Finding Text
REPORTING: Criteria – Quarterly Income and Expense Statements and an Annual Financial Reporting and Projected Cash Flow need to be completed accurately and timely submitted to the U.S. Department of Agriculture. Also, in accordance with 2 CFR Part 200, loan balances in excess of $750,000 (beginning year balance plus any additional loans issued in a year) must be included in the Schedule of Federal Awards and must meet continuing Single Audit requirements. Condition – The Hospital did not submit any of the required reporting in a timely manner for the fiscal year ended June 30, 2023. Cause – The Hospital does not have established procedures and policies for management oversight of the reporting requirements to ensure all reports are accurately and timely filed. Effect – The Hospital was not in compliance with required provisions of the Federal program. Recommendation – The Hospital should implement proper policies and procedure to ensure the reporting requirements are being met in the future. Client Response – We will implement procedures to comply with all reporting requirements. Conclusion – Response accepted.