Answer: The Project lacks fidelity bond coverage for two months of gross potential income, totaling $202,350.
Trend: This issue has been noted in previous audits, indicating a recurring problem.
List: Ensure fidelity bond coverage is obtained to meet compliance requirements and prevent future findings.
Finding Text
The Project did not obtain fidelity bond coverage for the value of two months of the gross potential income of $202,350 (monthly gross potential income $101,175 X 2 months). This finding is a repeated finding from the prior year.