Finding 1206102 (2023-004)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2026-04-08
Audit: 398055
Organization: Future Ready Five (OH)
Auditor: GBQ PARTNERS LLC

AI Summary

  • Core Issue: The Organization lacks formal procedures to verify the accuracy of reports before submission, leading to potential compliance risks.
  • Impacted Requirements: This finding relates to the requirement for internal controls over federal awards as outlined in 2 CFR section 200.303.
  • Recommended Follow-Up: Implement a formal review process to ensure reports are accurate and complete prior to submission to the grantor.

Finding Text

Reference Number: 2023-04 Finding: Finding Type: Significant Deficiency in Internal Control Over Compliance Title and ALN of Federal Program: 21.027 - Coronavirus State and Local Fiscal Recovery Funds Criteria or Specific Requirement: L. Reporting – 2 CFR section 200.303 of the Uniform Guidance requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal awards in compliance with federal statutes, regulations, and the terms and conditions of the federal awards. Condition: During the audit, it was noted that the Organization was unable to provide formal support for the internal review of required reports under the major program before they were submitted to the pass-through grantor. Cause: The Organization lacks established procedures which provide formal evidence that the accuracy and completeness of required reports was verified before submission. Effect or Potential Effect: Without formal review controls in place, the Organization is more susceptible to reporting errors and/or noncompliance with federal requirements. Questioned costs: None Identification as a Repeat Finding: N/A – this was not reported as a finding in the prior audit report. Context: Of two monthly invoices selected for testing, neither contained formal support that an internal review took place prior to submission to the pass-through grantor. Recommendation: We recommend that the Organization implement a formal process for verifying the accuracy and completeness of required reports before submission. Views of Responsible Officials: Management agrees with the finding and recommendation.

Corrective Action Plan

Reference Number: 2023-04 Finding Type: Significant Deficiency in Internal Control Over Compliance Description of Finding: During the audit, it was noted that the Organization was unable to provide formal support for the internal review of required reports under the major program before they were submitted to the pass-through grantor. The Organization lacks established procedures which provide formal evidence that the accuracy and completeness of required reports was verified before submission. Without formal review controls in place, the Organization is more susceptible to reporting errors and/or noncompliance with federal requirements. Statement of Concurrence: Management agrees with the finding. Corrective Action: The Chief Financial Officer prepares the required reports, and the Chief Executive has informally approved the reports prior to submission. A formal review by the Chief Executive Officer has been implemented to document in writing the review by the Chief Executive Office prior to submission. Completion Date: January 31, 2026 Name of Contact Person: Maureen Thomas Chief Financial Officer 917-405-7185 maureen@frfive.org

Categories

Reporting Significant Deficiency Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1206099 2023-001
    Material Weakness Repeat
  • 1206100 2023-002
    Material Weakness Repeat
  • 1206101 2023-003
    Material Weakness Repeat
  • 1206103 2023-005
    Material Weakness Repeat
  • 1206104 2023-006
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $1.03M