Finding Text
Condition: The data collection form was not available for submission by December
31, 2024, which was nine months after the Organization’s year-end.
Effect: Untimely filing of the data collection form could cause granting agencies
to consider the Organization high-risk.
Cause: Audit was not completed in time due to delays in reconciliation by
management of certain account discrepancies in net assets and beneficial
interests, in turn caused by overly complex accounting for the
aforementioned balances.
Criteria: Per CFR 200.512 related to report submission of the data collection
form, "The audit must be completed and submitted within the earlier of
30 calendar days after receipt of the auditors’ report, or nine months after
the end of the audit period."
Recommendation: It is recommended that the Board of Directors and Management
streamline processes related to accounting for net assets, investments,
and beneficial interests, as well as work to simplify the accounting
records to enable more clear and accurate presentation of these balances.
Response: The Board and management will consult with the auditors to identify
best practices to be performed to enhance the quality of the accounting
processes.
Note: This is a repeat finding.