FAC Explorer

Audit 340410

FY End
2024-06-30
Total Expended
$3.54M
Findings
2
Programs
1
Organization: Industrial Development Authority of the City of Danville, Virginia (VA)
Year: 2024 Accepted: 2025-01-29
Auditor: Brown Edwards & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
520694 2024-003 - - L
1097136 2024-003 - - L

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $3.54M Yes 1

Contacts

Name Title Type
TPARDDKAVR45 Michael Adkins Auditee
4347995186 Susan Chapman Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL EXPENDITURES: Accounting Policies: The accompanying schedule of federal expenditures includes the activity of all federally assisted programs of the Industrial Development Authority of Danville, Virginia and is presented on the accrual basis of accounting, as described in Note 1 to the IDA's basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule. De Minimis Rate Used: N Rate Explanation: The entity did not elect to use the 10% de minimis indirect cost rate. The total federal expenditures above includes $931,378 from the prior year. The funds from Virginia Department of Housing and Community Development were awarded late and the Industrial Development Authority retroactively requested reimbursement for expenditures that occured in fiscal year 2023.
Title: OUTSTANDING BALANCES Accounting Policies: The accompanying schedule of federal expenditures includes the activity of all federally assisted programs of the Industrial Development Authority of Danville, Virginia and is presented on the accrual basis of accounting, as described in Note 1 to the IDA's basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule. De Minimis Rate Used: N Rate Explanation: The entity did not elect to use the 10% de minimis indirect cost rate. At June 30, 2024, the Industrial Development Authority had no outstanding loan balances requiring continuing disclosure.

Finding Details

Finding 2024-003
2024-003: Coronavirus State and Local Fiscal Recovery Fund – ALN #21.027, Reporting Condition: The Authority did not file the required quarterly reports by the due date. Criteria: Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause: The Authority does not have a process in place to ensure reports are timely filed. Effect: The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation: Steps should be taken to ensure that these reports are filed and in a timely manner. Views of Responsible Officials and Planned Corrective Action: The auditee concurs with the recommendation.
Finding 2024-003
2024-003: Coronavirus State and Local Fiscal Recovery Fund – ALN #21.027, Reporting Condition: The Authority did not file the required quarterly reports by the due date. Criteria: Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause: The Authority does not have a process in place to ensure reports are timely filed. Effect: The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation: Steps should be taken to ensure that these reports are filed and in a timely manner. Views of Responsible Officials and Planned Corrective Action: The auditee concurs with the recommendation.