Finding Text
Current Year Findings
Criteria: In accordance with 2 U.S. Code of Federal Regulation (CFR) 200.512, the Organization must submit its single audit reporting package and data collection form to the Federal Audit Clearinghouse (FAC) no later than 30 days after the date of its audited financial statements or 9 months after the fiscal year end, whichever occurs earlier.
Condition and Context: The federal reporting deadline for the Organization’s December 31, 2023 reporting package was September 30, 2024; however, the organization did not issue its single audit reporting package until December 2024.
Effect: Late filing has resulted in noncompliance with timely submission of financial information to grantor agencies.
Cause: The Organization did not have adequate procedures to ensure a timely filing process so that it can submit its single audit reporting package to the FAC no later than nine months after fiscal-year end.
Recommendation: The organization should improve its financial reporting process so that it can submit its single audit reporting package to the FAC no later than nine months after the fiscal year end.
Management Response: Refer to corrective action plan.