FAC Explorer

Audit 378088

FY End
2024-09-30
Total Expended
$965,290
Findings
2
Programs
2
Organization: Rainbow Omega, Inc. (AL)
Year: 2024 Accepted: 2025-12-30
Auditor: WARREN AVERETT LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1167030 2024-002 Material Weakness Yes L
1167031 2024-002 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
10.415 RURAL RENTAL HOUSING LOANS $876,153 Yes 1
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $89,137 Yes 1

Contacts

Name Title Type
ENJ8GFELU5H5 Tim Hodge Auditee
2568310919 Jennifer Williams Auditor
No contacts on file

Notes to SEFA

The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. Federal loans outstanding at year end were as follows: Federal Grantor / Program Title Assistance Lising Number Outstanding Balance U.S. Department of Agriculture (USDA) 10.415 $ 8 17,819
Federal funds spent for the year ended September 30, 2024 consists of: Loan balances at beginning of fiscal year $ 833,855 Interest subsidy 42,268 Rental assistance 89,137 $ 965,260

Finding Details

Finding 2024-002
Criteria: The Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), requires the Organization to submit its Single Audit Reporting Package to the federal audit clearinghouse no later than nine months after fiscal year end. Condition: The federal reporting deadline for the Organization’s Single Audit Reporting Package was June 30, 2025; however, the Organization did not issue its Single Audit Reporting Package until December 4, 2025. Cause: The Organization has reported directly to the grantor in the past and was not aware of the requirement to submit the Single Audit Reporting Package to the federal clearinghouse. Effect: Organization was not in compliance with reporting requirements. Recommendation: The Organization should strive to submit their Single Audit Reporting Package to the federal audit clearinghouse no later than nine months after fiscal year end. View of Responsible Officials: See Corrective Action Plan.