Finding 1155758 (2024-004)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-09-28

AI Summary

  • Core Issue: Financial Status Reports did not match supporting documents and were not prepared on an accrual basis as required by GAAP.
  • Impacted Requirements: Reporting compliance was compromised due to incorrect timing of expense recognition and lack of updates to previous reports.
  • Recommended Follow-Up: Management should review reports against documentation and consult with the grant contact to correct cumulative amounts by December 31, 2024.

Finding Text

Reporting Federal Agency: U.S. Department of Treasury Federal Program Title: Coronavirus State and Local Fiscal Recovery Funds Assistance Listing Number: 21.027 Federal Award Identification Numbers: SLFRP0135-2024 Pass-Through Agency: Wisconsin Department of Workforce Development Pass-Through Number: 7471 Award Period: January 1, 2024 – December 31, 2024 Compliance Requirement: Reporting Type of Finding: Material Weakness in Internal Control over Compliance, Other Matter Criteria or specific requirement: Financial Status Reports filed for the Organization did not agree to supporting documentation and were not prepared on accrual basis as required by GAAP. Condition: The Organization was originally reporting the subawards based on the timing of when the subgrantee incurred expenses versus on the timing of the agreed contract payout timing. The Organization reached out to their grant contract and verified the requirements and updated their filing starting in May 2025. The amounts filed from that point on still did not agree and there was no updates to the previous reporting to ensure that the cumulative amount of grant expenses were supported by the audit reports and internal reporting in QuickBooks. Questioned Costs: None Context: All monthly reports were reviewed in 2024 and only two of the months agreed without exception. The remaining months had variances and were prepared on cash basis. The cumulative amount tested at the beginning of the year did not agree to the previous audit report. Cause: The Organization is new to grant reporting and was not aware of the reporting requirements until May 2024 when they first met with CliftonLarsonAllen LLP (CLA). The Organization is not aware of how to update old reports to get the cumulative total to agree to supporting records. Repeat Finding: No Effect: The Organization is new to grant reporting and was not aware of the reporting requirements until May 2024 when they first met with CLA. The Organization is not aware of how to update old reports to get the cumulative total to agree to supporting records. Recommendation: We recommend that management and governance review the financial status reports to supporting documentation and ensure it agrees. We recommend management reaches out to their grant contact to ensure cumulative amounts are adjusted through 12/31/2024 to ensure future reports are accurate. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization’s Corrective Action Plan for more information.

Corrective Action Plan

Reporting Recommendation: We recommend that management and governance review the financial status reports to supporting documentation and ensure it agrees each month. We recommend management reaches out to their grant contact to ensure cumulative amounts are adjusted through 12/31/2024 to ensure future reports are accurate. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: WCEDC management will continue to work with the Department of Workforce Development and the Wisconsion Economic Development Corporation to clarify expenses through 12/31/2024. Name(s) of the contact person(s) responsible for corrective action: Executive Director Jeff Mikorski Planned completion date for corrective action plan: September – November 2025

Categories

Subrecipient Monitoring Material Weakness Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1155759 2024-005
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $946,600