Corrective Action Plans

Finding 1158306 (2024-006)

Material Weakness 2024

NY

Student Financial Aid Allowable Costs / Cost Principles Reporting

Finding 2024-006 L. Reporting Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management agrees with the finding that FISAP was not c...

Finding 2024-006 L. Reporting Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management agrees with the finding that FISAP was not correctly populated. Management has since corrected the data and submitted a revised FISAP. Management notes there was turnover in the PSON’s Office of Student Financial Aid during the year and an employee was not properly trained on the FISAP preparation. Training has since been implemented and new employees in the department will be trained accordingly. Names of responsible official: Denis Donegan Vice President of Finance, Mount Sinai Health System Denis.donegan@mountsinai.org Projected completion date: The project is expected to complete by December 31, 2025.

View Audit 370128

Finding 1158301 (2024-005)

Material Weakness 2024

Mount Sinai Health System, Inc.

NY

Matching / Level of Effort / Earmarking Special Tests & Provisions Student Financial Aid

Finding 2024-005 N. Special Tests and Provisions - Disbursement to or on Behalf of Students Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective ac...

Finding 2024-005 N. Special Tests and Provisions - Disbursement to or on Behalf of Students Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management agrees with the finding that certain credit refunds were not issued timely. PSON and ISMMS’ Offices of Student Financial will implement a control that ensures communication related to refunds is enhanced when a student withdraws. ISMMS has ensured compliance with the Department of Education’s 14-day credit balance requirement by contracting with Nelnet, an external financial management vendor, to administer the credit refund process, supported by ongoing monitoring and periodic internal reviews. The control will ensure that all credit refunds are issued timely. Names of responsible official: Denis Donegan Vice President of Finance, Mount Sinai Health System Denis.donegan@mountsinai.org LaVerne Walker Director of Student Financial Services, Icahn School of Medicine at Mount Sinai Laverne.walker@mssm.edu Projected completion date: The project is expected to complete by December 31, 2025.

View Audit 370128

Finding 1158296 (2024-004)

Material Weakness 2024

Mount Sinai Health System, Inc.

NY

Student Financial Aid Matching / Level of Effort / Earmarking Special Tests & Provisions

Finding 2024-004 N. Special Tests and Provisions - Enrollment Reporting Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management ag...

Finding 2024-004 N. Special Tests and Provisions - Enrollment Reporting Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management agrees with the finding described above. PSON and ISSMS’ Offices of Student Financial will ensure that all NSLDS submissions are made timely and with the correct status of each student. The respective Offices are implementing enhanced monitoring, staff training, and periodic internal reviews to confirm compliance. Names of responsible official: Denis Donegan Vice President of Finance, Mount Sinai Health System Denis.donegan@mountsinai.org LaVerne Walker Director of Student Financial Services, Icahn School of Medicine at Mount Sinai Laverne.walker@mssm.edu Projected completion date: The project is expected to complete by December 31, 2025.

View Audit 370128

Finding 1158291 (2024-003)

Material Weakness 2024

Mount Sinai Health System, Inc.

NY

Matching / Level of Effort / Earmarking Special Tests & Provisions Student Financial Aid

Finding 2024-003 N. Special Tests and Provisions - Verification Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management agrees wit...

Finding 2024-003 N. Special Tests and Provisions - Verification Information on the federal program: Grantor: Department of Education Program Name: Student Financial Assistance Cluster Assistance Listing No.: Various Views of responsible officials and planned corrective actions: Management agrees with the finding described above. PSON’s Office of Student Financial Aid will implement a process that ensures all required documentation is retained. Employees of the Student Financial Aid Office will be trained and PSON will be in compliance with the requirements in the Federal Student Aid Handbook. Name of responsible official: Denis Donegan Vice President of Finance, Mount Sinai Health System Denis.donegan@mountsinai.org Projected completion date: The project is expected to complete by December 31, 2025.

View Audit 370128

Finding 1158248 (2024-002)

Material Weakness 2024

Providence St. Joseph Health

WA

Student Financial Aid Matching / Level of Effort / Earmarking Reporting

Management acknowledges the findings related to Common Origination and Disbursement (COD) reporting as identified. These discrepancies were primarily due to limitations in our current review procedures. We are revising our internal policies and procedures to include detailed guidance on verifying an...

Management acknowledges the findings related to Common Origination and Disbursement (COD) reporting as identified. These discrepancies were primarily due to limitations in our current review procedures. We are revising our internal policies and procedures to include detailed guidance on verifying and documenting disbursement and enrollment dates, academic year parameters, and cost of attendance calculations prior to COD submission. This will include additional layers of review to ensure timely and accurate reporting. These policies and procedures will be implemented by December 31, 2025.

View Audit 370126

Finding 1158246 (2024-001)

Material Weakness 2024

Providence St. Joseph Health

WA

Subrecipient Monitoring Allowable Costs / Cost Principles Matching / Level of Effort / Earmarking § 200.303

Management concurs with KPMG’s assessment that the risk assessment and monitoring control activities were not sufficiently designed to ensure adequate segregation of duties or to provide evidence of control operation. These gaps were primarily due to limited staffing and processes that have not evol...

Management concurs with KPMG’s assessment that the risk assessment and monitoring control activities were not sufficiently designed to ensure adequate segregation of duties or to provide evidence of control operation. These gaps were primarily due to limited staffing and processes that have not evolved to meet all compliance requirements. Management will implement new control policies and procedures that ensure proper segregation of duties and introduce review mechanisms at a sufficient level of precision to detect and prevent noncompliance. These policies and procedures will be implemented by December 31, 2025.

View Audit 370126

Finding 1158232 (2024-003)

Material Weakness 2024

New York College of Traditional Chinese Medicine

NY

Special Tests & Provisions Student Financial Aid Significant Deficiency

Finding 2025-003: Campus Crime Awareness Requirements Not Met Comments on Finding and Recommendation(s): Statement of Concurrence: We concur with the finding of 1. a burglary crime was reported in the Annual Security Report when it should have been reported as a motor vehicle theft. The issue was du...

Finding 2025-003: Campus Crime Awareness Requirements Not Met Comments on Finding and Recommendation(s): Statement of Concurrence: We concur with the finding of 1. a burglary crime was reported in the Annual Security Report when it should have been reported as a motor vehicle theft. The issue was due to error entry, neighboring lines. 2. motor vehicle theft and a weapons violation was not reported to the Department of Education. The issue was due to carelessness. These were correctly reported in the Annual Security Report. Usually, the Annual Security Report and report to the Department of Education is prepared and completed by the Student Services Coordinator and the Administrative Dean based on the statistic report from the school and the Police Department in August/September. Because the college was engaged in the self-study for accreditation, everyone was extremely busy at that time. Errors might occur when doing things in a hassle way. Actions Taken or Planned: 1. Corrections were made in the Annual Security Report and in the report to the Department of Education. Two corrections were made in the DOE website: Criminal Offenses - Public Property: For 2023, line J (motor vehicle theft) was changed from 0 to 1. Arrests - Public Property: For 2023, line a (weapon) was changed from 0 to 2 2. New Hire: The college is in the process of hiring a new Student Services Coordinator. This individual will work with the Administrative Dean for ensuring the accuracy and timelines of reporting moving forward. 3. A strengthen double-check system will be established to ensure the accuracy of all reporting. Completion Date: Ongoing 9/26/2025 Dong-Hua Yang MD, PhD Date Title: Administrative Dean Telephone: 516-739-1545 Email: administrative_dean@nyctcm.edu

View Audit 370123

Finding 1158227 (2024-002)

Material Weakness 2024

Native Sun Community Power Development

MN

Allowable Costs / Cost Principles Matching / Level of Effort / Earmarking Significant Deficiency § 200.303

Planned Corrective Action: We have implemented a process to monitor cost cash match including obtaining, reviewing, and retaining support for reported cost match amounts. Name of Contact Person: Rhonda Conn, Associate Director Anticipated Completion Date: In Process at 12/31/2024 with Remainder to b...

Planned Corrective Action: We have implemented a process to monitor cost cash match including obtaining, reviewing, and retaining support for reported cost match amounts. Name of Contact Person: Rhonda Conn, Associate Director Anticipated Completion Date: In Process at 12/31/2024 with Remainder to be Completed by October 1, 2025

View Audit 370119

Finding 1158202 (2024-002)

Material Weakness 2024

National Council for Community Development, Inc.

NY

Subrecipient Monitoring Reporting Significant Deficiency

Finding No. 2024-002 - Reporting – Significant Deficiency Name of Federal Agency: U.S. Department of Treasury Federal Program Name: COVID-19: Coronavirus State and Local Fiscal Recovery Funds Assistance Listing Number: 21.027 Federal Award Identification Number and Year: Not available Name of Pass-t...

Finding No. 2024-002 - Reporting – Significant Deficiency Name of Federal Agency: U.S. Department of Treasury Federal Program Name: COVID-19: Coronavirus State and Local Fiscal Recovery Funds Assistance Listing Number: 21.027 Federal Award Identification Number and Year: Not available Name of Pass-through Entity (if applicable): Nassau County Condition: During our testing, we noted that the Organization did not provide the required monthly reports to Nassau County. Recommendation: We recommend that the Organization establish policies, procedures, and controls to ensure that the required information is submitted on a timely basis. Action Taken: Management has incorporated procedures into our grant compliance and administration policies and procedures to ensure that a Project Director reviews, understands and takes the necessary steps to comply with reporting requirements or other, as set forth by the client agreements. This step includes but is not limited to the Project Director completing a Grant Award File Checklist. Anticipated completion date: Immediately.

View Audit 370110

Finding 1158192 (2024-006)

Material Weakness 2024

Atrium Health, Inc.

NC

Student Financial Aid Cash Management Period of Performance

Corrective Action Plan: Atrium Health CMHA management in the future will ensure that all correspondence, including notes from review meetings and approvals of key decisions, will be documented and retained as part of the support records for FEMA related awards. Proposed Completion Date: No further a...

Corrective Action Plan: Atrium Health CMHA management in the future will ensure that all correspondence, including notes from review meetings and approvals of key decisions, will be documented and retained as part of the support records for FEMA related awards. Proposed Completion Date: No further action is required until future needs arise for Atrium Health CMHA to obtain FEMA funding awards at which time management will ensure all documentation supporting the process and key decisions are retained.

View Audit 370096

Finding 1158191 (2024-005)

Material Weakness 2024

Atrium Health, Inc.

NC

Student Financial Aid Reporting Matching / Level of Effort / Earmarking

Corrective Action Plan: Atrium Health CMHA management, as part of the 2025 process and procedure consulting engagement, will ensure that appropriate training and process design for Jenzabar Financial Aid (JFA) system are implemented to accurately capture and retain all data required for FISAP report...

Corrective Action Plan: Atrium Health CMHA management, as part of the 2025 process and procedure consulting engagement, will ensure that appropriate training and process design for Jenzabar Financial Aid (JFA) system are implemented to accurately capture and retain all data required for FISAP reporting. Proposed Completion Date: By December of 2025, Atrium Health CMHA management will complete the corrective action.

View Audit 370096

Finding 1158190 (2024-004)

Material Weakness 2024

Atrium Health, Inc.

NC

Student Financial Aid Matching / Level of Effort / Earmarking Allowable Costs / Cost Principles § 200.303

Corrective Action Plan: Atrium Health CMHA management, as part of the 2025 process and procedure consulting engagement, will ensure that all GLBA requirements over the Information Security Program are both documented completely and inclusive in scope of both general CMHA IT systems as well as IT sys...

Corrective Action Plan: Atrium Health CMHA management, as part of the 2025 process and procedure consulting engagement, will ensure that all GLBA requirements over the Information Security Program are both documented completely and inclusive in scope of both general CMHA IT systems as well as IT systems specific to the SFA program. Proposed Completion Date: By December of 2025, Atrium Health CMHA management will complete the corrective action.

View Audit 370096

Finding 1158189 (2024-003)

Material Weakness 2024

Atrium Health, Inc.

NC

Student Financial Aid Matching / Level of Effort / Earmarking § 200.303

Corrective Action Plan: Atrium Health CMHA management, as part of the 2025 process and procedure consulting engagement, will develop a plan to ensure that the IT systems are changed such that notification letters can be retained, or a control exists whereby hard-copies of notification letters are ma...

Corrective Action Plan: Atrium Health CMHA management, as part of the 2025 process and procedure consulting engagement, will develop a plan to ensure that the IT systems are changed such that notification letters can be retained, or a control exists whereby hard-copies of notification letters are maintained. Proposed Completion Date: By December of 2025, Atrium Health CMHA management will complete the corrective action.

View Audit 370096

Finding 1158188 (2024-002)

Material Weakness 2024

Atrium Health, Inc.

NC

Student Financial Aid Matching / Level of Effort / Earmarking Allowable Costs / Cost Principles

Corrective Action Plan: Due to operational management turnover and restructuring experienced in 2024 and 2025, this corrective action plan has been delayed. Atrium Health CMHA management has engaged with outside consultants in the third quarter of 2025 to examine and redesign various processes and w...

Corrective Action Plan: Due to operational management turnover and restructuring experienced in 2024 and 2025, this corrective action plan has been delayed. Atrium Health CMHA management has engaged with outside consultants in the third quarter of 2025 to examine and redesign various processes and work flows. This project is expected to address the gap in SFA transactional review and approval internal controls that are arising due to the SFA program size, limited number of subject matter experts, and the management turn; and result in mitigating controls and policies being implemented to ensure the accuracy and completeness of all SFA transactions. Proposed Completion Date: By December of 2025, Atrium Health CMHA management will complete the corrective action.

View Audit 370096

Finding 1158187 (2024-001)

Material Weakness 2024

Atrium Health, Inc.

NC

Student Financial Aid Reporting Matching / Level of Effort / Earmarking

Corrective Action Plan: Due to operational management turnover and restructuring experienced in 2024 and 2025, this corrective action plan has been delayed. Atrium Health CMHA management has engaged with outside consultants in the third quarter of 2025 to examine and redesign the reporting structure...

Corrective Action Plan: Due to operational management turnover and restructuring experienced in 2024 and 2025, this corrective action plan has been delayed. Atrium Health CMHA management has engaged with outside consultants in the third quarter of 2025 to examine and redesign the reporting structures, process work flows, and procedures within the Student Financial Aid (SFA) office, the Business office, and Student Services specifically as those areas relate to student status and records. It is expected this engagement will ensure that the internal controls within the entire SFA office will improve, including that the SFA IT Systems are documented and tested and that any compensating controls identified as needed are implemented. Proposed Completion Date: By December of 2025, Atrium Health CMHA management will complete the corrective action plan. .

View Audit 370096

Finding 1158176 (2024-002)

Material Weakness 2024

Philadelphia Industrial Development Corporation

PA

Internal Control / Segregation of Duties Material Weakness Reporting

2024-002 – Incorrect Filing of Form ED-209 to the EDA Management inaccurately reported balances on Form ED-209 to the EDA. This inaccurate reporting is due to a lack of management review over the reported amounts. Per the ED-209 report, PIDC had $6,048,775 of principal outstanding on loans as of Dec...

2024-002 – Incorrect Filing of Form ED-209 to the EDA Management inaccurately reported balances on Form ED-209 to the EDA. This inaccurate reporting is due to a lack of management review over the reported amounts. Per the ED-209 report, PIDC had $6,048,775 of principal outstanding on loans as of December 31, 2024; however, per the supporting documentation only $5,048,775 of principal outstanding on loans was recorded within the financial statements as of December 31, 2024. Corrective Action During 2024, PIDC initiated an EDA loan to a borrower in the amount of $1,000,000. While the loan was committed at December 31, 2024, the loan was never disbursed. We will establish a dedicated oversight team of existing personnel to monitor the reporting process and to ensure reconciliation of our loan portfolio system. Furthermore, we will streamline our reporting processes by conducting a thorough review and implementing necessary changes. Ongoing training for portfolio management staff on new techniques and software tools will be initiated and continue on a regular basis. Regular progress reviews will be conducted to address quality issues promptly. By implementing these corrective actions, we aim to prevent inaccurate reporting Individual Responsible for Corrective Action Plan Lawrence McComie SVP & Chief Credit Officer 215-496-8145 Anticipated Completion Date: 30 days from issuance, management will file an updated ED-209 report to the EDA.

View Audit 370094

Finding 1158175 (2024-002)

Material Weakness 2024

Halau Ke'alaokamaile

HI

Cash Management Allowable Costs / Cost Principles Reporting § 200.303

Corrective Action Plan for Finding 2024-002 Finding 2024-002 – Allowable Costs - Assistance Listing: 14.251 – Economic Development Initiative, Community Project Funding and Miscellaneous Grants Federal Agency: U.S. Department of Housing and Urban Development (HUD) Views of Responsible Officials: The...

Corrective Action Plan for Finding 2024-002 Finding 2024-002 – Allowable Costs - Assistance Listing: 14.251 – Economic Development Initiative, Community Project Funding and Miscellaneous Grants Federal Agency: U.S. Department of Housing and Urban Development (HUD) Views of Responsible Officials: The Organization concurs with the auditor’s finding and appreciates the feedback provided. We acknowledge that documentation submitted in support of draw requests did not always align precisely with the accounting records, specifically the profit and loss by class. Although there were sufficient allowable costs incurred during the audit period to support the drawdowns, we understand that consistency between supporting documentation and accounting system records is essential for compliance with Federal requirements. Corrective Action Plan: We are in the process of developing formal written procedures for managing draw requests under federal awards. These procedures will include verifying that all draw requests are supported by invoices or expenditure documentation that is properly coded in the accounting system. Ensuring that supporting documentation submitted for reimbursement exactly matches the accounting entries, both in amount and coding (by class/funding source). Because the Organization is relatively new to managing federal awards, we will provide targeted training to accounting and program staff on draw request preparation and review. Responsible Official: Bev Kurokawa, treasurer Email: bevk2323@gmail.com Phone: 808 281-3586 Expected Completion Date: December 31, 2025

View Audit 370088

Finding 1158125 (2024-003)

Material Weakness 2024

Tulsa Community Foundation

OK

Procurement, Suspension & Debarment Subrecipient Monitoring Significant Deficiency § 200.318 § 200.326

Description of Finding: The Foundation and its affiliates did not ensure proper documentation was retained regarding its procurement process. Statement of Concurrence or Nonconcurrence: Tulsa Community Foundation agrees with this finding. Corrective Action: The Foundation will adopt a procurement po...

Description of Finding: The Foundation and its affiliates did not ensure proper documentation was retained regarding its procurement process. Statement of Concurrence or Nonconcurrence: Tulsa Community Foundation agrees with this finding. Corrective Action: The Foundation will adopt a procurement policy in accordance with UGG 2 CFR 200.318 through 200.327 and will collaborate more closely with project partners of federal grants to ensure documentation requirements for the procurement process are adhered to and work to centralize grant documentation for all awards. This will be in tandem with establishing effective internal controls as per Uniform Guidance 2 CFR 200.303. To support this corrective action, the Foundation has hired an experienced senior accountant to strengthen internal capacity. The qualified senior accountant will oversee federal grants and ensure ongoing compliance with internal controls and help to prevent recurrence of the issue. Name of Contact Person: Kristin Karlin, Controller Projected Completion Date: The Foundation projects the new policy documentation to be complete and centralization of grant documentation to be established by December 31, 2025.

View Audit 370045

Finding 1158094 (2024-003)

Material Weakness 2024

Acupuncture and Integrative Medicine College, Berkeley

CA

Student Financial Aid Reporting Significant Deficiency

As of today, September 29, 2025, the organization has fully implemented procedures in Populi to update enrollments to actual final status within the required 30 days. This data will be reported to our third-party servicer RGM in real-time. The academic and administrative teams review these reports.

View Audit 370038

Finding 1158045 (2024-004)

Material Weakness 2024

Hamilton County Area Neighborhood Development, Inc.

IN

Cash Management Period of Performance Matching / Level of Effort / Earmarking § 200.303

Condition: An effective internal control system was not in place to ensure compliance with requirements related to the grant agreement and the Cash Management compliance requirements. Management's Corrective Actions: During 2025, Hamilton County Area Neighborhood Development, Inc. (HAND) hired a con...

Condition: An effective internal control system was not in place to ensure compliance with requirements related to the grant agreement and the Cash Management compliance requirements. Management's Corrective Actions: During 2025, Hamilton County Area Neighborhood Development, Inc. (HAND) hired a controller to assist with the preparation of the parent company and subsidiaries financials while instituting improved internal control policies. As such, HAND with the assistance of its controller will establish effective internal control systems to ensure the compliance with the requirements for grant agreements and cash management compliance requirements

View Audit 369997

Finding 1158023 (2024-001)

Material Weakness 2024

Evergreen Rural Water of Washington

WA

Questioned Costs Allowable Costs / Cost Principles Matching / Level of Effort / Earmarking § 200.430

Recommendation: We recommend that the Organization implement a system of internal controls that clearly documents the time and effort that each individual employee spends on each grant per month. This can be done by requiring every employee that works on a federal grant to charge their time to a spe...

Recommendation: We recommend that the Organization implement a system of internal controls that clearly documents the time and effort that each individual employee spends on each grant per month. This can be done by requiring every employee that works on a federal grant to charge their time to a specific grant charge code regardless of position. We recommend the Organization adopt a written policy and implement a system of internal controls to review and true-up grant wages to actual to ensure accuracy, allowability, and proper allocation of federal and non-federal time. There is no disagreement with the audit finding. Action taken in response to finding: We have updated both our time reporting policy in Chapter 1 and added time allocation to the Allowable Costs section of Chapter 2 Financial Policies of our Fiscal Program Management Policy Manual. Copies of both additions are attached. We updated the staff of these changes at our April 16, 2025 Team Meeting, the agenda of the meetingis attached. We have also included payroll summaries and timesheets to show we are allocatingtime accurately. Name(s) of the contact person(s) responsible for corrective action: Tracey Hunter Planned completion date for corrective action plan: 4/16/2025

View Audit 369990 Questioned Costs: $1

Finding 1157970 (2024-005)

Material Weakness 2024

Iclei – Local Governments for Sustainability Usa, INC

MI

Procurement, Suspension & Debarment Matching / Level of Effort / Earmarking § 200.214

2024-005 - Procurement, Suspension and Debarment Auditor Description of Condition and Effect: During Procurement, Suspension and Debarment testing, the Organization could not provide evidence that they determined whether vendors are suspended or debarred. Certain vendors could be used that are consi...

2024-005 - Procurement, Suspension and Debarment Auditor Description of Condition and Effect: During Procurement, Suspension and Debarment testing, the Organization could not provide evidence that they determined whether vendors are suspended or debarred. Certain vendors could be used that are considered suspended or debarred by the federal government resulting in noncompliance. Auditor Recommendation: We recommend that the Organization adhere to the policy over suspension and debarment review to ensure they are contracting with vendors that are allowable. Corrective Action: While the Organization has controls in place to ensure vendors are not suspended or debarred, management will ensure to have this process documented going forward. Responsible Person: Dora Gonzales Anticipated Completion Date: December 2025

View Audit 369971

Finding 1157966 (2024-004)

Material Weakness 2024

Wisconsin Women's Business Initiative Corporation

WI

Allowable Costs / Cost Principles Reporting Significant Deficiency § 200.405

WWBIC plans to develop and adopt a written Cost Allocation Plan that complies with 2 CFR 200. Ml P's Cost Allocation Module will be implemented for efficiency and automation. WWBIC plans to use a direct method of recording staff time, by requiring staff to allocate time on time sheets by funding sou...

WWBIC plans to develop and adopt a written Cost Allocation Plan that complies with 2 CFR 200. Ml P's Cost Allocation Module will be implemented for efficiency and automation. WWBIC plans to use a direct method of recording staff time, by requiring staff to allocate time on time sheets by funding source. Once payroll postings align with funding sources, direct wages will be used as the allocation base. The 3rd party payroll integration with Paylocity will be implemented to use this method. This project is currently under development with our payroll system, Paylocity and the accounting team.

View Audit 369970

Finding 1157955 (2024-003)

Material Weakness 2024

Wisconsin Women's Business Initiative Corporation

WI

Material Weakness Reporting Matching / Level of Effort / Earmarking

WWBIC is working with the software developer to have necessary reports available such as interest accrual and maturities calculations as part of the system. Accounting staff will be implementing a new loan tracking coding segment in their general ledger software, ABILA MIP, that will track each loan...

WWBIC is working with the software developer to have necessary reports available such as interest accrual and maturities calculations as part of the system. Accounting staff will be implementing a new loan tracking coding segment in their general ledger software, ABILA MIP, that will track each loan transaction by loan number. This will allow MIP system to be reconciled to the loan software, Ventures monthly using automated reconciliations. Staff in both the accounting and the loan operations areas will be trained to use this coding. Reports that are time sensitive in the loan system will be set to run automatically so that balances can be captured. The accounting staff are now coordinating these processes with WWBIC's loan operations to make sure that the processes capture all activity and reconcile between the two systems.

View Audit 369970

Finding 1157944 (2024-002)

Material Weakness 2024

Wisconsin Women's Business Initiative Corporation

WI

Reporting Significant Deficiency Matching / Level of Effort / Earmarking

A comprehensive Fiscal Policies and Procedures Manual will be developed that incorporates all required written procedures under 2 CFR 200 and defines internal controls and implementation processes. Accounting staff, and members of WWBIC's Compliance and Advancement teams, will receive training on th...

A comprehensive Fiscal Policies and Procedures Manual will be developed that incorporates all required written procedures under 2 CFR 200 and defines internal controls and implementation processes. Accounting staff, and members of WWBIC's Compliance and Advancement teams, will receive training on the guidelines and requirements of the Schedule of Expenditures of Federal Awards (SEFA). As Federal and State funding is approved, WWBIC will flag the related accounts during set up to ensure that they are marked to be included in the SEFA. WWBIC will contact our auditors with possible questions before compiling and finalizing the SEFA.

View Audit 369970

Corrective Action Plans

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