Finding 1075733 (2023-002)

Criteria Per 2 CFR § 200.303, non-Federal entities are required to establish and maintain effective internal control over federal awards that provides reasonable assurance that the non-Federal entity is managing the federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition Our internal control testing revealed one instance in which the voucher package for one cash disbursement in the amount of $530,096 did not include documented review and approval by management prior to issuance of payment to the vendor. Effect Without proper review and approval by management prior to issuance of payment to vendors, the Corporation cannot provide reasonable assurance that the federal award has been managed in compliance with all applicable Federal statutes, regulations, and the terms and conditions of the federal award.