FAC Explorer

Finding 46433 (2022-007)

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Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-02-27
Audit: 41931
Organization: City of Covington, Tennessee (TN)
Auditor: Whitehorn Tankersley & Davis Plls

AI Summary

  • Issue: USDA loan/grant funds were not disbursed from a separate construction bank account.
  • Trend: This practice could lead to potential mismanagement of funds and compliance risks.
  • Recommendation: Establish a dedicated construction bank account for future disbursements to ensure proper tracking and compliance.

Finding Text

A separate construction bank account was not used for disbursement of USDA loan/grant funds used in the street paving project.

Corrective Action Plan

Appropriate care will be exercised in the future to ensure that we comply with all Agency loan resolution terms.

Categories

Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $2.62M
10.766 Community Facilities Loans and Grants $1.47M
14.239 Home Investment Partnerships Program $240,562
16.710 Public Safety Partnership and Community Policing Grants $137,899
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $52,522
20.205 Highway Planning and Construction $37,661
20.106 Airport Improvement Program $32,000
20.607 Alcohol Open Container Requirements $18,512
97.044 Assistance to Firefighters Grant $4,585
10.664 Cooperative Forestry Assistance $3,000