Finding 1228642 (2025-001)

Material Weakness Repeat Finding
Requirement
I
Questioned Costs
-
Year
2025
Accepted
2026-09-02
Audit: 410286
Organization: VT MUNICIPAL BOND BANK (VT)

AI Summary

  • Core Issue: The Vermont Bond Bank failed to verify that entities involved in grant transactions were not suspended or debarred, violating compliance requirements.
  • Impacted Requirements: Internal controls over compliance with suspension and debarment regulations (2 CFR Part 180 and 200) were inadequate, leading to a material weakness.
  • Recommended Follow-Up: Management should improve procedures to ensure proper documentation of suspension and debarment verifications is maintained securely and is easily accessible.

Finding Text

Federal Agency: U.S. Department of Agriculture Federal Program Name: Rural Energy Savings Program Assistance Listing Number: 10.751 Federal Award Identification Number (FAIN) and Year: 2023; FAIN not available. Award Period: October 1, 2024 through Performance Obligations Fulfilled Compliance Requirement: Suspension and Debarment Type of Finding: Material weakness in internal control over compliance Criteria or Specific Requirement: When a non-federal entity enters into a covered transaction with an entity at a lower tier, the nonfederal entity must verify that the entity, as defined in 2 CFR Part 180.995 and agency adopting regulations, is not suspended or debarred or otherwise excluded from participating in the transaction. This verification may be accomplished by (1) checking the System for Award Management (SAM) Exclusions maintained by the General Services Administration (GSA), (2) collecting a certification from the entity, or (3) adding a clause or condition to the covered transaction with that entity (2 CFR Part 180.300). 2 CFR Part 200.303 indicates that non-Federal entities receiving Federal awards must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition: The Vermont Bond Bank did not obtain evidence verifying entities were not suspended, debarred, or otherwise excluded from participating in the grant award transactions. Questioned Costs: None. Context: Three (3) of three (3) transactions tested for compliance with suspension and debarment requirements lacked evidence that required verification procedures had been performed. Cause: Procedures were not implemented to maintain documentation to support compliance with the standards of procurement, suspension and debarment contained in 2 CFR Part 180 and 2 CFR Part 200. Effect: Compliance with the requirements of the federal award could not be demonstrated. Repeat Finding: No. Recommendation: We recommend management enhance procedures and controls to ensure documentation is maintained to support all suspension and debarment verifications related to expenditures from federal award programs. Such documentation should be consolidated and maintained in a secure, accessible location. Views of Responsible Officials: Management agrees with the finding.

Corrective Action Plan

Management has strengthened its procedures and internal controls to ensure all required suspension and debarment verifications are documented and retained for expenditures under federal award programs. Effective immediately, the Vermont Bond Bank has revised its loan application and closing processes to require the inclusion of the applicant's Unique Entity Identifier (UEI), as well as identification of key personnel associated with the borrower. In addition, management has developed and implemented a standardized SAM.gov Verification Form that documents the completion of suspension and debarment reviews in SAM.gov for the borrower's UEI, municipality or organizational name, and key personnel. The form records the date of the review, the individual performing the verification, and the results of the search. The SAM.gov Verification Form has been incorporated into the program closing checklist and will be maintained as part of each loan file. All supporting documentation will be retained in a centralized electronic location to ensure completeness, accessibility, and compliance with federal requirements. Management believes these enhancements will provide adequate documentation and evidence of compliance with federal suspension and debarment requirements for all future program transactions.

Categories

Procurement, Suspension & Debarment Matching / Level of Effort / Earmarking

Programs in Audit

ALN Program Name Expenditures
10.751 RURAL ENERGY SAVINGS PROGRAM (RESP) $3.37M