Finding Text
Finding 2022-002 Federal Financial Reports Federal Program: ALN 98.U01 Criteria: The program requires Federal financial reports be submitted by the Foundation 30 days after the end of each quarter. Condition: The financial reports for the first three quarters of the year were not submitted within the required timeframe. Context: The Foundation failed to submit three quarterly Federal financial reports to the Federal Agency in a timely manner. Effect: The Foundation is not in full compliance with the terms of its grant agreement. Cause: The Foundation did not have appropriate policies and procedures in place to ensure that all required financial reports were prepared and submitted on time. Questioned Costs: None noted. Repeat Finding: This is not a repeat finding. Recommendation: We recommend management of the Foundation improve its procedures surrounding the preparation and submission of required financial reports.