FAC Explorer

Audit 320143

FY End
2023-12-31
Total Expended
$1.96M
Findings
2
Programs
1
Organization: United States Hispanic Chamber of Commerce (DC)
Year: 2023 Accepted: 2024-09-20
Auditor: Marcum LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
497397 2023-001 Significant Deficiency - L
1073839 2023-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
59.077 Community Navigator Pilot Program $1.96M Yes 1

Contacts

Name Title Type
N3D6CDJS13W3 Felipe Ugalde Auditee
2028421212 Eric Glantz Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures 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. De Minimis Rate Used: Y Rate Explanation: United States Hispanic Chamber of Commerce and Affiliate elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of United States Hispanic Chamber of Commerce and Affiliate (collectively USHCC) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 United States Hispanic Chamber of Commerce and Affiliate, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of USHCC.
Title: Summary of Significant Accounting Policies Accounting Policies: Expenditures 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. De Minimis Rate Used: Y Rate Explanation: United States Hispanic Chamber of Commerce and Affiliate elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Expenditures 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.
Title: Indirect Costs Accounting Policies: Expenditures 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. De Minimis Rate Used: Y Rate Explanation: United States Hispanic Chamber of Commerce and Affiliate elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. United States Hispanic Chamber of Commerce and Affiliate elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Finding No. 2023-001: Compliance Finding – Reporting and Significant Deficiency of Internal Controls Over Compliance – ASLN 59.077, U.S. Small Business Administration Criteria In accordance with the Uniform Guidance, the audit package and the Data Collection Form must be submitted within 30 days after the receipt of the auditors’ report or nine months after the end of the fiscal year, whichever comes first. Condition The auditor’s report was issued on January 5, 2024, causing the Data Collection Form submission to occur beyond the nine-month reporting deadline. Context The Data Collection Form for the year ended December 31, 2022 was not submitted to the Federal Audit Clearinghouse by the September 30, 2023 deadline. Cause The prior auditors communicated to management that their audit reporting would be delayed due to internal staffing changes. Effect Management did not fully adhere to the reporting requirements of the Uniform Guidance. Repeat Finding No Recommendation Prior to engaging an auditor, we recommend that management, to the best of its ability, evaluate the capabilities and resources of the auditor to evaluate whether the auditor will be able to issue their report before the deadline. Further, management should coordinate with their auditor on a timetable to complete the audit that allows for sufficient time to address uncertainties that may not be known upon commencing the audit. Views of Responsible Officials and Planned Corrective Actions See corrective action plan.
Finding 2023-001
Finding No. 2023-001: Compliance Finding – Reporting and Significant Deficiency of Internal Controls Over Compliance – ASLN 59.077, U.S. Small Business Administration Criteria In accordance with the Uniform Guidance, the audit package and the Data Collection Form must be submitted within 30 days after the receipt of the auditors’ report or nine months after the end of the fiscal year, whichever comes first. Condition The auditor’s report was issued on January 5, 2024, causing the Data Collection Form submission to occur beyond the nine-month reporting deadline. Context The Data Collection Form for the year ended December 31, 2022 was not submitted to the Federal Audit Clearinghouse by the September 30, 2023 deadline. Cause The prior auditors communicated to management that their audit reporting would be delayed due to internal staffing changes. Effect Management did not fully adhere to the reporting requirements of the Uniform Guidance. Repeat Finding No Recommendation Prior to engaging an auditor, we recommend that management, to the best of its ability, evaluate the capabilities and resources of the auditor to evaluate whether the auditor will be able to issue their report before the deadline. Further, management should coordinate with their auditor on a timetable to complete the audit that allows for sufficient time to address uncertainties that may not be known upon commencing the audit. Views of Responsible Officials and Planned Corrective Actions See corrective action plan.