FAC Explorer

Audit 406780

FY End
2025-12-31
Total Expended
$1.16M
Findings
1
Programs
3
Organization: Dakota Business Lending (ND)
Year: 2025 Accepted: 2026-07-09
Auditor: BRADY MARTZ PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1223281 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
10.767 INTERMEDIARY RELENDING PROGRAM $580,671 Yes 1
59.062 INTERMEDIARY LOAN PROGRAM $463,226 Yes 0
21.020 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM $114,261 Yes 0

Contacts

Name Title Type
FCBAL2873JB1 Steve Dusek Auditee
7013641911 Ashley Engel Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule includes the federal award activity of Dakota Business Lending and Subsidiary under programs of the federal government for the year ended December 31, 2025. 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 Dakota Business Lending and Subsidiary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Dakota Business Lending and Subsidiary.
The Organization has the following outstanding federal loans. These loan balances outstanding are also included in the federal expenditures presented in the schedule due to ongoing compliance requirements. (see Notes to SEFA for table)

Finding Details

Finding 2025-001
Federal Programs Intermediary Relending Program (10.767) Criteria An appropriate system of internal controls requires the proper supervision over reporting under federal loan programs. Condition During our testing, we noted that the semiannual reports were not being reviewed prior to submission. Cause Management oversight. Effect Required reporting could be submitted inaccurately or late. Questioned Costs None Context We tested 4 of the 8 required semiannual reports noting they did not have documented review and approval. Recommendation We recommend the Organization review its procedures for preparing and submitting reports under federal loan programs. Repeat Finding No View of Responsible Officials The Organization will review its procedures for preparing and submitting reports under federal loan programs and put proper supervision controls in place.