Finding Text
Federal Financial Reporting
Fiscal year finding initially occurred: 2022
CONDITION: Bossier Office of Community Services, Inc. did not provide accurate
and timely submissions of its Federal Financial Report (SF-425) during FY 22.
CRITERIA: 45 CFR section 75.303(b) – Internal Controls, requires non-Federal
agencies to comply with Federal statutes, regulations, and the terms and conditions of
all Federal awards.
CAUSE: The processing and preparation of Federal Financial Reports (SF-425) was
delayed as a result of significant financial management staff turnover during the first
quarter of FY 22.
EFFECT: By not receiving complete and accurate grant program activity financial
reports, the Federal grantor agency may be prevented from making timely, informed
decisions about grant program operations.
RECOMMENDATION: Management should develop and implement procedures to
ensure that complete and accurate Federal Financial Reports are prepared, reviewed,
and submitted in a timely manner.