Finding 1214263 (2025-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-05-08

AI Summary

  • Core Issue: The Company failed to file its audited financial statements electronically to the Federal Audit Clearinghouse (FAC) by the required deadline.
  • Impacted Requirements: Compliance with Title 2 U.S. Code of Federal Regulations Part 200, which mandates timely submission of single audits for entities using over $1 million in federal funds.
  • Recommended Follow-Up: Management should implement procedures to ensure timely electronic filing of financial statements within the specified timeframe.

Finding Text

Statement of Condition The audited financial statements for the Company were not filed electronically to the Federal Audit Clearinghouse (FAC) for the year ended December 31, 2024. Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires that non-federal entities that expend $1,000,000 or more in federal funds must submit a single audit to the FAC within 30 days of the audit report date or within 9 months of the end of the audit period, whichever is earlier. Effect Management was not in compliance with the requirement to timely submit the single audit report to FAC. Cause Management did not have controls in place to timely file its financial statements. Recommendation Management should institute procedures to ensure that the financial statements are electronically filed with the FAC within 30 days of the audit report date or within 9 months of the end of the audit period, whichever is earlier. Questioned Costs $0 Auditor Noncompliance Code Z – Other View of Responsible Officials Management concurs with the finding and will review internal control policies to ensure future reporting requirements are timely met.

Corrective Action Plan

View of Responsible Officials and Planned Corrective Actions: Management agrees with the finding. Management notes that it did not previously have controls in place to timely file its financial statements. Management will institute procedures to ensure that the financial statements are electronically filed with the Federal Audit Clearinghouse within the earlier of 30 days from the audit report date or within 9 months of year-end. Contact Person Responsible: R.B. Coats, III, President

Categories

Allowable Costs / Cost Principles Reporting Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Programs in Audit

ALN Program Name Expenditures
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.49M