Finding Text
Criteria: In accordance with 2 CFR Section 200.512(a), the audit must be complete, and the data collection form and the reporting package must be submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine months after the end of the audit period, adjusted for any extension permitted by the Office of Management and Budget. The Foundation failed to meet the nine-month deadline.
Condition: The audit, reporting package and data collection form for the year ended December 31, 2023, was not filed by the deadline of September 30, 2024, to the Federal Audit Clearinghouse.
Cause: Turnover in key accounting personnel in December 2023 caused key accounts to not be reconciled timely and information requested for the audit difficult to find in a timely manner.
Effect or potential effect: Delays in submission of audit reports, reporting packages and data collection forms raise concerns about the Foundation’s reliability in adhering to accounting and compliance requirements in a timely manner, potentially jeopardizing its ability to secure funding.
Recommendation: We recommend that Foundation maintain competent accounting personnel which has the time and resources needed to ensure compliance with its reporting deadlines.
Views of responsible officers: Management acknowledges this finding and will address remediation in the accompanying management’s corrective action plan in appendix A.