FAC Explorer

Finding 555304 (2022-005)

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Requirement
P
Questioned Costs
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Year
2022
Accepted
2025-04-17
Audit: 353941
Organization: Chicago Minority Supplier Development Council, Inc. (IL)
Auditor: Prado & Renteria CPAS Prof CORP

AI Summary

  • Core Issue: The Schedule of Expenditures of Federal Awards was missing $14,798 from the Coronavirus State and Local Fiscal Recovery Funds.
  • Impacted Requirements: Uniform Guidance mandates that all Federal awards expensed must be included in the financial statements.
  • Recommended Follow-Up: Enhance review processes for preparing the schedule to ensure all expenditures are accurately reflected.

Finding Text

Finding 2022-005 Preparation of Schedule of Expenditures of Federal Awards Condition/Context Our reconciliation of the Schedule of expenditures of Federal awards (“schedule”) to the underlying accounting and other records used in preparing the financial statements revealed that the Coronavirus State and Local Fiscal Recovery Funds Federal award program had been excluded from the schedule. Federal expenditures for this Federal award program totaled $14,798 in 2022. Criteria Uniform Guidance requires that auditees prepare a schedule for the period presented in the financial statements. The schedule must include the total Federal awards expensed during the period represented in the financial statements. Cause CMSDC did not properly reconciled the schedule to the underlying accounting and other records used to prepare the financial statements. Effect The schedule was understated by $14,798. Recommendation We recommend that CMSDC updates its processes for the preparation of the schedule to include more levels of review of the schedule, accounting and other records used to prepare it. Organization’s Management Response See corrective action plan.

Corrective Action Plan

Finding 2022-005 Preparation of Schedule of Expenditures of Federal Awards Corrective Action: We agree with the auditor's comments and actions stated in the recommendation. CMSDC will update its processes for the preparation of the schedule to include more levels of review, accounting, and other records used to prepare it. Contact Person: Jose Robles Michelena, Executive Vice President Completion Date: December 31, 2024

Categories

Reporting

Other Findings in this Audit

  • 555301 2022-002
    - Repeat
  • 555302 2022-003
    Significant Deficiency Repeat
  • 555303 2022-004
    Significant Deficiency Repeat
  • 555305 2022-002
    - Repeat
  • 555306 2022-003
    Significant Deficiency Repeat
  • 555307 2022-004
    Significant Deficiency Repeat
  • 555308 2022-005
    -
  • 555309 2022-002
    - Repeat
  • 555310 2022-003
    Significant Deficiency Repeat
  • 555311 2022-004
    Significant Deficiency Repeat
  • 555312 2022-005
    -
  • 1131743 2022-002
    - Repeat
  • 1131744 2022-003
    Significant Deficiency Repeat
  • 1131745 2022-004
    Significant Deficiency Repeat
  • 1131746 2022-005
    -
  • 1131747 2022-002
    - Repeat
  • 1131748 2022-003
    Significant Deficiency Repeat
  • 1131749 2022-004
    Significant Deficiency Repeat
  • 1131750 2022-005
    -
  • 1131751 2022-002
    - Repeat
  • 1131752 2022-003
    Significant Deficiency Repeat
  • 1131753 2022-004
    Significant Deficiency Repeat
  • 1131754 2022-005
    -

Programs in Audit

ALN Program Name Expenditures
11.805 Mbda Business Center $263,102
21.027 Coronavirus State and Local Fiscal Recovery Funds $14,798