Finding 570643 (2021-002)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2021

Accepted

2025-07-08

Audit: 361669

Organization: Native Village of Paimiut (AK)

Auditor: Brad Cage CPA

AI Summary

Core Issue: The Native Village of Paimiut lacked proper collateralization for advanced and unspent funds.
Impacted Requirements: Grant regulations require that all advanced funds be fully insured or collateralized.
Recommended Follow-Up: Management has implemented a collateralization agreement, addressing the issue from the previous year.

Finding Text

I noted that the Native Village of Paimiut did not have all advanced and unspent funds collateralized. This grant requires any advanced funds to be fully insured/collateralized. No questioned costs. The Native Village did not have a collateralization agreement in effect during 2021. Advanced funds were not collateralized. context not applicable. I have discussed with management and the Native Village now has a collateralization agreement in place, so no additional suggestions are considered necessary. This was reported in the prior year as Finding 2020-003.

Corrective Action Plan

As of August, 2023, the NVP has obtained a collateralization agreement for their bank funds in excess of FDIC insurance.

Other Findings in this Audit

570642 2021-001

Material Weakness Repeat
570644 2021-003

Material Weakness Repeat
1147084 2021-001

Material Weakness Repeat
1147085 2021-002

Material Weakness Repeat
1147086 2021-003

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
15.021	Consolidated Tribal Government	$1.19M
21.027	Coronavirus State and Local Fiscal Recovery Funds	$481,392
15.030	Indian Law Enforcement	$195,465
66.926	Indian Environmental General Assistance Program (gap)	$74,729
21.019	Coronavirus Relief Fund	$39,160
20.205	Highway Planning and Construction	$7,092