FINDINGS - U.S ECONOMIC DEVELOPMENT ADMINISTRATION, ALN# 11.307 SIGNFICANT DEFICIENCY Finding 2024-001 - Reporting: The U.S. Economic Development Administration ALN # 11 .307 require reports to the appropriate federal agency for revolving loan funds and grants. Response to Aydjt finding 2024-001: Background: The FY2024 Semi-Annual Revolving Loan Fund Financial Reports were not submitted within the required timeframe. Current accounting and RLF management were not responsible for report preparation during the reporting period and unable to verify the specific circumstances that resulted in the late submissions. The finding indicates that report controls and monitoring procedures in place at the time were not sufficient to ensure required deadlines were met primarily due to accounting and RLF staff turnover. Conclusion: Staffing turnover was mitigated in Fall 2025 allowing significant progress towards existing corrective action plan. Progress was as follows: • Developing updated and written procedures for RLF reporting. • Ensuring current key staff members and management have access to reporting instructions and supporting documentation. • Ensuring periodic management review of reporting deadlines and requirements.