The agency acknowledges the findings related to the timeliness of vendor payments, financial reporting, and the availability of accounting records during the audit period. These issues were largely the result of a significant transition period for the organization, including changes in leadership, t...
The agency acknowledges the findings related to the timeliness of vendor payments, financial reporting, and the availability of accounting records during the audit period. These issues were largely the result of a significant transition period for the organization, including changes in leadership, turnover in key finance and operations roles, and the implementation of new financial software. Managing these changes at the same time created temporary disruptions in our accounting workflows, transaction processing, and reporting timelines. Since then, we have taken the necessary steps to address these challenges and strengthen our accounting and reporting processes. All key finance and operations positions have now been filled, including critical accounting and business management roles, which has improved oversight, accountability, and the timely processing of financial transactions. We have also stabilized our financial systems and strengthened internal processes related to reconciliations, vendor payments, transaction recording, and grant reporting. We believe these corrective actions have addressed the root causes identified in this finding and have significantly improved our ability to meet the accounting, reporting, and audit requirements of our federal, state, and NYC funding sources moving forward. We will continue to monitor our internal controls and reporting timelines to ensure ongoing compliance and stronger operational efficiency.