2022?004 Reporting Federal Agency: U.S. Department of Commerce Federal Program Title: Economic Development Administration ? Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2022 ? December 31, 2022 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Form ED-209 is normally due 30 days after year-end unless the EDA allows for an extension. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. We also noted that the reports were filed late, and no extension was granted by the EDA. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. We also noted the reports were filed late. No extension was granted by EDA. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Due to this same issue, the Organization also filed the reports late. Repeat Finding: Repeat of Finding 2021-004 Effect: The ED-209 reports may be misstated. The ED-209 reports were filed late. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits and to also ensure future reports are filed prior to their due date. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization?s Corrective Action Plan for more information.
2022?004 Reporting Federal Agency: U.S. Department of Commerce Federal Program Title: Economic Development Administration ? Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2022 ? December 31, 2022 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Form ED-209 is normally due 30 days after year-end unless the EDA allows for an extension. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. We also noted that the reports were filed late, and no extension was granted by the EDA. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. We also noted the reports were filed late. No extension was granted by EDA. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Due to this same issue, the Organization also filed the reports late. Repeat Finding: Repeat of Finding 2021-004 Effect: The ED-209 reports may be misstated. The ED-209 reports were filed late. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits and to also ensure future reports are filed prior to their due date. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization?s Corrective Action Plan for more information.
2022?004 Reporting Federal Agency: U.S. Department of Commerce Federal Program Title: Economic Development Administration ? Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2022 ? December 31, 2022 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Form ED-209 is normally due 30 days after year-end unless the EDA allows for an extension. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. We also noted that the reports were filed late, and no extension was granted by the EDA. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. We also noted the reports were filed late. No extension was granted by EDA. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Due to this same issue, the Organization also filed the reports late. Repeat Finding: Repeat of Finding 2021-004 Effect: The ED-209 reports may be misstated. The ED-209 reports were filed late. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits and to also ensure future reports are filed prior to their due date. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization?s Corrective Action Plan for more information.
2022?004 Reporting Federal Agency: U.S. Department of Commerce Federal Program Title: Economic Development Administration ? Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2022 ? December 31, 2022 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Form ED-209 is normally due 30 days after year-end unless the EDA allows for an extension. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. We also noted that the reports were filed late, and no extension was granted by the EDA. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. We also noted the reports were filed late. No extension was granted by EDA. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Due to this same issue, the Organization also filed the reports late. Repeat Finding: Repeat of Finding 2021-004 Effect: The ED-209 reports may be misstated. The ED-209 reports were filed late. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits and to also ensure future reports are filed prior to their due date. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization?s Corrective Action Plan for more information.
2022?004 Reporting Federal Agency: U.S. Department of Commerce Federal Program Title: Economic Development Administration ? Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2022 ? December 31, 2022 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Form ED-209 is normally due 30 days after year-end unless the EDA allows for an extension. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. We also noted that the reports were filed late, and no extension was granted by the EDA. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. We also noted the reports were filed late. No extension was granted by EDA. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Due to this same issue, the Organization also filed the reports late. Repeat Finding: Repeat of Finding 2021-004 Effect: The ED-209 reports may be misstated. The ED-209 reports were filed late. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits and to also ensure future reports are filed prior to their due date. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization?s Corrective Action Plan for more information.
2022?004 Reporting Federal Agency: U.S. Department of Commerce Federal Program Title: Economic Development Administration ? Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2022 ? December 31, 2022 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Form ED-209 is normally due 30 days after year-end unless the EDA allows for an extension. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. We also noted that the reports were filed late, and no extension was granted by the EDA. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. We also noted the reports were filed late. No extension was granted by EDA. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Due to this same issue, the Organization also filed the reports late. Repeat Finding: Repeat of Finding 2021-004 Effect: The ED-209 reports may be misstated. The ED-209 reports were filed late. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits and to also ensure future reports are filed prior to their due date. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization?s Corrective Action Plan for more information.