Locus and Subsidiaries respectfully submits the following corrective action plan for the year ended December 31, 2022.
Name and address of independent public accounting firm:
Brown, Edwards & Company, L.L.P.
105 Arbor Drive, 3rd Floor
Christiansburg, VA 24073
Audit period: December 31, 2022
The findings from the December 31, 2022 Schedule of Findings and Questioned Costs (the “Schedule”) are discussed below. The findings are numbered consistently with the number assigned in the Schedule.
FINDINGS – FINDINGS AND QUESTIONED COSTS – MAJOR FEDERAL AWARD PROGRAMS AUDIT
2022-001: Community Development Financial Institutions Fund Assistance Listing No. 21.020 and Capital Magnet Assistance Listing No. 21.011.
Criteria and Condition: Data collection forms must be filed annually on time.
Context: The data collection form and reporting package was not filed by the due date.
Cause: A formal process to track the filing of the data collection form and reporting package does not exist.
Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met.
Recommendation: We recommend that the Organization develop a process to track the filing of the data collection form and reporting package.
Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package. The Financial Reporting Manager and Executive Director of Finance will add tracking of the data collection form and reporting package to their formal task lists to ensure filing is complete and timely.
Name of Contact Person: Ashley Coleman, Executive Director of Finance
Signature of Contact Person: