Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024 Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non_x0002_federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: No identified control around the allocation of employee hours allocated to the Organization’s microloan program, between administration, pre-technical assistance, and post_x0002_technical assistance. With respect to the level of effort required under the Organization’s microloan grant agreement, the Organization must incur a minimum of 50% of reimbursable employee costs for post loan technical assistance. Additionally, the Organization submits for reimbursement of hours for pre and post loan technical assistance, while administration hours are used towards matching requirements. The Organization was unable to produce support for the allocation of administration and pre and post technical assistance hours included with required quarterly progress reports associated with the grant. Cause: Lack of formal control processes and related documentation around the allocation of employee hours allocated to the microloan program. Effect: Possibility of improper allocation of hours between administration, pre-technical assistance, and post-technical assistance, which could result in improper reporting of hours and incorrect reimbursement requests for payroll costs. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to document support gathered to allocate microloan program hours between administration, pre-technical assistance, and post technical assistance. Documentation over the allocation of employee hours, should be retained and made readily available for inspection, that supports the allocation of hours included on quarterly progress reporting, that is required under the microloan program. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to implement a control around the allocation of payroll hours. As of January 1, 2024, all staff will be required to specify Micro hours on timesheets by entering Admin, Pre, or Post in the note section. This will ensure payroll time allocation to the Microgrant is properly gathered and supported when submitting reimbursement requests.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024. Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: Improper or lack of completion of the Organization’s internal loan checklist within microloan files tested, which was identified as an internal control over the completeness of loan file documentation. Cause: Loan checklists were not completed by responsible officials. Effect: Loan files subjected to testing did not include the required documents. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to eliminate the risk of loan documents not being included in the files, this includes the use of pre-approved checklists that ensure personnel reviewing the loan files notate that all required documentation is retained in the loan file, prior to final issuance of the loan. The checklists should be tailored to specific requirements for each relevant loan program, should required documentation among loan programs vary. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to utilize a checklist specific to each loan program to ensure all required documents are entered into files. The Organization has implemented a loan filing system for each loan program dividing out the necessary documents required to be inserted into each loan file. The Production and Servicing Departments will be responsible for completing and reviewing the files to ensure all sections have been completed and updated as needed.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024 Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non_x0002_federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: No identified control around the allocation of employee hours allocated to the Organization’s microloan program, between administration, pre-technical assistance, and post_x0002_technical assistance. With respect to the level of effort required under the Organization’s microloan grant agreement, the Organization must incur a minimum of 50% of reimbursable employee costs for post loan technical assistance. Additionally, the Organization submits for reimbursement of hours for pre and post loan technical assistance, while administration hours are used towards matching requirements. The Organization was unable to produce support for the allocation of administration and pre and post technical assistance hours included with required quarterly progress reports associated with the grant. Cause: Lack of formal control processes and related documentation around the allocation of employee hours allocated to the microloan program. Effect: Possibility of improper allocation of hours between administration, pre-technical assistance, and post-technical assistance, which could result in improper reporting of hours and incorrect reimbursement requests for payroll costs. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to document support gathered to allocate microloan program hours between administration, pre-technical assistance, and post technical assistance. Documentation over the allocation of employee hours, should be retained and made readily available for inspection, that supports the allocation of hours included on quarterly progress reporting, that is required under the microloan program. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to implement a control around the allocation of payroll hours. As of January 1, 2024, all staff will be required to specify Micro hours on timesheets by entering Admin, Pre, or Post in the note section. This will ensure payroll time allocation to the Microgrant is properly gathered and supported when submitting reimbursement requests.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024. Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: Improper or lack of completion of the Organization’s internal loan checklist within microloan files tested, which was identified as an internal control over the completeness of loan file documentation. Cause: Loan checklists were not completed by responsible officials. Effect: Loan files subjected to testing did not include the required documents. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to eliminate the risk of loan documents not being included in the files, this includes the use of pre-approved checklists that ensure personnel reviewing the loan files notate that all required documentation is retained in the loan file, prior to final issuance of the loan. The checklists should be tailored to specific requirements for each relevant loan program, should required documentation among loan programs vary. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to utilize a checklist specific to each loan program to ensure all required documents are entered into files. The Organization has implemented a loan filing system for each loan program dividing out the necessary documents required to be inserted into each loan file. The Production and Servicing Departments will be responsible for completing and reviewing the files to ensure all sections have been completed and updated as needed.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024 Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non_x0002_federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: No identified control around the allocation of employee hours allocated to the Organization’s microloan program, between administration, pre-technical assistance, and post_x0002_technical assistance. With respect to the level of effort required under the Organization’s microloan grant agreement, the Organization must incur a minimum of 50% of reimbursable employee costs for post loan technical assistance. Additionally, the Organization submits for reimbursement of hours for pre and post loan technical assistance, while administration hours are used towards matching requirements. The Organization was unable to produce support for the allocation of administration and pre and post technical assistance hours included with required quarterly progress reports associated with the grant. Cause: Lack of formal control processes and related documentation around the allocation of employee hours allocated to the microloan program. Effect: Possibility of improper allocation of hours between administration, pre-technical assistance, and post-technical assistance, which could result in improper reporting of hours and incorrect reimbursement requests for payroll costs. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to document support gathered to allocate microloan program hours between administration, pre-technical assistance, and post technical assistance. Documentation over the allocation of employee hours, should be retained and made readily available for inspection, that supports the allocation of hours included on quarterly progress reporting, that is required under the microloan program. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to implement a control around the allocation of payroll hours. As of January 1, 2024, all staff will be required to specify Micro hours on timesheets by entering Admin, Pre, or Post in the note section. This will ensure payroll time allocation to the Microgrant is properly gathered and supported when submitting reimbursement requests.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024. Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: Improper or lack of completion of the Organization’s internal loan checklist within microloan files tested, which was identified as an internal control over the completeness of loan file documentation. Cause: Loan checklists were not completed by responsible officials. Effect: Loan files subjected to testing did not include the required documents. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to eliminate the risk of loan documents not being included in the files, this includes the use of pre-approved checklists that ensure personnel reviewing the loan files notate that all required documentation is retained in the loan file, prior to final issuance of the loan. The checklists should be tailored to specific requirements for each relevant loan program, should required documentation among loan programs vary. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to utilize a checklist specific to each loan program to ensure all required documents are entered into files. The Organization has implemented a loan filing system for each loan program dividing out the necessary documents required to be inserted into each loan file. The Production and Servicing Departments will be responsible for completing and reviewing the files to ensure all sections have been completed and updated as needed.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024 Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non_x0002_federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: No identified control around the allocation of employee hours allocated to the Organization’s microloan program, between administration, pre-technical assistance, and post_x0002_technical assistance. With respect to the level of effort required under the Organization’s microloan grant agreement, the Organization must incur a minimum of 50% of reimbursable employee costs for post loan technical assistance. Additionally, the Organization submits for reimbursement of hours for pre and post loan technical assistance, while administration hours are used towards matching requirements. The Organization was unable to produce support for the allocation of administration and pre and post technical assistance hours included with required quarterly progress reports associated with the grant. Cause: Lack of formal control processes and related documentation around the allocation of employee hours allocated to the microloan program. Effect: Possibility of improper allocation of hours between administration, pre-technical assistance, and post-technical assistance, which could result in improper reporting of hours and incorrect reimbursement requests for payroll costs. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to document support gathered to allocate microloan program hours between administration, pre-technical assistance, and post technical assistance. Documentation over the allocation of employee hours, should be retained and made readily available for inspection, that supports the allocation of hours included on quarterly progress reporting, that is required under the microloan program. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to implement a control around the allocation of payroll hours. As of January 1, 2024, all staff will be required to specify Micro hours on timesheets by entering Admin, Pre, or Post in the note section. This will ensure payroll time allocation to the Microgrant is properly gathered and supported when submitting reimbursement requests.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024. Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: Improper or lack of completion of the Organization’s internal loan checklist within microloan files tested, which was identified as an internal control over the completeness of loan file documentation. Cause: Loan checklists were not completed by responsible officials. Effect: Loan files subjected to testing did not include the required documents. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to eliminate the risk of loan documents not being included in the files, this includes the use of pre-approved checklists that ensure personnel reviewing the loan files notate that all required documentation is retained in the loan file, prior to final issuance of the loan. The checklists should be tailored to specific requirements for each relevant loan program, should required documentation among loan programs vary. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to utilize a checklist specific to each loan program to ensure all required documents are entered into files. The Organization has implemented a loan filing system for each loan program dividing out the necessary documents required to be inserted into each loan file. The Production and Servicing Departments will be responsible for completing and reviewing the files to ensure all sections have been completed and updated as needed.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024 Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non_x0002_federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: No identified control around the allocation of employee hours allocated to the Organization’s microloan program, between administration, pre-technical assistance, and post_x0002_technical assistance. With respect to the level of effort required under the Organization’s microloan grant agreement, the Organization must incur a minimum of 50% of reimbursable employee costs for post loan technical assistance. Additionally, the Organization submits for reimbursement of hours for pre and post loan technical assistance, while administration hours are used towards matching requirements. The Organization was unable to produce support for the allocation of administration and pre and post technical assistance hours included with required quarterly progress reports associated with the grant. Cause: Lack of formal control processes and related documentation around the allocation of employee hours allocated to the microloan program. Effect: Possibility of improper allocation of hours between administration, pre-technical assistance, and post-technical assistance, which could result in improper reporting of hours and incorrect reimbursement requests for payroll costs. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to document support gathered to allocate microloan program hours between administration, pre-technical assistance, and post technical assistance. Documentation over the allocation of employee hours, should be retained and made readily available for inspection, that supports the allocation of hours included on quarterly progress reporting, that is required under the microloan program. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to implement a control around the allocation of payroll hours. As of January 1, 2024, all staff will be required to specify Micro hours on timesheets by entering Admin, Pre, or Post in the note section. This will ensure payroll time allocation to the Microgrant is properly gathered and supported when submitting reimbursement requests.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024. Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: Improper or lack of completion of the Organization’s internal loan checklist within microloan files tested, which was identified as an internal control over the completeness of loan file documentation. Cause: Loan checklists were not completed by responsible officials. Effect: Loan files subjected to testing did not include the required documents. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to eliminate the risk of loan documents not being included in the files, this includes the use of pre-approved checklists that ensure personnel reviewing the loan files notate that all required documentation is retained in the loan file, prior to final issuance of the loan. The checklists should be tailored to specific requirements for each relevant loan program, should required documentation among loan programs vary. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to utilize a checklist specific to each loan program to ensure all required documents are entered into files. The Organization has implemented a loan filing system for each loan program dividing out the necessary documents required to be inserted into each loan file. The Production and Servicing Departments will be responsible for completing and reviewing the files to ensure all sections have been completed and updated as needed.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024 Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non_x0002_federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: No identified control around the allocation of employee hours allocated to the Organization’s microloan program, between administration, pre-technical assistance, and post_x0002_technical assistance. With respect to the level of effort required under the Organization’s microloan grant agreement, the Organization must incur a minimum of 50% of reimbursable employee costs for post loan technical assistance. Additionally, the Organization submits for reimbursement of hours for pre and post loan technical assistance, while administration hours are used towards matching requirements. The Organization was unable to produce support for the allocation of administration and pre and post technical assistance hours included with required quarterly progress reports associated with the grant. Cause: Lack of formal control processes and related documentation around the allocation of employee hours allocated to the microloan program. Effect: Possibility of improper allocation of hours between administration, pre-technical assistance, and post-technical assistance, which could result in improper reporting of hours and incorrect reimbursement requests for payroll costs. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to document support gathered to allocate microloan program hours between administration, pre-technical assistance, and post technical assistance. Documentation over the allocation of employee hours, should be retained and made readily available for inspection, that supports the allocation of hours included on quarterly progress reporting, that is required under the microloan program. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to implement a control around the allocation of payroll hours. As of January 1, 2024, all staff will be required to specify Micro hours on timesheets by entering Admin, Pre, or Post in the note section. This will ensure payroll time allocation to the Microgrant is properly gathered and supported when submitting reimbursement requests.
Microloan Program Assistance Listing Number 59.046 Grant Numbers SBAOCAML220293/230448; Grant period – Year(s) ended June 30, 2023 and June 30, 2024. Criteria: Per the OMB Compliance Supplement, the 2 CFR section 200.204 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statues, regulations, and the terms and conditions of the federal award. Condition: Improper or lack of completion of the Organization’s internal loan checklist within microloan files tested, which was identified as an internal control over the completeness of loan file documentation. Cause: Loan checklists were not completed by responsible officials. Effect: Loan files subjected to testing did not include the required documents. Repeat Finding: N/A Recommendation: Policies and procedures should be put in place to eliminate the risk of loan documents not being included in the files, this includes the use of pre-approved checklists that ensure personnel reviewing the loan files notate that all required documentation is retained in the loan file, prior to final issuance of the loan. The checklists should be tailored to specific requirements for each relevant loan program, should required documentation among loan programs vary. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation to utilize a checklist specific to each loan program to ensure all required documents are entered into files. The Organization has implemented a loan filing system for each loan program dividing out the necessary documents required to be inserted into each loan file. The Production and Servicing Departments will be responsible for completing and reviewing the files to ensure all sections have been completed and updated as needed.