FAC Explorer

Audit 21557

FY End
2022-06-30
Total Expended
$1.05M
Findings
6
Programs
1
Organization: California Association for Local Economic Development (CA)
Year: 2022 Accepted: 2023-09-11
Auditor: James Marta & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
25126 2022-001 Material Weakness - P
25127 2022-001 Material Weakness - P
25128 2022-001 Material Weakness - P
601568 2022-001 Material Weakness - P
601569 2022-001 Material Weakness - P
601570 2022-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $184,560 Yes 1

Contacts

Name Title Type
XPVXMLYDAWA6 Gurbax Sahota Auditee
9164488252 Jesse Deol Auditor
No contacts on file

Notes to SEFA

Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards of (the Schedule) include the federal grant activity of the California Association for Economic Development & Affiliate (the Organization") under programs of the federal government for the fiscal year then ended June 30, 2022. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Audits (Uniform Guidance). Because the Schedule represents only a selected portion of the operations of the Organization, it is not intended to and does not present the combined financial position, changes in net assets, or cash flows of the Organization for the year then ended.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 3. INDIRECT COST RATEThe Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. 4. SUBSEQUENT EVENTOn January 3, 2023, the California Academy for Economic Development (Affiliate) and the California Office of the Small Business Advocate (sub-recipient) entered into sub-award agreement (sub-agreement) for the Outsmart Disaster Resiliency Training. The sub-recipient portion of the federal grant is $350,000.Management has reviewed its financial statements and evaluated subsequent events for the period of time from its year ended June 30, 2022 through September 11, 2023, the date the financial statements were issued. Management is not aware of any subsequent events, other than those described above, that would require recognition or disclosure in the accompanying financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
FINDING 2022-001: REPORT SUBMISSION FOR PROGRAM-SPECIFIC AUDITS Program: Economic Adjustment Assistance Assistance Listing Number: 11.307 Compliance Requirement: Reporting Criteria: The program-specific audit must be completed and submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Conditions: The program-specific audit was not submitted within the required nine months after the year end. Cause: The program-specific audit was engaged on April 2023 after the required submission date of the program-specific audit of March 2023 nine months after the year end of June 30, 2022. Effect: Due to delay in the program specific audit the required submission date of the program specific audit to the Federal Audit Clearinghouse is not met. Recommendation: Timely preparation of all required documentation for the program specific audit to have sufficient time for the completion of the program specific audit.
Finding 2022-001
FINDING 2022-001: REPORT SUBMISSION FOR PROGRAM-SPECIFIC AUDITS Program: Economic Adjustment Assistance Assistance Listing Number: 11.307 Compliance Requirement: Reporting Criteria: The program-specific audit must be completed and submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Conditions: The program-specific audit was not submitted within the required nine months after the year end. Cause: The program-specific audit was engaged on April 2023 after the required submission date of the program-specific audit of March 2023 nine months after the year end of June 30, 2022. Effect: Due to delay in the program specific audit the required submission date of the program specific audit to the Federal Audit Clearinghouse is not met. Recommendation: Timely preparation of all required documentation for the program specific audit to have sufficient time for the completion of the program specific audit.
Finding 2022-001
FINDING 2022-001: REPORT SUBMISSION FOR PROGRAM-SPECIFIC AUDITS Program: Economic Adjustment Assistance Assistance Listing Number: 11.307 Compliance Requirement: Reporting Criteria: The program-specific audit must be completed and submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Conditions: The program-specific audit was not submitted within the required nine months after the year end. Cause: The program-specific audit was engaged on April 2023 after the required submission date of the program-specific audit of March 2023 nine months after the year end of June 30, 2022. Effect: Due to delay in the program specific audit the required submission date of the program specific audit to the Federal Audit Clearinghouse is not met. Recommendation: Timely preparation of all required documentation for the program specific audit to have sufficient time for the completion of the program specific audit.
Finding 2022-001
FINDING 2022-001: REPORT SUBMISSION FOR PROGRAM-SPECIFIC AUDITS Program: Economic Adjustment Assistance Assistance Listing Number: 11.307 Compliance Requirement: Reporting Criteria: The program-specific audit must be completed and submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Conditions: The program-specific audit was not submitted within the required nine months after the year end. Cause: The program-specific audit was engaged on April 2023 after the required submission date of the program-specific audit of March 2023 nine months after the year end of June 30, 2022. Effect: Due to delay in the program specific audit the required submission date of the program specific audit to the Federal Audit Clearinghouse is not met. Recommendation: Timely preparation of all required documentation for the program specific audit to have sufficient time for the completion of the program specific audit.
Finding 2022-001
FINDING 2022-001: REPORT SUBMISSION FOR PROGRAM-SPECIFIC AUDITS Program: Economic Adjustment Assistance Assistance Listing Number: 11.307 Compliance Requirement: Reporting Criteria: The program-specific audit must be completed and submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Conditions: The program-specific audit was not submitted within the required nine months after the year end. Cause: The program-specific audit was engaged on April 2023 after the required submission date of the program-specific audit of March 2023 nine months after the year end of June 30, 2022. Effect: Due to delay in the program specific audit the required submission date of the program specific audit to the Federal Audit Clearinghouse is not met. Recommendation: Timely preparation of all required documentation for the program specific audit to have sufficient time for the completion of the program specific audit.
Finding 2022-001
FINDING 2022-001: REPORT SUBMISSION FOR PROGRAM-SPECIFIC AUDITS Program: Economic Adjustment Assistance Assistance Listing Number: 11.307 Compliance Requirement: Reporting Criteria: The program-specific audit must be completed and submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Conditions: The program-specific audit was not submitted within the required nine months after the year end. Cause: The program-specific audit was engaged on April 2023 after the required submission date of the program-specific audit of March 2023 nine months after the year end of June 30, 2022. Effect: Due to delay in the program specific audit the required submission date of the program specific audit to the Federal Audit Clearinghouse is not met. Recommendation: Timely preparation of all required documentation for the program specific audit to have sufficient time for the completion of the program specific audit.