FAC Explorer

Audit 398841

FY End
2024-12-31
Total Expended
$751,847
Findings
1
Programs
1
Organization: SACRAMENTO ASIAN PACIFIC CHAMBER OF COMMERCE (CA)
Year: 2024 Accepted: 2026-04-15
Auditor: RICHARDSON & COMPANY LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1206764 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $751,847 Yes 1

Contacts

Name Title Type
MXVDK17Z1G56 Ryan Fong Auditee
9164467883 Ingrid Sheipline Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Chamber under programs of the federal government for the year ended December 31, 2024. The information in this schedule 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). Because the Schedule presents only a selected portion of the Chamber’s operations, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the Chamber.
There were no subrecipients of the Chamber’s programs during the years ended December 31, 2024.
The amounts shown as current year expenses represent only the federal grant portion of the program costs. Entire program costs, including the Chamber’s portion, may be more than shown.
No noncash awards existed in the current year.

Finding Details

Finding 2024-001
Finding 2024-001: Material Weakness - Untimely Audit Submission in Accordance with OMB Uniform Guidance Federal Grantor: U.S. Department of Treasury Passed-through: City and County of Sacramento Compliance Requirement: Reporting Condition: The Chamber did not electronically submit their December 31, 2024 Single Audit reporting package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective Action Plan) within the required time period. Criteria: The Chamber was required to submit its December 31, 2024 audited financial statements and single audit reporting package to the federal audit clearinghouse no later than September 30, 2025, 9 months after the fiscal year-end (2 Code of Federal Regulations 200.512(a)). Cause: The Chamber was not able to complete its single audit by the reporting deadline due to staff shortages. Effect: Federal awarding agencies may deny the Chamber future federal awards or subject the Chamber to additional monitoring requirements. Recommendation: We recommended that management strengthen the related internal controls over monitoring of its year-end reconciliation of its financial statements to ensure that the general ledger accounts reflect proper and complete activity consistent with their basis of accounting. We believe that reviews, evaluations of transactions, and reconciliations of accounts should be performed on a regular basis during the year. This would expedite the year-end closing process and ensure compliance with the audit report submission requirements of OMB Uniform Guidance. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing processes to ensure timely close-out of the books.