Finding Text
Criteria: As per § 200.328 Financial reporting. Unless otherwise approved by OMB, the Federal awarding agency must solicit only the OMB-approved governmentwide data elements for collection of financial information (at time of publication the Federal Financial Report or such future, OMBapproved, governmentwide data elements available from the OMB-designated standards lead. This information must be collected with the frequency required by the terms and conditions of the Federal award, but no less frequently than annually nor more frequently than quarterly except in unusual circumstances, for example where more frequent reporting is necessary for the effective monitoring of the Federal award or could significantly affect program outcomes, and preferably in coordination with performance reporting. The Federal awarding agency must use OMB-approved common information collections, as applicable, when providing financial and performance reporting informationCondition: During the audit, we noted differences between quarterly reports’ amounts submitted to grantee agency and expense amounts accrued during the year.Cause: Missing of supporting documentation and underlying data. Effect: Wrong reported amounts could significantly affect program outcomes. Recommendation: To keep, document, file and trace supporting data to support quarterly reports Questioned Costs: None Perspective of the information: The information was not drawn from a statistical sample. Prior Year Finding: No Management response: A specialized funds firm was hired that is working on internal controls to improve the method of accounting of federal funds that meet accounting and FEMA requirements. Responsible Officer: Mr. José R. González De la Vega Estimated Completion Date: To work it on or before July 2026.