FAC Explorer

Finding 573364 (2022-002)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2025-08-12
Audit: 364134
Organization: Native Village of Paimiut (AK)
Auditor: Brad Cage CPA

AI Summary

  • Issue: The Native Village of Paimiut lacked proper collateralization for advanced and unspent funds, violating grant requirements.
  • Trend: This issue was also reported in the previous year (Finding 2021-002), indicating a recurring concern.
  • Follow-up: Management has now established a collateralization agreement, eliminating the need for further recommendations.

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 2022. 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 2021-002.

Corrective Action Plan

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

Categories

No categories assigned yet.

Other Findings in this Audit

  • 573363 2022-001
    Material Weakness Repeat
  • 573365 2022-003
    Material Weakness Repeat
  • 573366 2022-001
    Material Weakness Repeat
  • 573367 2022-002
    Material Weakness Repeat
  • 573368 2022-003
    Material Weakness Repeat
  • 1149805 2022-001
    Material Weakness Repeat
  • 1149806 2022-002
    Material Weakness Repeat
  • 1149807 2022-003
    Material Weakness Repeat
  • 1149808 2022-001
    Material Weakness Repeat
  • 1149809 2022-002
    Material Weakness Repeat
  • 1149810 2022-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $564,825
15.030 Indian Law Enforcement $206,000
15.021 Consolidated Tribal Government $151,750
66.926 Indian Environmental General Assistance Program (gap) $93,252
16.841 Voca Tribal Victim Services Set-Aside Program $49,100
20.205 Highway Planning and Construction $14,547