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.