Finding 1162029 (2024-008)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-11-07
Audit: 371899
Organization: Puerto Rico Ports Authority (PR)
Auditor: GALINDEZ LLC

AI Summary

  • Issue: Forms FAA 126 and FAA 127 were not submitted on time, missing the 120-day deadline after the fiscal year-end.
  • Trend: This delay indicates a potential pattern of non-compliance with filing requirements.
  • Follow-up: Review filing processes and implement reminders to ensure timely submissions in the future.

Finding Text

During our audit procedures we detected that forms FAA 126 and Forms FAA 127 were not filed within the 120 days of the end of the airport’s fiscal year as required by the compliance supplement.

Corrective Action Plan

The Authority’s management agreed with auditor’s findings and recommendation. These forms are specifically related to financial data of the regional airports, and accordingly the filing responsibility was assigned to their administrators some time ago. Management will continue emphasizing to the regional airport administrators the importance of the timely filing of these required FAA forms . Since these forms include financial data for each regional airport, the Accounting and Finance Areas will coordinate and provide the regional airports administrators with the financial reports needed to complete the required forms on a timely basis.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1162027 2024-004
    Material Weakness Repeat
  • 1162028 2024-005
    Material Weakness Repeat
  • 1162030 2024-005
    Material Weakness Repeat
  • 1162031 2024-006
    Material Weakness Repeat
  • 1162032 2024-007
    Material Weakness Repeat
  • 1162033 2024-005
    Material Weakness Repeat
  • 1162034 2024-006
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
20.106 AIRPORT IMPROVEMENT PROGRAM, INFRASTRUCTURE INVESTMENT AND JOBS ACT PROGRAMS, AND COVID-19 AIRPORTS PROGRAMS $14.18M
97.036 DISASTER GRANTS - PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) $4.68M
97.056 PORT SECURITY GRANT PROGRAM $750,000
16.922 EQUITABLE SHARING PROGRAM $246,293
20.500 FEDERAL TRANSIT CAPITAL INVESTMENT GRANTS $24,520
14.218 COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS $770