Finding 1240547 (2025-002)

Cognizant or Oversight Agency for Audit: Colegio Catolico Notre Dame Corp. respectfully submits the following corrective action plan for the year ended June 30, 2025. Name and address of independent public accounting firm: Gonzalez. Torres & Co., PSC, San Jose Tower 1250 Ponce de Leon Ave. Suite 801, San Juan, PR 00907-3912 Audit Period: June 30, 2025 The findings from the June 30, 2025 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. FINDINGS – FINANCIAL STATEMENT AUDIT Finding 2025-001: Accounting Records and Reporting System Reportable Condition: See Statement of Condition 2025-001 Recommendation: The Organization should design and implement an integrated accounting system that would allow for the preparation of monthly closings, as well as the preparation of year-end financial statements in accordance with accounting principles generally accepted in the United States of America. Corrective Action – Finding 2025-01 The Organization will implement an integrated accounting closing process, and establish procedures for monthly and year-end closing processes. Management will assign responsible personnel to perform and review the necessary reconciliations, adjustments, and supporting schedules to ensure that the financial records are complete and maintained in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management will also establish a timeline for the monthly and year-end closing process and monitor compliance with the established procedures. FINDINGS – FEDERAL AWARDS Finding 2025-002: Reporting Reportable Condition: See Statement of Condition 2025-002 Recommendation: Management should continue to fulfill their auditee responsibilities as stated in 2 CRF 200.508 which among other things, require management to prepare appropriate financial statements and provide the auditor with access to personnel, accounts, books, records, supporting documentation, and other information as needed for the auditor to perform the audit and to ensure that subsequent financial reporting packages are submitted timely. Corrective Action-Finding 2025-02 Management will ensure that financial statements and required supporting documentation are prepared timely and that the auditor is provided with timely access to personnel, records, accounts, and other information necessary to complete the audit. Management will also monitor the submission of required financial reporting packages to ensure they are submitted within the applicable deadlines. If the Cognizant or Oversight Agency for Audit has questions regarding this plan, please contact us at 787-743-3693.