Finding Text
Finding 2025-001 – Filing Annual Reports Timely Finding Resolution Status: In process. Information on Universe and Population Size: This is not applicable. Sample Size Information: This is not applicable. Noncompliance Information: This is not applicable. Statement of Condition: South Fork violated the single audit requirements by not filing the Single Audit Data Collection Form (SF-SAC) to the Federal Audit Clearinghouse in a timely manner. South Fork assumed that filing the audited financials to Real Estate Assessment Center (REAC) was sufficient in being in compliance. Criteria: When there are federal expenditures that exceed the amount of $750,000, the SF-SAC must be filed in a timely manner to ensure compliance with reporting requirements. Effect or Potential Effect: South Fork is in violation with the Federal Audit Clearinghouse guidelines. Cause: Unaware of Federal Audit Clearinghouse filing requirements. South Fork was only aware of filing the audited financial statements to REAC. Recommendation: South Fork will file the current year audited financials with the SF-SAC to the Federal Audit Clearinghouse. Auditor Noncompliance Information: Z – Other. Questioned Costs: $0 Reporting Views of Responsible Officials: South Fork filed the 2025 audited financial statements with the Federal Audit Clearinghouse to be back in compliance. Concur or Do Not Concur with This Finding: Concur. Agree or Disagree with Auditor Recommendations: Agree. Completion Date: June 30, 2025 Actions Taken or Plan on the Finding: South Fork filed the 2025 audited financial statements with the Federal Audit Clearinghouse and will continue to do so when required.