Finding Text
Finding 2024-005: Reporting (Significant Deficiency)
Information on the Federal Program: 93.368
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
Condition: We noted that while the Foundation does not have a formal review and approval process
in place over performance and financial reports that is documented and available for examination.
Cause: The Foundation does not document their review and approval process over performance and
financial reports.
Effect or Potential Effect: Without the proper approval processes in place over performance and
financial reports, there exists the potential for reporting errors.
Questioned Costs: None noted.
Context: Our audit procedures consisted of testwork performed over a sample of reports required to
be submitted during the year under audit. We consider our sample to be representative of the
population. The issue appears to be systematic in nature.
Identification as a Repeat Finding: Not a repeat finding.
Recommendation: We recommend that the Foundation ensure that all approvals over performance
and financial reporting are clearly documented and available for examination.