Finding 1159995 (2022-001)

Finding Number: 2022-001 Prior Year Finding Number: N/A Compliance Requirement: Data Collection Form and Single Audit Reporting Package Program: Economic Adjustment Assistance CFDA #: 11.307/97.036 Award #: 0119022690, 011903104 FEMA-4335-DR, FEMA-4340-DR-VI Award Years: 10/01/2021- 09/30/2022 09/20/2017- 09/07/2025, 09/07/2017- 09/16/2025 Criteria: 2 CFR 200.512 requires that an entity’s single audit is to be submitted the earlier of thirty days after the receipt of the auditor’s report or nine months after the end of the audit period to the Federal Audit Clearinghouse (FAC). Condition: The Virgin Islands Economic Development Authority (the Authority) audited financial statements for the September 30, 2022, year-end was not submitted to the Federal Audit Clearinghouse within the stipulated nine months after year-end. Questioned Costs: $-0- Context: This is a condition identified based on review of Uniform Guidance requirements and the grant agreements. Effect: The Authority is not in compliance with the reporting compliance of the Office of Management and Budget. Cause: There were transitions in financial personnel which resulted in delays in the audit process. Recommendation: We recommend that the Authority meets the reporting deadline by establishing an audit timeline to ensure that the reporting package is submitted to the FAC annually within the required timeframe. Views of Responsible Management Official and Corrective Action Plan: Management concurs with finding. See Current Year Corrective Action Plan.