FAC Explorer

Finding 1182001 (2025-001)

Material Weakness Repeat Finding
Requirement
A
Questioned Costs
-
Year
2025
Accepted
2026-03-23
Audit: 393374
Organization: TOWN OF BENSON (NC)
Auditor: SHARPE PATEL PLLC

AI Summary

  • Core Issue: Borrowers must submit an audit if they spend $750,000 or more in Federal Awards during the fiscal year.
  • Impacted Requirements: This includes CF Direct Loans, Loan Guarantees, and CF Grants as Federal Awards.
  • Recommended Follow-up: Ensure compliance by tracking Federal Award expenditures to determine if an audit is necessary.

Finding Text

2 CFR Part 200, §200.501(a) requires a borrower that expends $750,000 or more in Federal Awards in their fiscal year to submit a single or program-specific audit. A CF Direct Loan, Loan Guarantee, and CF Grant would be considered a Federal Award

Corrective Action Plan

The Town should review the restricted reserve requirements and establish a separate account to hold the funds.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Programs in Audit

ALN Program Name Expenditures
10.766 COMMUNITY FACILITIES LOANS AND GRANTS $2.48M
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $2.31M
14.228 COMMUNITY DEVELOPMENT BLOCK GRANTS/STATE'S PROGRAM AND NON-ENTITLEMENT GRANTS IN HAWAII $1.25M