FAC Explorer

Finding 1055604 (2023-002)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-07-23
Audit: 315671
Organization: Southern Iowa Council of Governments (IA)
Auditor: Roof Gerdes Erlbacher Plc

AI Summary

  • Answer: The Government is not consistently checking if borrowers meet their loan covenant requirements.
  • Trend: This lack of analysis could lead to ongoing compliance issues with employment and insurance requirements.
  • List: Follow up by implementing regular checks on borrower compliance with loan covenants.

Finding Text

Loan Requirements - It does not appear the Government analyzes its borrowers loan covenant requirements for continuing compliance requirements. Specifically one instance was noted where the Government did not determine whether the borrower in question met the loan covenant requirements in relation to employment requirements and proof of insurance.

Categories

Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 479162 2023-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
11.307 Economic Adjustment Assistance $2.55M
11.302 Economic Development_support for Planning Organizations $120,204
20.205 Highway Planning and Construction $49,512
20.509 Formula Grants for Rural Areas and Tribal Transit Program $26,442