Finding 1143346 (2024-001)

Significant Deficiency Finding: 2024-001 Identification of the Federal Program: Assistance Listing Number N/A – Infrastructure Investment and Jobs Act Criteria: The Association must follow the requirements of the loan agreements received through the Infrastructure Investments and Jobs Act. One requirement of these loan agreements is quarterly financial reporting. Condition and Context: The Association did not perform the required quarterly financial reporting. Cause: The Association’s management has not implemented procedures to monitor the quarterly financial reporting. Effect or Potential Effect: Controls over compliance are not functioning correctly, which can lead to default of the loans. Questioned Costs: None Recommendation: We recommend the Association put controls in place to monitor financial reporting to ensure compliance with the loan agreements.