Criteria: The Organization is required to submit complete and accurate quarterly financial statements
within 20 days of the quarter end, the annual budget must be submitted to the Agency 30 days prior
to the beginning of the borrower's fiscal year, and audit report within 150 days of borrower's fisc...
Criteria: The Organization is required to submit complete and accurate quarterly financial statements
within 20 days of the quarter end, the annual budget must be submitted to the Agency 30 days prior
to the beginning of the borrower's fiscal year, and audit report within 150 days of borrower's fiscal
year end.
Condition: During our review of compliance requirements for the Community Facilities Loans &
Grants Cluster, we identified the quarterly financial statements were not submitted timely for the
second quarter of 2023, third quarter of 2023, and fourth quarter of 2023, the annual budget was not
submitted timely, and the 6/30/22 audit report was not submitted.
Cause: The submission of timely and complete reports was not met due to turnover in the
administrator position.
Potential Effect: As a result, the Agency reserves the right to withdraw Agency funding.
Recommendation: The Organization should implement reminders and additional review to ensure
the quarterly reports, annual budget, are submitted timely, are complete, and are accurate.
Client Resronse: The Organization will be diligent to get the reports submitted on time and
accurately. All reports except the budget have been submitted as of report date.