FAC Explorer

Audit 366960

FY End
2022-12-31
Total Expended
$1.02M
Findings
1
Programs
2
Organization: Monterey County Business Council (CA)
Year: 2022 Accepted: 2025-09-22
Auditor: Jwt & Associates LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1153884 2022-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
21.019 Coronavirus Relief Fund $601,866 Yes 1
12.002 Procurement Technical Assistance for Business Firms $415,641 Yes 0

Contacts

Name Title Type
MNU8Y1FN7JU4 Laura Pruneda Auditee
8315955489 Richard Jackson Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Monterey County Business Council, Inc. (the Organization) under programs of the federal government for the year ended December 31, 2022. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows for the Organization. For purposes of the Schedule, federal awards include all grants and contracts entered into directly between the Organization, agencies, and departments of the federal government. The awards are classified into major program categories in accordance with the provisions of the Uniform Grant Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the course of business to amounts reported as expenditures in prior years.
The Organization elected not to use the ten percent federal de minimis cost rate allowed under Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Consistent with management’s policy, federal awards and other grants are recorded in respective revenue categories. As result, the amount of total federal awards expended on the Schedule does not agree to total grant revenue on the Statement of Operations and Changes in Net Assets as presented in the Organization’s report on the audited financial statements.

Finding Details

Finding 2022-001
Major Federal Programs Audit Finding 2022 - 001 Reporting (L) Significant Deficiency in Internal Controls over Compliance Identification of the Federal Program: U.S. Department of the Treasury; ALN 21.019 Criteria or Specific Requirement: Recipients of federal awards must establish internal controls over reports that are prepared and submitted. Finding/Condition: Pursuant to the reporting requirement set forth by the Department of the Treasury, the Organization is required to submit the single audit to the Federal Audit Clearinghouse within the sooner of 30 days of the issuance of the audit report or nine months after the end of the Organization’s fiscal year. During our reporting period we noted that the audit was not completed and filed timely. Cause: First year with federal grant reporting requirements. Effect: The delay in submitting the required reports may lead to the granting agency imposing temporary restrictions on the drawdown of grant funds process. Questioned Cost: None Recommendation: The Organization should establish reporting deadlines so that reports are filed accurately and on a timely basis. Views of Responsible Officials and Corrective Action Plan: See corrective action plan.