Audit 366871

Statement of condition: The account balances of cash and cash equivalents, investments, prepaid expenses, accounts receivable, inventory, capital assets, accounts payable, other current liabilities, accrued OPEB, accrued pension liability and long-term debt were misstated. In addition, there were numerous journal entries proposed during the audit. Criteria: The Authority must ensure that proper internal controls are in place to initiate, authorize, record, process and report financial data reliability in accordance with generally accepted accounting principles. Condition: There is a reasonable possibility that a misstatement of the Authority's financial statements will not be prevented or detected by the Authority's internal control. Cause: Controls are not in place to ensure the Authority records and reports financial data reliably in accordance with generally accepted accounting principles.

Statement of condition: The September 30, 2024 audit report was not submitted on or before its deadline. Criteria: Code of Federal Regulations (CFR), Title 2, Part 300 Section 200.512(a)(1) requires Single Audit reports to be submitted within the earlier of 30 days after receipt of the audit by the agency, or nine months after the end of the audit period. Cause: The delay in submitting the report was due to a lack of adequate internal controls to monitor the audit progress and ensure timely submission. Effect: The Single Audit reporting package was not submitted to the Federal Audit Clearinghouse by the federally required deadline. Non-compliance with the reporting requirements is a violation of federal grants' terms and conditions.