FAC Explorer

Audit 390009

FY End
2025-06-30
Total Expended
$1.64M
Findings
1
Programs
7
Organization: Illinois Finance Authority (IL)
Year: 2025 Accepted: 2026-03-03
Auditor: RSM US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1176191 2025-001 Material Weakness Yes A

Programs

ALN Program Spent Major Findings
66.959 GREENHOUSE GAS REDUCTION FUND: SOLAR FOR ALL $696,622 Yes 1
81.041 STATE ENERGY PROGRAM $313,476 Yes 0
66.046 CLIMATE POLLUTION REDUCTION GRANTS $238,723 Yes 0
81.254 GRID INFRASTRUCTURE DEPLOYMENT AND RESILIENCE $222,770 Yes 0
20.205 HIGHWAY PLANNING AND CONSTRUCTION $143,729 Yes 0
81.042 WEATHERIZATION ASSISTANCE FOR LOW-INCOME PERSONS $15,017 Yes 0
66.957 GREENHOUSE GAS REDUCTION FUND: NATIONAL CLEAN INVESTMENT FUND $6,388 Yes 0

Contacts

Name Title Type
RBHJRALA6356 Ximena Granda Auditee
3126511362 Dan Sethness Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Illinois Finance Authority (the Authority) under programs of the federal government for the year ended June 30, 2025. 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 Authority, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Authority. There were no federal awards expended for non-cash assistance or insurance for the year ended June 30, 2025.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
The Authority applied an approved indirect cost rate of 10% to modified total direct costs in accordance with the grant agreement and Uniform Guidance requirements.

Finding Details

Finding 2025-001
Federal Agency: U.S. Environmental Protection Agency Program Name: Greenhouse Gas Reduction Fund: Solar For All ALN: 66.959 Award Numbers: 84090501, Federal Award Year 2024 - 2025 Questioned Costs: None 2025-001: Finding: Internal Controls over Allowable Costs/Activities The Illinois Finance Authority (Authority) had weaknesses in its internal controls over reviews of allowable costs and activities. Condition: Out of the 13 payroll transactions and 4 indirect cost transactions tested for allowable activities and costs, we were unable to obtain documentation to support that controls were in place to review for allowable activities and costs prior to applying to the grant for all (100%) of the transactions. The sample was not intended to be, and was not, a statistically valid sample. Criteria: Uniform Grant Guidance (2 CFR 200.303) requires nonfederal entities receiving Federal awards to establish and maintain internal controls designed to reasonably ensure compliance with Federal laws, regulations, and program compliance requirements. Cause: Authority officials indicated this issue was due to the size of the Authority, there was a lack of segregation of duties or documentation to support reviews. Effect: Without a proper internal control system to support reviews performed over allowable costs and activities, the Authority risks submitting unallowable costs, which could result in a loss of future funding. (Finding Code No. 2025-001) Recommendation: We recommend the Authority develop and document controls for ensuring expenditures applied to the grant are allowable. Authority’s Response: The Authority accepts single audit finding 2025-001 Internal Controls over Allowable Costs/Activities. The Authority has implemented a process and related internal controls and appropriate segregation of duties to ensure Authority financial transactions (i.e., expenditures applied to corresponding grants are allowable; month-end financial entries; etc.) are appropriately prepared, reviewed, authorized, and recorded.