FAC Explorer

Finding 1218460 (2023-004)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2026-06-24
Audit: 404750
Organization: Southeast Idaho Council of Governments, INC (ID)
Auditor: DEATON & COMPANY CHARTERED

AI Summary

  • Core Issue: A new loan under the EDA CARES 2 portfolio was recorded incorrectly, with a discrepancy of $11,137 in the loan amount.
  • Impacted Requirements: Loans must be accurately posted in the general ledger, reflecting the full loan amount and all related costs.
  • Recommended Follow-Up: Review and correct the loan entry in the general ledger to ensure accurate financial reporting and compliance.

Finding Text

Condition: During our audit, we identified that a new loan issued under the EDA CARES 2 loan portfolio was not set up in the loan program or the general ledger at the correct loan amount. The original loan amount was $250,000; however, only $238,862.95 was recorded in both the general ledger and the loan program, and this incorrect amount was used for amortization purposes. The loan was paid off in the subsequent year for $11,137 less than the amount owed by the borrower at the time of payoff. Loans made should be posted to the general ledger and include amount of loan proceeds disbursed and all related loan costs.

Corrective Action Plan

SICOG hired an experienced and trained loan officer to work closely with the Director of Fiscal Operations to prevent the mis-recording of new loans disbursed and newly paid off loans.

Categories

Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 1218454 2023-003
    Material Weakness Repeat
  • 1218455 2023-005
    Material Weakness Repeat
  • 1218456 2023-003
    Material Weakness Repeat
  • 1218457 2023-004
    Material Weakness Repeat
  • 1218458 2023-005
    Material Weakness Repeat
  • 1218459 2023-003
    Material Weakness Repeat
  • 1218461 2023-005
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $1.24M
93.045 SPECIAL PROGRAMS FOR THE AGING, TITLE III, PART C, NUTRITION SERVICES $855,306
10.767 INTERMEDIARY RELENDING PROGRAM $235,421
93.044 SPECIAL PROGRAMS FOR THE AGING, TITLE III, PART B, GRANTS FOR SUPPORTIVE SERVICES AND SENIOR CENTERS $234,379
93.053 NUTRITION SERVICES INCENTIVE PROGRAM $108,629
11.302 ECONOMIC DEVELOPMENT SUPPORT FOR PLANNING ORGANIZATIONS $90,913
93.052 NATIONAL FAMILY CAREGIVER SUPPORT, TITLE III, PART E $78,949
93.747 ELDER ABUSE PREVENTION INTERVENTIONS PROGRAM $75,663
20.513 ENHANCED MOBILITY OF SENIORS AND INDIVIDUALS WITH DISABILITIES $72,836
93.072 LIFESPAN RESPITE CARE PROGRAM $53,257
93.048 SPECIAL PROGRAMS FOR THE AGING, TITLE IV, AND TITLE II, DISCRETIONARY PROJECTS $21,364
20.205 HIGHWAY PLANNING AND CONSTRUCTION $13,244
93.071 MEDICARE ENROLLMENT ASSISTANCE PROGRAM $8,327
93.043 SPECIAL PROGRAMS FOR THE AGING, TITLE III, PART D, DISEASE PREVENTION AND HEALTH PROMOTION SERVICES $7,864
93.042 SPECIAL PROGRAMS FOR THE AGING, TITLE VII, CHAPTER 2, LONG TERM CARE OMBUDSMAN SERVICES FOR OLDER INDIVIDUALS $5,248
66.818 BROWNFIELDS MULTIPURPOSE, ASSESSMENT, REVOLVING LOAN FUND, AND CLEANUP COOPERATIVE AGREEMENTS $4,118
20.509 FORMULA GRANTS FOR RURAL AREAS AND TRIBAL TRANSIT PROGRAM $764