed to implementing corrective actions including revised internal controls and enhanced review processes by March 31, 2026.