Finding Text
FEDERAL AWARDS - The United Way of Youngstown and Mahoning Valley is responsible for the timely filing of the reporting package required under Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards which must be submitted within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Statement of Criteria: An entity that exceeds $750,000 or more in federal awards expenditures during the fiscal year is required to obtain a Single Audit and file the reporting package with the Federal Audit Clearinghouse (FAC) by a specified due date. Statement of Cause: Due to personnel turnover in the Organization's accounting area during the year, account reconciliations and posting of activity was not performed in a timely manner which caused delays in obtaining the necessary information for performance of the audit. Statement of Effect: As a result of above, the audit was unable to be completed in a timely manner in order to meet the FAC filing deadlines. Recommendation: Management should formalize monthly accounting and closing procedures to ensure timely financial reporting. They should also formalize a system of procedures and controls to ensure the Organization is meeting all applicable reporting requirements as they relate to federal awards. Planned Corrective Action: See Corrective Action Plan on page 30 and 31.