Finding Text
2024-005 Federal Financial Reporting Fiscal year finding initially occurred: 2022 CONDITION: Bossier Office of Community Services, Inc. did not provide accurate and timely submissions of its Federal Financial Report (SF-425) during FY 24. CRITERIA: 45 CFR section 75.303(b) – Internal Controls, requires non-Federal agencies to comply with Federal statutes, regulations, and the terms and conditions of all Federal awards. CAUSE: The processing and preparation of Federal Financial Reports (SF-425) was delayed as a result of significant financial management staff turnover during the first quarter of FY 24. During the fiscal year ending December 31, 2024, the reports were filed late, and as noted in finding 2024-004 contained significant errors. EFFECT: By not receiving complete and accurate grant program activity financial reports, the Federal grantor agency may be prevented from making timely, informed decisions about grant program operations. RECOMMENDATION: Management should develop and implement procedures to ensure that complete and accurate Federal Financial Reports are prepared, reviewed, and submitted in a timely manner. View of Responsible Official: Management have contracted a CPA to work with Financial staff to ensure the accuracy of financial records. A schedule of financial activities is in place the include due date for submission of Federal Financial Report (SF-425) Executive Director will monitor the financial records of submission and report to the Board of directors.