Finding Text
Type of Finding: Material Weakness in Internal Control over Major Federal Program Condition: Organizations that expend $750,000 or more in federal awards during their fiscal year are required to submit their single audit 9 months after the end of the fiscal year. Effect: Failure to meet the filing deadline may result in regulatory penalties and potential impact on future funding eligibility. Cause: The delay was attributed to late filings. Criteria: According to the Office of Management and Budget (OMB) Circular A-133 (now superseded by 2 CFR Part 200), entities that expend $750,000 or more in federal awards during their fiscal year are required to have a single audit conducted to ensure compliance with federal regulations and the proper stewardship of federal funds. Recommendation: We recommend the Center review all federal awards and expenditures to ensure that all deadlines are met, including the completion of a single audit as required by OMB regulations. The Center should implement procedures to track federal funds and ensure that audit requirements are met in a timely manner for future fiscal years. View of Responsible Officials: Management agrees with the finding and is in the process of revising internal controls to monitor federal expenditures throughout the year, ensuring that thresholds triggering audit requirements are promptly identified.