Finding 403076 (2023-002)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-06-26

AI Summary

  • Core Issue: The Project did not submit its December 31, 2022, financial audit to the Federal Audit Clearinghouse.
  • Impacted Requirements: This violates Uniform Guidance 2 CFR 200.512(a), which mandates timely submission of financial audits.
  • Recommended Follow-Up: Implement policies to ensure audits are submitted on time, and management is already taking steps to improve compliance.

Finding Text

Statement of Condition The Project's December 31, 2022, financial statement audit was not submitted to the Federal Audit Clearinghouse. Criteria Uniform Guidance 2 CFR 200.512(a) requires that financial audits are completed and submitted to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Effect The Project is out of compliance with the reporting requirements detailed in the Uniform Guidance. Cause Management was unaware of the criteria within Uniform Guidance to submit the audit to the Federal Audit Clearinghouse. Recommendation We recommend that policies and procedures be implemented to ensure the financial statement audit is submitted to the Federal Audit Clearinghouse within the required timeframe. Reporting Views of Responsible Officials Management agrees with the recommendation and will work with the auditor to ensure the financial audit is submitted to the Federal Audit Clearinghouse within the required timeframe. Management has taken substantial steps to prevent this from happening in the future, including but not limited to an internal review of all accounting policies and procedures, a review of methodologies and tools used to track accounting deadlines and commitments.

Corrective Action Plan

Comments: Management agrees with the finding. Actions: Management will implement policies and procedures to ensure the financial statement audit is submitted to the Federal Audit Clearinghouse within the required timeframe.

Categories

Reporting

Other Findings in this Audit

  • 403073 2023-001
    Significant Deficiency
  • 403074 2023-001
    Significant Deficiency
  • 403075 2023-001
    Significant Deficiency
  • 403077 2023-002
    Significant Deficiency
  • 403078 2023-002
    Significant Deficiency
  • 979515 2023-001
    Significant Deficiency
  • 979516 2023-001
    Significant Deficiency
  • 979517 2023-001
    Significant Deficiency
  • 979518 2023-002
    Significant Deficiency
  • 979519 2023-002
    Significant Deficiency
  • 979520 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
10.415 Rural Rental Housing Loans $1.60M
10.427 Rural Rental Assistance Payments $189,065
10.437 Interest Assistance Programs $67,056