FAC Explorer

Finding 395921 (2022-003)

-
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2024-05-06
Audit: 305539
Organization: Tongue River Valley Joint Powers Board (WY)
Auditor: Carver Florek & James Cpa's

AI Summary

  • Answer: The Board is not complying with the loan reserve requirement.
  • Trend: Financial difficulties have hindered the Board's ability to fund the reserve account.
  • List: Consider alternative strategies, as meeting the requirement may not be feasible.

Finding Text

2022-003 Loan Reserve Requirement Non-Compliance Criteria The Board is required to set aside an amount equal to one-tenth of one yearly payment until one average annual loan installment is reached. Condition & Cause As a result of significant financial difficulties, the Board has been unable to meet the requirement to fund the reserve account. Effect As a result, the Board is not in compliance with the reserve requirement. Recommendation We recongize that is may not be possible for the Board to meet this requirement.

Corrective Action Plan

2022-003 Loan Reserve Requirement Non-Compliance The Chairman of the Tongue River Valley Joint Powers Board will continue to work with USDA-RD to find ways to address this issue. This has been an ongoing process since June 2022.

Categories

Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 395920 2022-002
    Material Weakness Repeat
  • 972362 2022-002
    Material Weakness Repeat
  • 972363 2022-003
    -

Programs in Audit

ALN Program Name Expenditures
10.766 Community Facilities Loans and Grants $5.78M