FAC Explorer

Finding 1166642 (2024-003)

Material Weakness Repeat Finding
Requirement
A
Questioned Costs
-
Year
2024
Accepted
2025-12-24
Audit: 377618
Organization: Target Area Development Corporation (IL)
Auditor: BENFORD BROWN AND ASSOCIATES LLC

AI Summary

  • Issue: TADC missed deadlines for submitting audited financial statements and required reports.
  • Impacted Requirements: Reports were due to the Federal Audit Clearinghouse and GATA portal.
  • Recommended Follow-up: Ensure timely submission of all required documents to avoid compliance issues.

Finding Text

TADC did not submit its audited financial statements and SEFA to the Federal Audit Clearinghouse website within nine (9) months of December 31, 2024. TADC also didn’t submit its audited financial statements, SEFA, CYEFR and other required information to the GATA portal within six (6) months after December 31, 2024.

Corrective Action Plan

Management concurs with the auditor’s finding and will 1) hire personnel within the accounting and finance department so that all defined tasks can be performed in a more timely manner and 2) evaluate current processes to determine how to make them more efficient so that the current personnel within the accounting and finance department are able to complete their tasks in a more timely manner.

Categories

Reporting

Programs in Audit

ALN Program Name Expenditures
21.019 CORONAVIRUS RELIEF FUND $254,478
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $212,504