Finding 1218093 (2024-003)

2024-003 Submitting Single Audit Package on time Condition: The Organization did not submit its Single Audit Package to the Federal Audit Clearing House in a timely manner as required by federal regulations. Criteria: The absence of the audit being completed in a timely manner did not allow the Organization to submit the Single Audit Package on a timely basis. Cause: The Organization did not complete the financial statement audit and related reporting processes in sufficient time to submit the Single Audit Reporting Package within the timeframe required under Uniform Guidance. Effect: The late submission of the Single Audit Package is a violation of federal regulations and impairs grantor agencies’ ability to monitor federally funded programs. As a result, the Organization is designated a high-risk auditee until it accomplished timely submission of its Single Audit Package for two consecutive years. Auditor’s Recommendation: We recommend the Organization submit its Single Audit Reporting Package to the FAC no later than 9 months after the fiscal year-end. Grantee Response: Management agrees with the finding. Delays in completing the financial statement audit and resolving accounting matters resulted in the Organization’s inability to submit the required reporting package within the timeframe required under Uniform Guidance. Management is working with its auditors and internal accounting personnel to improve the timing of year-end closing procedures and audit preparation in order to facilitate timely filing in future periods. RENAISSANCE SOCIAL SERVICES, INC. SCHEDULE OF FINDINGS AND QUESTIONED COSTS For the Year Ended December 31, 2024 Section IV – Financial Statement Findings – Prior Year Finding 2023-001 – Closing Records on a Timely Basis Condition: The Organization did not complete account reconciliations and financial reporting processes on a timely basis, resulting in material audit adjustments during the audit process. Current Status: Not corrected. During the current year, this finding was separated into Finding 2024-001, Financial Statement Preparation, and Finding 2024-002, Closing Records on a Timely Basis.