FAC Explorer

Finding 1157498 (2024-003)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2025-09-30
Audit: 369715
Organization: North Pacific Fishery Management Council (OR)
Auditor: McDonald Jacobs PC

AI Summary

  • Core Issue: The organization is not keeping federal funds in an interest-bearing account as required.
  • Impacted Requirements: This violates 2 CFR 200.305, which mandates that organizations receiving over $250,000 in federal funding maintain those funds in an interest-bearing account.
  • Recommended Follow-Up: The organization should promptly switch to an interest-bearing account to comply with federal guidelines and avoid lost earnings.

Finding Text

Finding # 2024-003 Type: Immaterial noncompliance Federal Agency: U.S. Department of Commerce, National Oceanic and Atmospheric Administration Assistance Listing: 11.441 Criteria/Requirement: In accordance with 2 CFR 200.305, organizations that receive more than $250,000 of federal funding per year should maintain those funds in an interest-bearing account. Interest earned in excess of $500 should be remitted back to the federal government. Cause: Funds are not maintained in an interest-bearing account. Effect: There are potential lost earnings and the Organization is not following federal guidelines. Recommendation: The Organization should change their primary operating account to an interest-bearing account. Management Response: Funds on hand will be moved to an interest-bearing account.

Corrective Action Plan

Finding # 2025-003 Type: Immaterial noncompliance U.S. Department of Commerce, National Oceanic and Atmospheric Administration Assistance Listing #11.441 Finding: In accordance with 2 CFR 200.305, organizations that receive more than $250,000 of federal funding per year should maintain those funds in an interest-bearing account. Interest earned in excess of $500 should be remitted back to the federal government. Presently, funds are not maintained in an interest-bearing account. Corrective Action: Funds on hand will be moved to an interest-bearing account. Anticipated Completion Date December 2025

Categories

Cash Management

Other Findings in this Audit

  • 1157490 2024-001
    Material Weakness Repeat
  • 1157491 2024-002
    Material Weakness Repeat
  • 1157492 2024-003
    Material Weakness Repeat
  • 1157493 2024-001
    Material Weakness Repeat
  • 1157494 2024-002
    Material Weakness Repeat
  • 1157495 2024-003
    Material Weakness Repeat
  • 1157496 2024-001
    Material Weakness Repeat
  • 1157497 2024-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
11.441 Regional Fishery Management Councils $17,942