FAC Explorer

Audit 387127

FY End
2025-06-30
Total Expended
$2.48M
Findings
1
Programs
2
Organization: Northeast Nebraska Economic Development District (NE)
Year: 2025 Accepted: 2026-02-13
Auditor: HERLEY & REINKE ACCOUNTING PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1173435 2025-002 Material Weakness Yes ABGJLMN

Programs

ALN Program Spent Major Findings
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $2.43M Yes 1
11.302 ECONOMIC DEVELOPMENT SUPPORT FOR PLANNING ORGANIZATIONS $52,500 Yes 0

Contacts

Name Title Type
RQY3ALBKSME5 Mandy Gear Auditee
4023791150 Brendee Reinke Auditor
No contacts on file

Notes to SEFA

Outstanding loan balances under the COVID-19 Economic Adjustment Assistance Program totaled $1,985,773 at June 30, 2025.
The calculation for the COVID-19 Economic Adjustment Assistance Program Revolving Loan Fund for the year ending June 30, 2025 is as follows: XXX 6/30/25 Principal Outstanding Loans $ 1,985,773 Cash and Investment Balance 443,055 Total 2,428,828 Federal Grant Rate 100% Economic Adjustment Assistance $ 2,428,828

Finding Details

Finding 2025-002
During audit procedures, we noted that deposits and transfers were made erroneously from the EDA CARES Act RLF bank account. We also noted that loan payments were not transferred to the EDA CARES Act RLF bank account in a timely fashion. Additionally, we noted that Northeast Nebraska Economic Development District's Revolving Loan Fund financial documents and account balances did not reconcile with the ED-209 forms submitted to the United States Department of Commerce, Economic Development Administration. This presents an opportunity for erroneous financial reporting and noncompliance with Revolving Loan Fund requirements. We recommend that management have a heightened awareness of the deposits and transfers made from the EDA CARES Act RLF bank account. We recommend that loan payments are transferred to the EDA CARES Act RLF bank account in a timely fashion. We also recommend that Northeast Nebraska Economic Development District redraft the ED-209 forms to accurately reconcile with their Revolving Loan Fund financial documents and account balances.