Effective January 2025, Catalyst CT, Inc. transferred all accounting and finance functions in-house after terminating a contract with a third-party accounting firm. The in-house transition process was completed in phases, commencing in October 2023 with the hiring of a VP of Finance (CFO equivalent) who reviewed the in-place accounting/finance model. Based on the review, an in-house Controller was hired in March 2024, and a Staff Accountant was hired in December 2024. Transitioning of financial report preparation in-house began in the March 31, 2024 reporting period with a goal of having all reporting transferred in-house by year-end. As a result of this transition, reporting is handled by a central group of finance/accounting associates with consistent processes as well as improved internal notifications, including a Grant Cover Sheet, a Grant Cover Sheet Budgets spreadsheet and regular spend rate meetings with relevant senior program directors. Regarding this particular finding, until the end of year 2024, many past reports were a few days to a few weeks overdue because monthly/quarterly books weren’t typically closed by the third-party accountants until at least the third week of the following month. This is not atypical, a monthly closing date within 15 days is usually an exception rather than a rule. Furthermore, most of our grantors were not flummoxed by this. Those who had issues with reporting past the 15th would usually communicate this to us and we would arrange to provide estimated figures by the 15th. Given the nature of our grants, the newly formed in-house accounting group, as of January 1, 2025 has expedited the closing process to occur before the 15th of each month, allowing Catalyst CT, Inc. to meet reporting deadlines with that deadline to be more easily met.