Finding Text
2023-002. Reporting
AL#: 11.307
Economic Adjustment Assistance Revolving Loan Funds Program
Award Year: 2020 & 1995
Criteria: Recipients must submit a RLF Financial Report (Form ED-209), including a Portfolio Loan List, on a
semiannual basis during the period of performance of the award and after the period of performance of the award
(during the Revolving Phase). The report must be submitted within 30 calendar days of the midpoint and end of
Recipient’s fiscal year.
Condition: The ED-209 reports for July 1, 2023, through December 31, 2023, were due no later than January 30,
2024, for both the EDA Legacy and EDA CARES awards. These reports were ultimately submitted by the CLIMB
Fund (who is administering the grant for the City) in February 2024.
Context: We addressed the matter with City management who are aware of the reporting requirements.
Effect: Failure to properly review and adhere to policies and procedures related to reporting can lead to
noncompliance as well as the withholding of future awards.
Cause: Management oversight.
Recommendation: We recommend the City review and update its policies and procedures to ensure all required
reports are prepared, reviewed, and submitted within the program’s required timeframes, and with the correct
amounts.