FAC Explorer

Audit 389192

FY End
2024-12-31
Total Expended
$3.02M
Findings
7
Programs
2
Organization: Camden Redevelopment Agency (NJ)
Year: 2024 Accepted: 2026-02-25
Auditor: MERCADIEN PC CERTIFIED PUBLIC ACCOUNTANTS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1175420 2024-001 Material Weakness Yes L
1175421 2024-001 Material Weakness Yes L
1175422 2024-001 Material Weakness Yes L
1175423 2024-001 Material Weakness Yes L
1175424 2024-001 Material Weakness Yes L
1175425 2024-001 Material Weakness Yes L
1175426 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $2.41M Yes 1
66.818 BROWNFIELDS MULTIPURPOSE, ASSESSMENT, REVOLVING LOAN FUND, AND CLEANUP COOPERATIVE AGREEMENTS $2,465 Yes 1

Contacts

Name Title Type
N9LXRGCBEQV9 Glynn Jones Auditee
8567577600 Digesh Patel Auditor
No contacts on file

Notes to SEFA

The accompanying schedules of expenditures of federal awards and state financial assistance (the “Schedules”) include the federal and state award activity of the Agency under programs of the federal government and State of New Jersey for the year ended December 31, 2024. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The Agency is defined in Note A of the Agency's notes to financial statements. All awards received directly from federal and state agencies, as well as federal passed through other government agencies are included on the Schedules. Because the Schedules present only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position or change in net position of the Agency.
The Schedules are prepared on the same basis of accounting as the Agency's financial statements. The Agency uses the accrual basis of accounting. Expenditures represent only the federal and state funded portions of the programs. The Agency's records should be consulted to determine amounts expended or matched from non-federal sources.
The Agency does not have an indirect cost allocation plan nor does it use the default rate of 10%.
The amounts shown as current year expenditures represent only the federal and state grant portion of the program costs. Entire program costs, including the Agency's or locally funded portions, may be more than shown.
Amounts reported in the accompanying Schedule agree with amounts reported in the Agency's basic financial statements. See Note A for summary of the significant accounting policies and the table below for reconciliation of the Schedule to the basic financial statements. 2024 Total Project Expenses per GL/TB $3,629,952 Less: Local Grants and Agency Match Expenses (375,076) $3,254,876 Total per Schedule of Expenditure of Federal Awards $3,017,727 Expendiutres of State FInancial Assistance 237,149 $3,254,876

Finding Details

Finding 2024-001
Finding 2024-001 Criteria Management is responsible for timely and accurate financial reporting and submission of the audit report to the State of New Jersey and submission of the single audit report and data collection form to the federal audit clearinghouse within nine months of year end as per 2 CFR Part 200.512. Condition Delays and inaccuracies in reconciliations, adjustments, and year-end close procedures, resulting in the late completion of the annual audit and untimely filing of the single audit data collection form. These issues were compounded by deficiencies in internal controls over financial reporting, including a lack of review for budget to actual reporting—where budget activity was recorded as transactional rather than following a structured budget process—insufficient oversight of the cash to accrual process, inadequate review of general journal adjustments, and weak controls over grant reporting, including incomplete reconciliation of grant expenses to the general ledger. Collectively, these deficiencies increase the risk of material misstatements, non-compliance with grantor requirements, and limit management’s ability to make informed financial decisions. Cause Turnover in key finance staff and management positions occurred at year end impacting the year-end reconciliation and close processes. Effect Delays in completing various reconciliations, year-end close process, and audit submissions to the State of New Jersey and federal audit clearinghouse. Preliminary account balances were also materially misstated requiring multiple audit adjustments. Recommendation We recommend that the Agency review its general ledger system to determine if a system exists that is more aligned with the Agency’s basis of accounting and accounting needs. Additionally, we recommend that all activity, journal entries, and any correcting adjustments be recorded to the general ledger using the accrual basis at the time of the transaction, which will allow for a timely completion of reconciliations and the year-end close process. We also recommend that the Agency look to hire a qualified accounting professional that can keep the books and records up to date on a monthly basis and provide adequate review of general journal transactions. Management’s Response Management has reviewed the finding above and will complete a corrective action plan within 45 days of the report.