Contact – Haresh Vayal, Chief Financial Officer and Lisa Choate, President and CEO Telephone Number – (202)-833-7522 Completion Date – March 31, 2026 2025-001 – Internal Control Over Compliance and Compliance with Cash Management Corrective Action Plan: The Organization’s Federal awards are primaril...
Contact – Haresh Vayal, Chief Financial Officer and Lisa Choate, President and CEO Telephone Number – (202)-833-7522 Completion Date – March 31, 2026 2025-001 – Internal Control Over Compliance and Compliance with Cash Management Corrective Action Plan: The Organization’s Federal awards are primarily administered on a reimbursement basis. During fiscal year 2025, however, the Organization was required to draw advances on certain Federal awards due to changes in the political landscape. The guidance identified by the auditors is acknowledged. Management will implement a formal process to track Federal cash advances and monitor interest earned on those advances in compliance with Federal cash management requirements. Additionally, the Organization will calculate interest earned on Federal advances received during fiscal year 2025 and remit any interest earned in excess of $500 to the Federal government within 12 months of the date the advances were received. The Finance Department will monitor Federal cash advances on a monthly basis to ensure compliance with Federal cash management requirements. This monitoring will include reviewing the timing of advances, tracking interest earned on Federal funds, and reconciling advance balances to allowable expenditures. Interest calculations will be reviewed by management, and any interest earned in excess of $500 will be remitted to the Federal government within the required timeframe. Management will periodically review the process to ensure controls are operating effectively and make adjustments as necessary. Management believes these corrective actions will ensure compliance with applicable Federal cash management regulations going forward.