Finding 2022-001
Condition
Bread & Roses Community Fund did not submit its June 30, 2022 reporting package
within the required timeframe. 2 CFR 200.152(c) requires that an entity submit the
audited financial statements and data collection form ("reporting package") within the
earlier of 30 calendar days after receipt of the audit or nine months after the end of the
audit period.
Criteria
Bread & Roses Community Fund is responsible for establishing internal controls to make
sure the reporting package is submitted timely.
Cause
Bread & Roses Community Fund was not able to complete the reporting package by the
required time period due to staffing issues.
Effect
Bread & Roses Community Fund did not submit its June 30, 2022 reporting package
within the required timeframe.
Recommendation
Bread & Roses Community Fund should develop a reporting package timeline and submit
the required documents within the earlier of 30 calendar days after receipt of the audit or
nine months after the end of the audit period.
View of Responsible Officials and Planned Corrective Action
Management agrees with this recommendation. The COVID-19 pandemic presented
significant challenges for Bread & Roses Community Fund. During the global pandemic,
we doubled our commitment to the grassroots organizations we support and our
stakeholders when other organizations paused programming. Despite key staff departures
and substantial changes to service providers, we remained steadfast in our mission,
working tirelessly to orchestrate fiscal operations and connect programmatic processes.
This resulted in us needing more operational capacity to redirect resources to assist our
2
communities and those most affected by the pandemic. These shifts in operations
contributed to a delay in submitting the reporting package for FY22.
Management and the Board of Directors of Bread & Roses Community Fund are actively
working to address the capacity challenges that lead to reporting delays through an
extensive process review. The organization aims to build the necessary capacity to
support and develop its fiscal infrastructure.
In September 2023, Bread & Roses successfully hired our first internal Senior Director
of Finance and Operations. Since then, Management has been diligently working to
streamline processes, standardize procedures, and improve workflows between Bread &
Roses's programmatic areas and finance. These improvements are designed to ensure
operational efficiency, including the timely preparation and submission of the reporting
package. We have established a routine month-end close through the checklist
implementation completed by the Senior Director of Finance & Operations and reviewed
by the Executive Director. The addition of this monthly process will ensure timely
submission of the reporting package at year-end. While the work to develop BRCF's fiscal
infrastructure is ongoing, we anticipate having a complete set of systems and controls to
remediate findings by the end of FY25.
Bread & Roses Community Fund
Contact Person
Tracy A. Jones
215.731.1107