Finding Text
During audit procedures, we noted that deposits and transfers were made erroneously from the EDA CARES Act RLF bank account. We also noted that loan payments were not transferred to the EDA CARES Act RLF bank account in a timely fashion. Additionally, we noted that Northeast Nebraska Economic Development District's Revolving Loan Fund financial documents and account balances did not reconcile with the ED-209 forms submitted to the United States Department of Commerce, Economic Development Administration. This presents an opportunity for erroneous financial reporting and noncompliance with Revolving Loan Fund requirements. We recommend that management have a heightened awareness of the deposits and transfers made from the EDA CARES Act RLF bank account. We recommend that loan payments are transferred to the EDA CARES Act RLF bank account in a timely fashion. We also recommend that Northeast Nebraska Economic Development District redraft the ED-209 forms to accurately reconcile with their Revolving Loan Fund financial documents and account balances.