Finding Text
Condition: Federal Audit Clearinghouse filing for the current year (2022) was not completed timely. Criteria: 2 CFR ?200.512 requires the auditee to submit a reporting package to the Federal Audit Clearinghouse (FAC) within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: FDNY Foundation usually receives no more than one federal grant per year. Due to the COVID-19 pandemic, the Foundation received extensions on two grants that caused the grant periods to overlap, The Foundation properly tracked expenditures by grant year but, because of the unusual situation, did not realize that the sum of the two grants exceeded the single audit threshold in the current year. Effect: Noncompliance with Uniform Guidance requirements may make the Foundation ineligible for reimbursement of current year expenditures and for future federal funding. Recommendation: Perform an annual review of all federal funds to verify whether the cumulative total of expenditures of federal funds meets or exceeds the $750,000 single audit threshold.