Finding 612388 (2022-002)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2022-12-21

AI Summary

  • Core Issue: Reports for the COVID-19 CDFI RRP were not filed on time, violating grant agreement terms.
  • Impacted Requirements: Timely reporting and filing obligations outlined in the grant agreement were not met.
  • Recommended Follow-Up: Management should enhance internal controls to ensure compliance with reporting deadlines.

Finding Text

III. FINDINGS AND QUESTIONED COSTS ? FEDERAL AWARDS 2022-002 Federal Agency: Department of Treasury Federal Program Name: COVID-19 ? Community Development Financial Institutions Rapid Response Program (CDFI RRP) Assistance Listing Number: 21.024 Federal Award Identification Number and Year: 21RRP056720, 2022 Award Period: 6/30/2022 Type of Finding: ? Significant Deficiency in Federal Awards ? Other Matter Criteria or specific requirement: Due dates and reporting requirements were established as part of the grant agreement for the major program. Management is responsible for proper and timely filings in accordance with the grant agreement. Condition: During our testing over reporting, it was noted the performance reporting, single audit, and financial statement reports were not filed by the due date. Questioned costs: No reportable questioned costs Context: CLA tested 1 financial report and 1 program report as part of our audit procedures. We noted 1 report of the 2 tested was not filed timely. Cause: The organization did not have a system of controls in place to ensure timely reporting in accordance with the provisions of the grant agreement. Effect: The organization did not file their reports in accordance with due dates per the grant agreement. Repeat finding: Not a repeat finding. Recommendation: We recommend management monitor reporting requirements and implement internal control procedures to ensure reporting due dates are followed. Views of responsible officials: There is no disagreement with the audit finding.

Categories

Reporting Significant Deficiency Internal Control / Segregation of Duties Special Tests & Provisions

Other Findings in this Audit

  • 35946 2022-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.024 Covid-19 - Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.83M
21.020 Community Development Financial Institutions Technical Assistance $125,000