FAC Explorer

Audit 365976

FY End
2024-12-31
Total Expended
$815,058
Findings
4
Programs
3
Organization: Westminster Economic Development Initative, Inc. (NY)
Year: 2024 Accepted: 2025-09-10
Auditor: Insero & CO Cpa's LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
576078 2024-001 - - L
576079 2024-001 - - L
1152520 2024-001 - - L
1152521 2024-001 - - L

Programs

ALN Program Spent Major Findings
93.576 Refugee and Entrant Assistance Discretionary Grants $177,782 - 0
59.046 Microloan Program $90,976 Yes 1
21.033 Community Development Financial Institutions Fund Equitable Recovery Program (cdfi Erp) $89,225 - 0

Contacts

Name Title Type
GEEUZ91HMYH7 Carolynn Welch Auditee
7168004122 Duane Shoen Auditor
No contacts on file

Notes to SEFA

Title: Basis of Accounting Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by WEDI, as defined in Note 1 to the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. De Minimis Rate Used: N Rate Explanation: Indirect Costs Indirect costs of administering loans are included in the reported, to the extent they are included in the federal financial reports used as the source for the data presented. WEDI has chosen not to use the 10% de minimis cost rate. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. WEDI uses the accrual basis of accounting for federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled to WEDI’s financial reporting system.

Finding Details

Finding 2024-001
Criteria: The U.S. SBA loan guide requires forms SF 270, SF425, MRF, and LLRF to be submitted within 30 days from the ending date of each quarter. Condition: Forms SF 270 and SF 425 for all four quarters were submitted after the deadline. Forms MRF and LLRF for were submitted after the deadline for the first three quarters. Cause: The filings were missed due to staff turnover. Effect or Potential Effect: WEDI was not in compliance with U.S. SBA reporting requirement. Questioned Costs: None. Context: Forms SF 270, SF 245, MRF, and LLRF were not filed within 30 days. Repeat Finding: This finding is not a repeat finding. Recommendation: We recommend that management ensures all forms be submitted timely as required by the U.S. SBA. Management Response: During the period of the delay WEDI’s management was in regular communication with its U.S. SBA representative. Management was advised to prioritize correcting the system and submitting accurate reports over timeliness. WEDI management has filled the Grants Manager position, created a workplan schedule forecasting 3 months of grant applications and reporting needs, and developed a system for staff backups in case of absences.
Finding 2024-001
Criteria: The U.S. SBA loan guide requires forms SF 270, SF425, MRF, and LLRF to be submitted within 30 days from the ending date of each quarter. Condition: Forms SF 270 and SF 425 for all four quarters were submitted after the deadline. Forms MRF and LLRF for were submitted after the deadline for the first three quarters. Cause: The filings were missed due to staff turnover. Effect or Potential Effect: WEDI was not in compliance with U.S. SBA reporting requirement. Questioned Costs: None. Context: Forms SF 270, SF 245, MRF, and LLRF were not filed within 30 days. Repeat Finding: This finding is not a repeat finding. Recommendation: We recommend that management ensures all forms be submitted timely as required by the U.S. SBA. Management Response: During the period of the delay WEDI’s management was in regular communication with its U.S. SBA representative. Management was advised to prioritize correcting the system and submitting accurate reports over timeliness. WEDI management has filled the Grants Manager position, created a workplan schedule forecasting 3 months of grant applications and reporting needs, and developed a system for staff backups in case of absences.
Finding 2024-001
Criteria: The U.S. SBA loan guide requires forms SF 270, SF425, MRF, and LLRF to be submitted within 30 days from the ending date of each quarter. Condition: Forms SF 270 and SF 425 for all four quarters were submitted after the deadline. Forms MRF and LLRF for were submitted after the deadline for the first three quarters. Cause: The filings were missed due to staff turnover. Effect or Potential Effect: WEDI was not in compliance with U.S. SBA reporting requirement. Questioned Costs: None. Context: Forms SF 270, SF 245, MRF, and LLRF were not filed within 30 days. Repeat Finding: This finding is not a repeat finding. Recommendation: We recommend that management ensures all forms be submitted timely as required by the U.S. SBA. Management Response: During the period of the delay WEDI’s management was in regular communication with its U.S. SBA representative. Management was advised to prioritize correcting the system and submitting accurate reports over timeliness. WEDI management has filled the Grants Manager position, created a workplan schedule forecasting 3 months of grant applications and reporting needs, and developed a system for staff backups in case of absences.
Finding 2024-001
Criteria: The U.S. SBA loan guide requires forms SF 270, SF425, MRF, and LLRF to be submitted within 30 days from the ending date of each quarter. Condition: Forms SF 270 and SF 425 for all four quarters were submitted after the deadline. Forms MRF and LLRF for were submitted after the deadline for the first three quarters. Cause: The filings were missed due to staff turnover. Effect or Potential Effect: WEDI was not in compliance with U.S. SBA reporting requirement. Questioned Costs: None. Context: Forms SF 270, SF 245, MRF, and LLRF were not filed within 30 days. Repeat Finding: This finding is not a repeat finding. Recommendation: We recommend that management ensures all forms be submitted timely as required by the U.S. SBA. Management Response: During the period of the delay WEDI’s management was in regular communication with its U.S. SBA representative. Management was advised to prioritize correcting the system and submitting accurate reports over timeliness. WEDI management has filled the Grants Manager position, created a workplan schedule forecasting 3 months of grant applications and reporting needs, and developed a system for staff backups in case of absences.