Finding Text
The Uniform Guidance requires that entities that expense $750,000 or more in a year in Federal awards must submit their audited annual financial reports and data collection form to the Federal Audit Clearinghouse within thirty (30) days after receipt of the auditor’s report, or nine (9) months of the close of the auditee’s fiscal year. The fiscal year 2021 audit work did not commence until August 2023. Several issues impacted the late submission of the audit including internal senior accounting staff turnover, a change in external accounting firms, and unforeseeable delays with the previous audit firm, causing 2020 audit fieldwork delay. All of these issues were affected and compounded by the COVID-19 pandemic. We recommend the Foundation complete all reports required under the Federal award document and submit the reports in a timely manner. The Foundation should improve financial close-out procedures and obtain the audit required under the Uniform Guidance within nine (9) months of the fiscal year end.