Management concurs with the finding and recommendation. The Organization recognizes the importance of maintaining complete and accurate documentation supporting expenditures reported under federal awards and ensuring that amounts reported to the grantor reconcile to the underlying accounting records...
Management concurs with the finding and recommendation. The Organization recognizes the importance of maintaining complete and accurate documentation supporting expenditures reported under federal awards and ensuring that amounts reported to the grantor reconcile to the underlying accounting records. Management has strengthened its procedures for preparing and reviewing ARPA and other grant-related financial reports. The Partnership corrected the reporting discrepancy through its March 2024 Q1 report to the City of College Park, with all subsequent reports reflecting the correction. The final report to the City, submitted on May 16, 2025, as part of the grant closeout, provided a complete accounting of the grant funds expended and their intended purposes, together with bank statements and supporting documentation. The City did not identify any additional concerns with the corrected or subsequent reports following the December 2023 Q4 report. The Partnership has also implemented broader improvements including a redesigned chart of accounts, grant specific project records within QuickBooks, a centralized grant tracker, reorganized electronic files centered on individual grant awards, and a regular review meeting between the Partnership and TCG. These improvements provide clearer grant level accounting, reporting, deadline tracking, and supporting documentation. In addition, since the period under audit, the Partnership has already implemented adjustments to grant reporting. Management maintains a reconciliation between cumulative expenditures reported to the grantor and cumulative expenditures recorded in the general ledger. Management is finalizing written grant administration and reporting policies and procedures as part of the financial policies and procedures updates – outlining requiring grant specific reconciliations to the general ledger and supporting documentation, documented explanations for adjustments and corrections, management review and approval before submission,complete grant reporting files, and period review of reporting and closeout requirements by grantor. Management anticipates competing and formally implementing these policies and procedures by November 30, 2026. Once established, the Finance Committee will receive periodic updates on grant reporting controls and the status of related corrective actions. The Partnership will retain the reports and supporting documentation associated with the $3,86 identified by the auditors and will provide additional information if requested by the City or the federal awarding agency. If a management decision requires additional action, the Partnership will respond withing the timeframe identified in that decision.