FAC Explorer

Finding 622205 (2022-002)

Material Weakness
Requirement
C
Questioned Costs
-
Year
2022
Accepted
2023-09-28
Audit: 39964
Organization: Native Partnership for Housing, INC (NM)
Auditor: Sjt Group LLC

AI Summary

  • Core Issue: NPH lacked sufficient cash and cash equivalents to cover unspent federal grant funds at year-end.
  • Impacted Requirements: The total unspent grant funds exceeded available cash by $941,085, indicating a compliance gap.
  • Recommended Follow-Up: NPH should assess cash management practices to ensure adequate cash reserves for future grant obligations.

Finding Text

NPH did not maintain cash and cash equivalents at least equal to the amount of unspent grant funds advanced from federal agencies at year-end. At September 30, 2022, NPH?s unrestricted cash and cash equivalents and unearned grant revenue (grants received in advance) totaled $380,195 and $1,321,280, respectively. As a result, unspent grant funds held by NPH exceeded the amount of available cash and cash equivalents by $941,085.

Categories

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Other Findings in this Audit

  • 45763 2022-002
    Material Weakness
  • 45764 2022-003
    Significant Deficiency
  • 622206 2022-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $555,080
21.012 Native Initiatives $256,128
21.116 Network Supplemental $220,000
21.116 Network Supplmental $4,000