FAC Explorer

Audit 383291

FY End
2024-09-30
Total Expended
$3.31M
Findings
1
Programs
5
Organization: Southern Iowa Council of Governments (IA)
Year: 2024 Accepted: 2026-01-22
Auditor: ROOF GERDES ERLBACHER PLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1170234 2024-002 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $2.49M Yes 1
21.026 HOMEOWNER ASSISTANCE FUND $724,210 Yes 0
11.302 ECONOMIC DEVELOPMENT SUPPORT FOR PLANNING ORGANIZATIONS $52,711 Yes 0
20.205 HIGHWAY PLANNING AND CONSTRUCTION $25,144 Yes 0
20.509 FORMULA GRANTS FOR RURAL AREAS AND TRIBAL TRANSIT PROGRAM $13,593 Yes 0

Contacts

Name Title Type
EUPKV7MJ1WQ6 Judy Brimm Auditee
6417828491 Steve Gerdes Auditor
No contacts on file

Notes to SEFA

Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Southern Iowa Council of Governments under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Reguations, Part 200, Uniform Administrative Requiements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Southern Iowa Council of Governments, it is not intended to and does not present the financial position, changes in financial position or cash flows of the Southern Iowa Council of Governments.

Finding Details

Finding 2024-002
Loan Requirements (Repeat Finding) Criteria: The EDA requires the Government to obtain, maintain and retain certain documentation from borrowers in relation to loans made by them. Condition: It does not appear the Government enforces the borrowers loan covenant requirements for continuing compliance requirements. Specifically, it was noted where the Government did not determine whether the borrower in question met the loan covenant requirements in relation to job creation. Cause: Procedures have not been designed to ensure loan covenants are enforced to ensure comliance with the continuing compliance requirements. Effect: Due to the failure to follow procedures, the Government may be out of conmpliance with its internal requirements and with the EDA requirements. Recommendation: The Government should ensure all loan covenant requirements for its borowers are followed in the future. Response and Corrective Action Planned: We will implement this recommendation in the future. Conclusion: Response acknowledged.