Finding Text
Finding 2024-002: Preparation of the Schedule of Expenditures of Federal Awards Condition: During our audit, Wipfli LLP noted there were certain federal grants received from pass-through entities that were inadvertently excluded from the Schedule of Expenditures of Federal Awards. Criteria: Uniform Guidance (2 CFR Part 200, section 510) states the auditee must prepare a schedule of expenditures of Federal awards for the period covered by the auditee’s financial statements which must include the total Federal awards expended. Cause: The internal controls of Wisconsin Women's Business Initiative Corporation did not identify all federal awards to be included in the Schedule of Expenditures of Federal Awards prior to the audit. Effect: As a result of the financial reporting matters identified in the condition paragraph, a significant deficiency exists in Wisconsin Women's Business Initiative Corporation's internal control over financial reporting. Recommendation: We recommend Wisconsin Women's Business Initiative Corporation continue to implement procedures to provide sufficient internal control over the preparation of the Schedule of Expenditures of Federal Awards. View of Responsible Officials: Management agrees with the finding and has developed a written corrective action plan. This finding represents a significant deficiency in internal controls over compliance and a non-material non-compliance with the reporting requirement for the major federal programs. Questioned Costs: None Condition: During our audit, Wipfli LLP noted there were certain federal grants received from pass-through entities that were inadvertently excluded from the Schedule of Expenditures of Federal Awards. Criteria: Uniform Guidance (2 CFR Part 200, section 510) states the auditee must prepare a schedule of expenditures of Federal awards for the period covered by the auditee’s financial statements which must include the total Federal awards expended. Cause: The internal controls of Wisconsin Women's Business Initiative Corporation did not identify all federal awards to be included in the Schedule of Expenditures of Federal Awards prior to the audit. Effect: As a result of the financial reporting matters identified in the condition paragraph, a significant deficiency exists in Wisconsin Women's Business Initiative Corporation's internal control over financial reporting. Recommendation: We recommend Wisconsin Women's Business Initiative Corporation continue to implement procedures to provide sufficient internal control over the preparation of the Schedule of Expenditures of Federal Awards. View of Responsible Officials: Management agrees with the finding and has developed a written corrective action plan.Major Programs: AL #14.218 Community Development Block Grant Cluster, Award Numbers CDBG FY 2024, FD 003 2023, CD5075180249, CDBG MKE RLF, CDBG Racine 2023-2024, CDBG FY 2023, B-23-UC-55-0003, ED 24020, 2024-2025 CDBG - Classic; AL #59.046 Microloan Program, Award Numbers SBAOCAML230534, SBAOCAML2024001568