Finding Text
Condition: The Center did not submit their financial statements to the Federal Audit Clearinghouse prior to the filing deadline.
Criteria: Entities subject to single audit requirements are required to submit their financial statements within nine months of the fiscal year end or thirty days of the audit report date (whichever is sooner) in accordance with 2 CFR part 200 subpart F.
Cause: The Center was not previously required to file with the Federal Audit Clearinghouse under 2 CFR part 200 subpart F §200.507(c)(1) because its prior grant expenditures did not exceed the $750,000 threshold. During the course of the Center’s annual audit, the determination was made that federal funds were spent in excess of $750,000. Upon this determination, the scope of the financial audit was expanded to ensure compliance with 2 CFR part 200 Subpart F. We concluded the single audit on November 10, 2023.
Effect: Submission was not made timely.
Recommendation: We recommend the Center closely monitor federal expenditures and ensure accurate reporting in the future to enable earlier determination if a filing with the Federal Audit Clearinghouse is required. In addition, we recommend starting the audit process in the spring to allow ample time to comply with the nine-month deadline.
Views of Responsible Officials and Planned Corrective Actions: The Center agrees that the single audit report was not timely filed. As referenced above, the Center was previously under the $750,000 threshold for the single audit requirement, but completed and submitted the single audit report once the requirement was known. The Center has provided a corrective action plan to ensure timely filing going forward.