FAC Explorer

Audit 327570

FY End
2023-12-31
Total Expended
$1.14M
Findings
6
Programs
3
Organization: Life Asset, Inc. (DC)
Year: 2023 Accepted: 2024-11-07
Auditor: Gelman Rosenberg & Freedman

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
504836 2023-001 Significant Deficiency - L
504837 2023-001 Significant Deficiency - L
504838 2023-001 Significant Deficiency - L
1081278 2023-001 Significant Deficiency - L
1081279 2023-001 Significant Deficiency - L
1081280 2023-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $826,265 Yes 1
59.046 Microloan Program $262,054 - 1
21.020 Community Development Financial Institutions Program $50,000 Yes 1

Contacts

Name Title Type
N2DMZ185AJH7 Jan Markus Larsson Auditee
2025496118 Ricardo Trujillo Auditor
No contacts on file

Notes to SEFA

Title: Note 1. Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. De Minimis Rate Used: Y Rate Explanation: 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. The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of the Organization under programs of the Federal Government for the year ended December 31, 2023. Information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of the Organization; accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Note 2. Summary of Significant Accounting Policies Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. De Minimis Rate Used: Y Rate Explanation: 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. The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under 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. The Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.

Finding Details

Finding 2023-001
Finding 2023-001: Submissions of Data Collection Forms Federal Programs: All Criteria: As stated in 2 CFR §200.303, the non-Federal entity (i.e. the Organization) must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations and terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or in the “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). According to 2 CFR §200.512(a)(1) the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be 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. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. Condition: The Data Collection Forms for each of the audits for the years ended December 31, 2021, 2022 and 2023 were not filed timely in accordance with the requirements under Uniform Guidance. Cause: The Organization did not have adequate controls in place to allow the Data Collection Form to be filed timely. Effect or Potential Effect: Delinquent data collection forms may result in action by funders such as 1) draw-down restrictions, 2) reimbursable draw-down restrictions, 3) withholding a percentage of Federal funds, 4) suspending Federal funds, or 5) termination of the award. Questioned Costs: None. Context: The past three years of Data Collection Forms have not been filed timely. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend the Organization establish an internal control procedure to ensure the required data collection form, along with the reporting package is filed timely.
Finding 2023-001
Finding 2023-001: Submissions of Data Collection Forms Federal Programs: All Criteria: As stated in 2 CFR §200.303, the non-Federal entity (i.e. the Organization) must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations and terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or in the “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). According to 2 CFR §200.512(a)(1) the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be 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. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. Condition: The Data Collection Forms for each of the audits for the years ended December 31, 2021, 2022 and 2023 were not filed timely in accordance with the requirements under Uniform Guidance. Cause: The Organization did not have adequate controls in place to allow the Data Collection Form to be filed timely. Effect or Potential Effect: Delinquent data collection forms may result in action by funders such as 1) draw-down restrictions, 2) reimbursable draw-down restrictions, 3) withholding a percentage of Federal funds, 4) suspending Federal funds, or 5) termination of the award. Questioned Costs: None. Context: The past three years of Data Collection Forms have not been filed timely. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend the Organization establish an internal control procedure to ensure the required data collection form, along with the reporting package is filed timely.
Finding 2023-001
Finding 2023-001: Submissions of Data Collection Forms Federal Programs: All Criteria: As stated in 2 CFR §200.303, the non-Federal entity (i.e. the Organization) must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations and terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or in the “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). According to 2 CFR §200.512(a)(1) the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be 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. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. Condition: The Data Collection Forms for each of the audits for the years ended December 31, 2021, 2022 and 2023 were not filed timely in accordance with the requirements under Uniform Guidance. Cause: The Organization did not have adequate controls in place to allow the Data Collection Form to be filed timely. Effect or Potential Effect: Delinquent data collection forms may result in action by funders such as 1) draw-down restrictions, 2) reimbursable draw-down restrictions, 3) withholding a percentage of Federal funds, 4) suspending Federal funds, or 5) termination of the award. Questioned Costs: None. Context: The past three years of Data Collection Forms have not been filed timely. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend the Organization establish an internal control procedure to ensure the required data collection form, along with the reporting package is filed timely.
Finding 2023-001
Finding 2023-001: Submissions of Data Collection Forms Federal Programs: All Criteria: As stated in 2 CFR §200.303, the non-Federal entity (i.e. the Organization) must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations and terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or in the “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). According to 2 CFR §200.512(a)(1) the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be 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. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. Condition: The Data Collection Forms for each of the audits for the years ended December 31, 2021, 2022 and 2023 were not filed timely in accordance with the requirements under Uniform Guidance. Cause: The Organization did not have adequate controls in place to allow the Data Collection Form to be filed timely. Effect or Potential Effect: Delinquent data collection forms may result in action by funders such as 1) draw-down restrictions, 2) reimbursable draw-down restrictions, 3) withholding a percentage of Federal funds, 4) suspending Federal funds, or 5) termination of the award. Questioned Costs: None. Context: The past three years of Data Collection Forms have not been filed timely. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend the Organization establish an internal control procedure to ensure the required data collection form, along with the reporting package is filed timely.
Finding 2023-001
Finding 2023-001: Submissions of Data Collection Forms Federal Programs: All Criteria: As stated in 2 CFR §200.303, the non-Federal entity (i.e. the Organization) must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations and terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or in the “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). According to 2 CFR §200.512(a)(1) the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be 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. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. Condition: The Data Collection Forms for each of the audits for the years ended December 31, 2021, 2022 and 2023 were not filed timely in accordance with the requirements under Uniform Guidance. Cause: The Organization did not have adequate controls in place to allow the Data Collection Form to be filed timely. Effect or Potential Effect: Delinquent data collection forms may result in action by funders such as 1) draw-down restrictions, 2) reimbursable draw-down restrictions, 3) withholding a percentage of Federal funds, 4) suspending Federal funds, or 5) termination of the award. Questioned Costs: None. Context: The past three years of Data Collection Forms have not been filed timely. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend the Organization establish an internal control procedure to ensure the required data collection form, along with the reporting package is filed timely.
Finding 2023-001
Finding 2023-001: Submissions of Data Collection Forms Federal Programs: All Criteria: As stated in 2 CFR §200.303, the non-Federal entity (i.e. the Organization) must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations and terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or in the “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). According to 2 CFR §200.512(a)(1) the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be 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. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. Condition: The Data Collection Forms for each of the audits for the years ended December 31, 2021, 2022 and 2023 were not filed timely in accordance with the requirements under Uniform Guidance. Cause: The Organization did not have adequate controls in place to allow the Data Collection Form to be filed timely. Effect or Potential Effect: Delinquent data collection forms may result in action by funders such as 1) draw-down restrictions, 2) reimbursable draw-down restrictions, 3) withholding a percentage of Federal funds, 4) suspending Federal funds, or 5) termination of the award. Questioned Costs: None. Context: The past three years of Data Collection Forms have not been filed timely. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend the Organization establish an internal control procedure to ensure the required data collection form, along with the reporting package is filed timely.