FAC Explorer

Finding 496612 (2023-002)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-09-12
Audit: 319411
Organization: True Access Capital Corporation (DE)
Auditor: Belfint Lyons & Shuman P A

AI Summary

  • Issue: The Organization failed to provide proof that the quarterly report for the 7(a) Loan Guarantee program was submitted on time.
  • Requirements Impacted: Reports must be submitted within 45 days after the quarter ends.
  • Follow-Up: Ensure timely submission of reports and keep records to confirm compliance.

Finding Text

Condition: The Organization did not retain evidence that the 7(a) Loan Guarantee program required quarterly reporting for the quarter ended December 31, 2023 was submitted timely. The Organization submitted its June 30, 2023 required reporting for the Microloan Program on August 14, 2023. Criteria: The Organization is required to submit quarterly reports 45 days after the quarter end. Cause: The Organization submitted required reporting but did not retain evidence of timely submission or did not submit the reports timely. Effect: The Organization did not comply with the programmatic reporting requirements. Recommendation: We recommend the Organization take steps to submit and memorialize the timely submission of required reports.

Corrective Action Plan

Corrective Action Plan: TAC will create a comprehensive spreadsheet to consolidate all federal reporting deadlines. This spreadsheet will delineate the appropriate staff accountable for each report and facilitate efficient tracking of completion and submission dates. Responsible Person: Vandell Hampton, Jr., President & CEO Anticipated Completion Date: September 30, 2024

Categories

Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 496613 2023-002
    Significant Deficiency
  • 1073054 2023-002
    Significant Deficiency
  • 1073055 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
11.307 Economic Adjustment Assistance $1.28M
59.012 7(a) Loan Guarantees $907,139
59.046 Microloan Program $816,349
21.020 Community Development Financial Institutions Program $175,496
59.043 Women's Business Ownership Assistance $138,494
59.059 Congressional Grants $61,378
10.870 Rural Microentrepreneur Assistance Program $6,218