Finding Text
Condition and Context: The four quarterly reports were not filed within the 30 days required by the contract.
Criteria, Cause and Effect: According to 2 CFR §200.327, Financial Reporting, information must be collected with the frequency required by the terms and conditions of the Federal award. The contracts require the filing of quarterly reports within 30 days after the quarter-end.
The cause is an oversight that quarterly reports were due for the grant.
The effect is the late filing of the quarterly reports.
Recommendation: We recommend that the School establish a system of monitoring for the filing of all required reporting and that the chief operating officer review the monitoring list on a regular basis consistent with the timing of report filings.
Management’s Response: The School’s responsible officials’ views and planned corrective action are in its corrective action plan at the end of the report.