Audit 411115

Program Direct Appropriation - Special Olympics Education Program Criteria In accordance with 2 CFR § 200.512(a), the audit must be completed and the reporting package, which includes the Data Collection Form (SF-SAC), must be submitted to the Federal Audit Clearinghouse (FAC) within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition The Organization did not submit the reporting package and the Data Collection Form to the Federal Audit Clearinghouse for the fiscal year ended December 31, 2024, until after the regulatory deadline of September 30, 2025. Questioned costs None Context The finding is a result of observation and inquiry with Organization management. Effect The Organization is in noncompliance with federal reporting requirements. This late filing automatically disqualifies the Organization from being considered a "low-risk auditee" for the next two audit years under 2 CFR § 200.520, which will likely increase future audit costs and the volume of testing required. Cause The delay was a direct result of the audit being unable to be completed timely due to delays in audit documentation being provided. Recommendation The Organization should review internal controls and implement necessary procedures to ensure that accounting processes are completed timely so the audit can be completed within the parameters of the due date. Views of the Responsible Officials and Planned Corrective Action The Organization hired additional accounting department staff to get the accounting department upto- date. A third party consulting firm was contracted to provide an assessment of internal accounting and management policies, procedures and responsibility to assist in identifying improvements and efficiencies. -