FAC Explorer

Audit 407413

FY End
2025-12-31
Total Expended
$4.96M
Findings
10
Programs
8
Organization: Wisconsin Women's Business Initiative Corporation (WI)
Year: 2025 Accepted: 2026-07-19
Auditor: WIPFLI LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1223993 2025-002 Material Weakness Yes B
1223994 2025-002 Material Weakness Yes B
1223995 2025-002 Material Weakness Yes B
1223996 2025-002 Material Weakness Yes B
1223997 2025-002 Material Weakness Yes B
1223998 2025-002 Material Weakness Yes B
1223999 2025-002 Material Weakness Yes B
1224000 2025-002 Material Weakness Yes B
1224001 2025-002 Material Weakness Yes B
1224002 2025-002 Material Weakness Yes B

Programs

ALN Program Spent Major Findings
59.046 MICROLOAN PROGRAM $2.21M Yes 1
59.043 WOMEN'S BUSINESS OWNERSHIP ASSISTANCE $646,320 Yes 0
10.870 RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM $468,052 Yes 0
59.044 VETERANS OUTREACH PROGRAM $357,848 Yes 0
21.020 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM $221,158 Yes 0
14.870 RESIDENT OPPORTUNITY AND SUPPORTIVE SERVICES - SERVICE COORDINATORS $105,000 Yes 0
21.033 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND EQUITABLE RECOVERY PROGRAM (CDFI ERP) $66,641 Yes 0
14.218 COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS $30,000 Yes 1

Contacts

Name Title Type
JAATMXL4V115 Sherri Huff Auditee
4143954531 Craig Hirt Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Wisconsin Women's Business Initiative Corporation under programs of the federal governments for the year ended December 31, 2025. The information in this schedule is presented in accordance with requirements of the 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 Wisconsin Women's Business Initiative Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Wisconsin Women's Business Initiative Corporation.
Wisconsin Women's Business Initiative Corporation does not have any sub-recipients of federal awards.
Federal expenditures for the U.S. Department of Agriculture ("USDA") Rural Microentrepreneur Assistance Program (RMAP) includes the balance of two outstanding loans. This particular loan was funded by a loan from USDA to Wisconsin Women's Business Initiative Corporation and for which the USDA imposes continuing compliance requirements. Total principal on the loans were $400,000 and $500,000 with monthly payments of principal and interest of $563 and $716, respectively. RMAP 2010 Balance at January 1, 2025 $ 144,509 Repayments (23,366) Balance at December 31, 2025 $ 121,143 RMAP 2014 Balance at January 1, 2025 $ 304,809 Repayments (27,454) Balance at December 31, 2025 $ 277,355
Federal expenditures, under Federal AL Number 59.046, for the U.S. Small Business Administration ("SBA") microloan program includes the balance of four outstanding loans. These prior loans were funded below from SBA to Wisconsin Women's Business Initiative Corporation and for which SBA imposes continuing compliance requirements. Activity for each loan is summarized below: Original Principal | Monthly Principal Payments | Balance at January 1, 2025 | Proceeds Received | Repayments | Balance at December 31, 2025 Microloan Revolving Fund SBA 14 $ 1,250,000 $ 10,625 $ 273,103 $ - $ (182,069) $ 91,034 Microloan Revolving Fund SBA 15 500,000 4,630 288,969 - (55,536) 233,433 Microloan Revolving Fund SBA 16 750,000 6,945 610,606 - (70,616) 539,990 Microloan Revolving Fund SBA 17 800,000 8,370 800,000 - (59,307) 740,693 Totals $ 1,972,678 $ - $ (367,528) $ 1,605,150

Finding Details

Finding 2025-002
Finding 2025-002: Cost Allocation Methodology Condition: As a result of audit procedures, it was determined that Wisconsin Women's Business Initiative Corporation’s cost allocation methodology was not updated based on a recent time study or other supporting analysis to validate the accuracy of allocations. For certain awards, the de minimis rate was applied; however, application was not consistent across all programs, with some allocations based on a prior time study conducted in 2020. Accordingly, this represents a repeat of Finding 2024-004, as the revised cost allocation plan methodology was not implemented until after December 31, 2025. Criteria: Per 2 CFR §200.405(d), if a cost benefits two or more projects or activities in proportions that can be determined without undue effort or cost, the cost must be allocated to the projects based on the proportional benefit. Cause: Wisconsin Women's Business Initiative Corporation continued to use a legacy cost allocation model without periodic review or revision. There was no formal process to evaluate whether the methodology remained appropriate given changes in program structure, staffing, or funding sources. Effect: As a result of the financial reporting matter identified in the condition paragraph, a significant deficiency exists in Wisconsin Women's Business Initiative Corporation's internal controls over financial reporting. Recommendation: We recommend Wisconsin Women's Business Initiative Corporation conduct a comprehensive review of its cost allocation methodology, update policies to reflect current program operations and federal requirements. Wisconsin Women's Business Initiative Corporation should also implement controls to ensure allocations are based on actual benefit and supported by documentation and provide staff training on time-and-effort reporting and allocation principles. View of responsible officials: Management agrees with the finding and has developed a written corrective action plan. This finding represents a significant deficiency in internal controls over compliance and a non-material non-compliance with the reporting requirement for the major federal programs. Questioned Costs: None Major Programs: AL #14.218 Community Development Block Grant Cluster, Award Numbers CDBG FY 2025, FD 003 2023, CD5075180249, CD15125B178, CDBG MKE RLF, B-23-UC-55-0003, ED 24020, 2024-2025 CDBG - BELOIT; AL #59.046 Microloan Program, Award Numbers SBAOCAML2024001568, SBAOCAML250815-01-00