FAC Explorer

Audit 395109

FY End
2024-12-31
Total Expended
$1.94M
Findings
1
Programs
4
Organization: Louisiana Chamber of Commerce Foundation (LA)
Year: 2024 Accepted: 2026-03-27
Auditor: LUTHER SPEIGHT AND COMPANY CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1190830 2024-005 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
59.059 CONGRESSIONAL GRANTS $1.18M Yes 1
11.034 2023 MBDA CAPITAL READINESS PROGRAM $405,199 Yes 0
11.303 ECONOMIC DEVELOPMENT TECHNICAL ASSISTANCE $273,082 Yes 0
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $81,962 Yes 0

Contacts

Name Title Type
DZJ6WFQ5HWK4 David St. Etienne Auditee
5049941441 Luther Speight Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of LCCF, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The accompanying Schedule of Expenditures of Federal Awards covers the fiscal year ended December 31, 2024.
During the year ended December 31, 2024, LCCF did not elect to use the 10% de minimis cost rate.
LCCF did not expend federal awards related to loans or loan guarantees during the year ended December 31, 2024. LCCF had no loans outstanding from federal awards at the year ended December 31, 2024.
LCCF has no federally funded insurance.
LCCF did not receive any federal noncash assistance for the year ended December 31, 2024.

Finding Details

Finding 2024-005
CRITERIA: According to the Uniform Guidance Requirements (2 CFR 200.512), the audit, the data collection form, and the reporting package must be submitted within thirty (30) calendar days after the auditee receives the auditor’s report or nine (9) months after the end of the audit period (whichever is earlier). CONDITION: LCCF did not submit the audit reporting package within the time-frame required by the Uniform Guidance (due by September 30, 2025). CAUSE: This fiscal year was the first year LCCF qualified for a Single Audit and they did not provide audit-ready financial statements on a timely basis. EFFECT: Failure to submit the audit report in a timely manner could result in noncompliance with federal requirements and has potential impact on current or future federal grant funding. RECOMMENDATION: LCCF should implement procedures to ensure timely completion of the audit engagement. MANAGEMENT’S RESPONSE: LCCF has implemented administrative procedures to ensure the independent audit firm is engaged on timely basis including filing of all required reports.