Finding Text
Federal Agency: Small Business Administration
Statement of Condition:
The June 30, 2022, audited financial statements and data collection form for the
Philharmonic were not filed within the time required by Uniform Guidance.
Criteria:
Uniform Guidance requires that non-federal entities that expend more than $750,000 or
more in a year in federal awards shall have a single audit conducted and section .320
requires that the audit shall be completed and the data collection form and reporting
package shall be submitted within the earlier of 30 days after receipt of the auditors’
report or nine months after the end of the audit period.
Cause:
The Philharmonic’s filing process to ensure timely filing of the data collection form and of
the financial statements was attributed to the delay of the audit due to the turnover of staff,
thus causing a delay in the submission of the required reports.
Effect:
Late filing of the data collection form and reporting package will cause an auditee to be
determined a “high-risk auditee” and could affect future federal grant funding.
Recommendation:
We recommend the Philharmonic improve their year-end closing processes in order to
meet all filing requirements.
Management Response:
The Philharmonic has implemented new procedures to ensure the reporting will be done
timely in future periods.