Finding Text
Finding 2022-002: Assistance #11.307 - Economic Adjustment Assistance - Revolving Loan
Fund, U.S. Department of Commerce, Economic Development Administration, Award No. 05-39-
01879 (Significant Deficiency)
Condition: Reports submitted during the year were not submitted within the deadline.
Criteria: All Economic Development Administration (EDA) Revolving Loan Fund (RLF) recipients must
submit in electronic format Form ED-209 through EDA’s Revolving Loan Fund Management System
(RLFMS) semi-annually based on the entity’s fiscal year-end and submitted within 30 calendar days.
Questioned Costs: N/A
Context: Two of the two RLF Financial Report (ED-209) and Performance Progress Report were
selected for review and were not submitted within the required deadline. Also, the Corporation did not
receive a waiver from the EDA on the late submission. The sample size was determined based upon
the guidelines provided by the AICPA which is not a statistically valid sample.
Cause: The Corporation experienced delays due to a new portal submission process (some historical
data was deleted in the transition and their technical team had to rebuild it).
Effect: Untimely filling or missed reporting may impact future awards with the EDA.
Recommendation: We recommend that the Corporation update process and procedures to ensure
that required reports are being prepared, reviewed, and submitted within deadlines.
Views of Responsible Officials (Unaudited): The ED-209 reporting requirements ended when the
disbursement phase ended on June 30, 2022. The Corporation has procedures in place to meet all
future reporting requirements.