Finding Text
Federal Agency: U.S. Department of Agriculture Federal Program Title: Rural Rental Housing Loans Federal Assistance Listing Number: 10.415 Federal Award Identification Number(s) and Year(s): AMAS000000191197-2018, AMAS000000191198-2018, AMAS000000191199-2018, AMAS000000315075-2018, AMAS000000017171-2017, AMAS000000017172-2017, AMAS000001490130-2024 Award Period: 01/01/24 to 12/31/24 Type of Finding: • Significant Deficiency in Internal Control over Major Federal Programs Criteria or Specific Requirement: Review the supporting records and ascertain whether all applicable data elements were included in the sampled reports. Condition: Of the five income statement reports sampled, one was not reported correctly. Context: Of the five sampled income statement reports, all five were properly reviewed with one of the samples being incorrectly reported. Cause: There was an error in the reporting process as not all amounts were reported. Effect: Incorrect reporting for the grant. Repeat Finding: No. Recommendation: We recommend ensuring all income statement items are properly reviewed and reported to the USDA. Views of Responsible Officials and Planned Corrective Actions: No disagreement with the finding. Management Response: The year-end actual income statements will be prepared by the Portfolio Accountant based on year-end policies and procedures. The income statement will be reviewed by the Property Director, the Finance Director, initialed and then entered into MINC.