Finding Text
Criteria or Specific Requirements: In accordance with 2 CFR ?200.327 and 45 CFR ?75.341, final Federal Financial Reports (FFR) should be submitted within 90 days after the end of each grant period. Condition: During the review of the reporting compliance requirement related to major program, it was determined that the FFR was not submitted within the required deadline. Effect: Failure to submit the FFR by the 90 day submission deadline results in noncompliance with 2 CFR ?200.327 and 45 CFR ?75.341. Context: One of three financial reports tested from a population of 10 financial reports was not submitted by the due date. Cause: Internal controls over financial reporting were not operating effectively to file the FFR in a timely manner. Questioned Costs: Questioned costs were not identified. Repeat Finding: No similar finding was reported in the prior year. Perspective Information: None. Recommendations: The Organization should review its internal controls surrounding financial reporting for each federal award and develop an effective reporting tracking system to allow the Organization to monitor and ensure financial reports are prepared and submitted within the deadline.