Finding 1213662 (2024-003)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2026-05-05

Audit: 400601

Organization: CANNON STREET YOUNG MENS CHRISTIAN ASSOCIATION (SC)

Auditor: GLASER AND COMPANY LLC

AI Summary

Core Issue: The Organization failed to submit its audit and compliance reports to the Federal Audit Clearinghouse on time.
Impacted Requirements: Reports must be submitted within 30 days after audit completion or nine months after the audit period ends.
Recommended Follow-Up: Improve accounting policies and procedures to ensure timely audit completion and submission in the future.

Finding Text

Finding 2024 – 003 – Timely Submission of Single Audit Reports to the Federal Clearing House Condition: The Federal Audit Clearinghouse (FAC) requires annual submission of the Organization’s audited financial statements and compliance reports by reporting entities on an annual basis. Criteria: Sufficient accounting policies and procedures must be in place to ensure the timely close of the audit process and submission of the reports the earlier of (30) days after audit submission or nine-months after the end of the audit period. Effect: The Organization has not timely submitted its audit and compliance reporting package to the FAC. Cause: The delayed start of the audit process and related audit adjustments did not allow for timely completion and submission of the audit and compliance reporting to the FAC.

Corrective Action Plan

Auditor’s recommendation: The Organization’s internal control over financial reporting should be modified to present financial statements in accordance with US GAAP through reduction in audit adjusting journal entries and improve the timing of the six-month period end closing process. Auditee’s response: The Organization is continuing to develop effective internal controls over financial reporting to ensure that financial statements are prepared in accordance with US GAAP on a timely basis.

Other Findings in this Audit

1213661 2024-002

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
10.766	COMMUNITY FACILITIES LOANS AND GRANTS	$20.85M