FAC Explorer

Finding 501137 (2023-002)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-09-30
Audit: 323394
Organization: West Community Economic Development Corporation (CO)
Auditor: Ryan Gunsuals & O'Donnell LLC

AI Summary

  • Answer: BuCu West Development Center reports transactions on a cash basis, affecting reimbursement tracking.
  • Trend: The SEFA includes 2022 transactions but omits some 2023 transactions due to timing of reimbursement requests.
  • List: Review the timing of reimbursement requests to ensure all relevant transactions are captured in future reports.

Finding Text

West Community Development Corporation (dba BuCu West Development Center) tracks and reports trasactions for the reimbursement based on a cash basis of accounting; therefore the SEFA includes 2022 transactions and excludes some 2023 transactions that are on the first reimbursement request made in 2024.

Corrective Action Plan

West Community Development Corporation (dba BuCu West Development Center) is revising its financial procedures to ensure all federal grant transactions are recorded on an accrual basis. We are working closely with our financial team and external consultants to realign our reporting practices by the next fiscal year. This includes enhanced staff training and system upgrades to support accrual-based tracking and reporting.

Categories

Cash Management Reporting

Other Findings in this Audit

  • 501136 2023-001
    Material Weakness
  • 501138 2023-001
    Material Weakness
  • 501139 2023-001
    Material Weakness
  • 501140 2023-001
    Material Weakness
  • 501141 2023-001
    Material Weakness
  • 1077578 2023-001
    Material Weakness
  • 1077579 2023-002
    Material Weakness
  • 1077580 2023-001
    Material Weakness
  • 1077581 2023-001
    Material Weakness
  • 1077582 2023-001
    Material Weakness
  • 1077583 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
11.307 Economic Adjustment Assistance $777,289
14.218 Community Development Block Grants/entitlement Grants $327,873
21.027 Coronavirus State and Local Fiscal Recovery Funds $187,323
16.753 Congressionally Recommended Awards $57,326
16.817 Byrne Criminal Justice Innovation Program $17,134