FAC Explorer

Audit 400601

FY End
2024-12-31
Total Expended
$20.85M
Findings
2
Programs
1
Organization: CANNON STREET YOUNG MENS CHRISTIAN ASSOCIATION (SC)
Year: 2024 Accepted: 2026-05-05
Auditor: GLASER AND COMPANY LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1213661 2024-002 Material Weakness Yes N
1213662 2024-003 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
10.766 COMMUNITY FACILITIES LOANS AND GRANTS $20.85M Yes 2

Contacts

Name Title Type
CYJJYXNUN8R6 Paul L. Stoney Auditee
8437199622 Erik Glaser Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Cannon Street Young Men’s Christian Association (“Organization”) under programs of the federal government for the six-month period 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 operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
The Organization receives funds under various federal loan programs and such awards are to be expended in accordance with the provisions of the various loans. Compliance with the loans is subject to audit by various government agencies which may impose sanctions in the event of noncompliance. Management recognizes that they have not fully complied with all aspects of the various loan provisions and subsequent USDA Rural Housing Service Community Programs Delinquency Workout Agreements, and such audits could have a material financial impact.
The Organization had the following loan balances outstanding at December 31, 2024 for loans that the grantor/pass-through grantor has still imposed continuing compliance requirements. Loans outstanding at the beginning of the six-month period and loans made during the six-month period are included in the Schedule. The balance of loans outstanding at December 31, 2024 consist of: See the Notes to the SEFA for chart/table

Finding Details

Finding 2024-002
Finding 2024 – 002 – Compliance with Cash Reserve and other Loan Compliance Requirements Condition: The Organization’s loan agreements require the compliance with various re-payment terms, cash reserve requirements and other compliance elements. Further, the Organization signed a delinquency workout arrangement that has further specific compliance requirements that temporarily modify loan terms. Criteria: The loan agreement requires monthly deposits to the reserve account as well as other financial operating performance indicators to provide adequate financial support of operations and compliance with loan debt service. Effect: The Organization has not made the necessary principal and interest payments under the terms of its loan agreement, as well as funded the required cash reserves. Cause: The Organization has incurred significant operating losses as most of its customers are engaged in the recreational activities which had been adversely affected by reduced consumer demand caused by fear of COVID-19 infection and the rebounding post pandemic. As a result, the Organization has executed a debt workout arrangement with the USDA.
Finding 2024-003
Finding 2024 – 003 – Timely Submission of Single Audit Reports to the Federal Clearing House Condition: The Federal Audit Clearinghouse (FAC) requires annual submission of the Organization’s audited financial statements and compliance reports by reporting entities on an annual basis. Criteria: Sufficient accounting policies and procedures must be in place to ensure the timely close of the audit process and submission of the reports the earlier of (30) days after audit submission or nine-months after the end of the audit period. Effect: The Organization has not timely submitted its audit and compliance reporting package to the FAC. Cause: The delayed start of the audit process and related audit adjustments did not allow for timely completion and submission of the audit and compliance reporting to the FAC.