FAC Explorer

Audit 319411

FY End
2023-12-31
Total Expended
$4.13M
Findings
4
Programs
7
Organization: True Access Capital Corporation (DE)
Year: 2023 Accepted: 2024-09-12
Auditor: Belfint Lyons & Shuman P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496612 2023-002 Significant Deficiency - L
496613 2023-002 Significant Deficiency - L
1073054 2023-002 Significant Deficiency - L
1073055 2023-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $1.28M - 0
59.012 7(a) Loan Guarantees $907,139 Yes 1
59.046 Microloan Program $816,349 Yes 1
21.020 Community Development Financial Institutions Program $175,496 - 0
59.043 Women's Business Ownership Assistance $138,494 - 0
59.059 Congressional Grants $61,378 - 0
10.870 Rural Microentrepreneur Assistance Program $6,218 - 0

Contacts

Name Title Type
S3CFQKAGL4K9 Vandell Hampton, Jr. Auditee
3026526774 Jonathan D. Moll Auditor
No contacts on file

Notes to SEFA

Title: LOANS PAYABLE OUTSTANDING Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of True Access Capital Corporation (Organization) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented on the accrual basis of accounting 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, change in net assets, functional expenses, or cash flows of the Organization. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to use the 10% de minimis rate. The Organization participates in certain federal award programs that are revolving loan programs. The Organization had the following loan payable balances outstanding as of December 31, 2023, that do not have continuing compliance requirements, which are not included in the Schedule: <CHART> The Organization had the following loan payable balances outstanding as of December 31, 2023, that have continuing compliance requirements, which are included in the Schedule of Expenditures of Federal Awards: <CHART>
Title: GUARANTEED LOANS RECEIVABLE OUTSTANDING Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of True Access Capital Corporation (Organization) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented on the accrual basis of accounting 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, change in net assets, functional expenses, or cash flows of the Organization. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to use the 10% de minimis rate. The Organization had the following loan receivable balances outstanding as of December 31, 2023, in the SBA’s Community Advantage Loan Program. SBA guaranteed loans receivable have continuing compliance requirements and are included in the Schedule: <CHART>
Title: ECONOMIC ADJUSTMENT ASSISTANCE PROGRAM REVOLVING LOAN FUND Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of True Access Capital Corporation (Organization) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented on the accrual basis of accounting 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, change in net assets, functional expenses, or cash flows of the Organization. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to use the 10% de minimis rate. The Organization had the following loan revolving fund balance as of December 31, 2023, in the U.S. Department of Commerce’s Economic Adjustment Assistance Program. The Economic Adjustment Assistance revolving loan fund has continuing compliance requirements and is included in the Schedule: <CHART>
Title: COVID-19 ECONOMIC ADJUSTMENT ASSISTANCE PROGRAM REVOLVING LOAN FUND Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of True Access Capital Corporation (Organization) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented on the accrual basis of accounting 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, change in net assets, functional expenses, or cash flows of the Organization. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to use the 10% de minimis rate. The Organization had the following loan revolving fund balance as of December 31, 2023, in the U.S. Department of Commerce’s Economic Adjustment Assistance Program that was created as part of the CARES Act. The CARES Act revolving loan fund has continuing compliance requirements and is included in the Schedule: <CHART>

Finding Details

Finding 2023-002
Condition: The Organization did not retain evidence that the 7(a) Loan Guarantee program required quarterly reporting for the quarter ended December 31, 2023 was submitted timely. The Organization submitted its June 30, 2023 required reporting for the Microloan Program on August 14, 2023. Criteria: The Organization is required to submit quarterly reports 45 days after the quarter end. Cause: The Organization submitted required reporting but did not retain evidence of timely submission or did not submit the reports timely. Effect: The Organization did not comply with the programmatic reporting requirements. Recommendation: We recommend the Organization take steps to submit and memorialize the timely submission of required reports.
Finding 2023-002
Condition: The Organization did not retain evidence that the 7(a) Loan Guarantee program required quarterly reporting for the quarter ended December 31, 2023 was submitted timely. The Organization submitted its June 30, 2023 required reporting for the Microloan Program on August 14, 2023. Criteria: The Organization is required to submit quarterly reports 45 days after the quarter end. Cause: The Organization submitted required reporting but did not retain evidence of timely submission or did not submit the reports timely. Effect: The Organization did not comply with the programmatic reporting requirements. Recommendation: We recommend the Organization take steps to submit and memorialize the timely submission of required reports.
Finding 2023-002
Condition: The Organization did not retain evidence that the 7(a) Loan Guarantee program required quarterly reporting for the quarter ended December 31, 2023 was submitted timely. The Organization submitted its June 30, 2023 required reporting for the Microloan Program on August 14, 2023. Criteria: The Organization is required to submit quarterly reports 45 days after the quarter end. Cause: The Organization submitted required reporting but did not retain evidence of timely submission or did not submit the reports timely. Effect: The Organization did not comply with the programmatic reporting requirements. Recommendation: We recommend the Organization take steps to submit and memorialize the timely submission of required reports.
Finding 2023-002
Condition: The Organization did not retain evidence that the 7(a) Loan Guarantee program required quarterly reporting for the quarter ended December 31, 2023 was submitted timely. The Organization submitted its June 30, 2023 required reporting for the Microloan Program on August 14, 2023. Criteria: The Organization is required to submit quarterly reports 45 days after the quarter end. Cause: The Organization submitted required reporting but did not retain evidence of timely submission or did not submit the reports timely. Effect: The Organization did not comply with the programmatic reporting requirements. Recommendation: We recommend the Organization take steps to submit and memorialize the timely submission of required reports.