FAC Explorer

Audit 48449

FY End
2022-06-30
Total Expended
$7.35M
Findings
2
Programs
2
Organization: Invest Puerto Rico Inc. (PR)
Year: 2022 Accepted: 2023-06-01
Auditor: Rsm Puerto Rico

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
42962 2022-001 - - L
619404 2022-001 - - L

Programs

ALN Program Spent Major Findings
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $7.30M Yes 1
21.027 Coronavirus State and Local Fiscal Recovery Funds $44,534 - 0

Contacts

Name Title Type
MRFGG83H6WV7 Astrid Navarro Auditee
7879667642 Norma Vazquez Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The schedule has been prepared using the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
Finding Number: 2022-001 Federal Programs: Assistance Listing 14.228 Community Development Block Grants/State?s Program and Non-Entitlement Grants in Hawaii Category: Compliance Compliance Requirement: Reporting Criteria: 2 CFR ?200.512 (a) (1) establishes that the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be submitted 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: Invest Puerto Rico Inc. did not submit the required data collection form and reporting package for the year ended June 30, 2022, within the required period. Cause: Delay in the approval process of the basic financial statements ready in order to complete Uniform Guidance Report. Effects: Condition may result in noncompliance with the requirements for reporting. Questioned Costs: None. Recommendation: We recommend management to establish calendars to ascertain submission of data collection form and reporting package within the required dates.
Finding 2022-001
Finding Number: 2022-001 Federal Programs: Assistance Listing 14.228 Community Development Block Grants/State?s Program and Non-Entitlement Grants in Hawaii Category: Compliance Compliance Requirement: Reporting Criteria: 2 CFR ?200.512 (a) (1) establishes that the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be submitted 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: Invest Puerto Rico Inc. did not submit the required data collection form and reporting package for the year ended June 30, 2022, within the required period. Cause: Delay in the approval process of the basic financial statements ready in order to complete Uniform Guidance Report. Effects: Condition may result in noncompliance with the requirements for reporting. Questioned Costs: None. Recommendation: We recommend management to establish calendars to ascertain submission of data collection form and reporting package within the required dates.