Finding Text
Criteria: Grant funds reimbursed to The Nazareth Project, Inc. (the "Organization") under the Foreign Assistance to American Schools and Hospitals Abroad program are remitted to the Nazareth Hospital (the subrecipient) within two business days.
Condition: The Organization received a grant reimbursement on September 15, 2023, but remitted those funds to the subrecipient on September 26, 2023.
Cause of Condition: The Organization's Executive Director was not monitoring the bank account where the Organization receives its federal award funds because he expected a longer lag time between application for reimbursement and receipt of the funds.
Potential Effect of Condition: Noncompliance with the Cash Management requirements of the program.
Recommendation: The Organization should monitor its bank account daily after application for reimbursement under the federal award program until funds are received to ensure timely remittance.
Questioned Costs: None