FAC Explorer

Audit 48201

FY End
2022-12-31
Total Expended
$1.12M
Findings
2
Programs
3
Organization: Center for Regional Economic Competitiveness (VA)
Year: 2022 Accepted: 2023-07-27
Auditor: Yount Hyde & Barbour PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
48741 2022-001 - - L
625183 2022-001 - - L

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $538,986 Yes 1
23.002 Appalachian Area Development $245,000 - 0
11.611 Manufacturing Extension Partnership $160,896 - 0

Contacts

Name Title Type
ZHKSCAELZRG8 Ermias Gyesus Auditee
7035224980 Jennifer Files Auditor
No contacts on file

Notes to SEFA

Title: Reconciliation of SEFA to the Financial Statements Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Center for Regional Economic Competitiveness under programs of the federal government for the year ended December 31, 2022. 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 represents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. See notes to the Schedule of Expenditures of Federal Awards.

Finding Details

Finding 2022-001
Information on the Federal Program: U.S. Department of Commerce, Economic Development Administration, Economic Adjustment Assistance, Assistance Listing Number: 11.307, Period of Performance: July 1, 2021 ? June 30, 2024 Criteria: Prime recipients awarded a new federal grant greater than or equal to $30,000 are subject to FFATA sub-award reporting requirements as outlined in the Office of Management and Budgets guidance issued August 13, 2020. The prime recipient is required to file a FFATA sub-award report by the end of the month following the month in which the prime recipient awards any sub-grant greater than or equal to $30,000. Condition: The Center did not file a FFATA sub-award report for sub-grants greater than or equal to $30,000. Questioned Costs: There were no questioned costs identified. Cause: The Center did not have a policy and procedures in place to ensure compliance with the FFATA reporting requirement. Effect: The Center did not meet the FFATA reporting requirement. Context: There were two subrecipients for which the Center did not file a FFATA sub-award report. Identification as a repeat finding: This finding is not a repeat finding for the Center. Recommendation: We recommend for the Center to develop a policy and procedures to ensure compliance with the FFATA reporting requirement. Views of responsible individuals and planned corrective action: On June 28, 2023, the Vice President of Finance of the Center filed the FFATA sub-award report for sub-grants greater than or equal to $30,000.
Finding 2022-001
Information on the Federal Program: U.S. Department of Commerce, Economic Development Administration, Economic Adjustment Assistance, Assistance Listing Number: 11.307, Period of Performance: July 1, 2021 ? June 30, 2024 Criteria: Prime recipients awarded a new federal grant greater than or equal to $30,000 are subject to FFATA sub-award reporting requirements as outlined in the Office of Management and Budgets guidance issued August 13, 2020. The prime recipient is required to file a FFATA sub-award report by the end of the month following the month in which the prime recipient awards any sub-grant greater than or equal to $30,000. Condition: The Center did not file a FFATA sub-award report for sub-grants greater than or equal to $30,000. Questioned Costs: There were no questioned costs identified. Cause: The Center did not have a policy and procedures in place to ensure compliance with the FFATA reporting requirement. Effect: The Center did not meet the FFATA reporting requirement. Context: There were two subrecipients for which the Center did not file a FFATA sub-award report. Identification as a repeat finding: This finding is not a repeat finding for the Center. Recommendation: We recommend for the Center to develop a policy and procedures to ensure compliance with the FFATA reporting requirement. Views of responsible individuals and planned corrective action: On June 28, 2023, the Vice President of Finance of the Center filed the FFATA sub-award report for sub-grants greater than or equal to $30,000.