Finding Text
Statement of Condition: The audited financial statements for the Corporation were not filed electronically to the Federal Audit Clearinghouse (FAC) for the year ended May 31, 2025. Criteria: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires that non-federal entities that expend $1,000,000 or more in federal funds must submit a single audit to the FAC within 30 days of the audit report date or within 9 months of the end of the audit period, whichever is earlier. Questioned Cost: None. Cause: Management did not have controls in place to timely file its financial statements. Effect: Management was not in compliance with the requirement to timely submit the single audit report to FAC. Recommendations: Management should institute procedures to ensure that the financial statements are electronically filed with the FAC within 30 days of the audit report date or within 9 months of the end of the audit period, whichever is earlier.Auditor Noncompliance Code: Z – Other View of Responsible Officials: Management agrees with the finding. Management will establish procedures and monitor compliance with those procedures to ensure that the audited financial statements, schedule of expenditures of federal awards, and other required information is filed with the Federal Audit Clearinghouse by required due dates.