EIN: 010488478
UEI: PLMPH9JV55K9
Audited by: RHR Smith and Company
Oversight agency: 11 [Department of Commerce]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on June 27, 2025. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by December 27, 2025 (248 days ago).
What is a management decision? →FAC accepted this audit on July 8, 2024 — management decision was due January 8, 2025.
FAC accepted this audit on March 30, 2023 — management decision was due September 30, 2023.
FAC accepted this audit on January 9, 2022 — management decision was due July 9, 2022.
FAC accepted this audit on July 28, 2021 — management decision was due January 28, 2022.
FAC accepted this audit on February 23, 2020 — management decision was due August 23, 2020.
2019-001 Material Audit Adjustments Condition and Criteria: We proposed an audit adjustment to record the land transfer in lieu of foreclosure on an IRP loan as of June 30, 2019. Cause: Management had not reconciled and adjusted all accounts prior to beginning the audit. Effect: The effects of the audit adjustment is as follows: ? Assets were increased by $91,000 ? Deferred inflow of resources were increased by $91,000 Recommendation: In order to make the financial reports generated by the accounting system as meaningful as possible, the Organization should reconcile accounts to supporting documentation on a monthly basis. A benefit of monthly reconciliations is that errors do not accumulate but can be identified and attributed to a particular period, which makes it easier to perform future reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recomendations and will reconcile and make adjustments, as necessary, to account balances throughout the year and particularly at year end.
Show full finding ▾Hide full finding ▴2019-001 Material Audit Adjustments Condition and Criteria: We proposed an audit adjustment to record the land transfer in lieu of foreclosure on an IRP loan as of June 30, 2019. Cause: Management had not reconciled and adjusted all accounts prior to beginning the audit. Effect: The effects of the audit adjustment is as follows: ? Assets were increased by $91,000 ? Deferred inflow of resources were increased by $91,000 Recommendation: In order to make the financial reports generated by the accounting system as meaningful as possible, the Organization should reconcile accounts to supporting documentation on a monthly basis. A benefit of monthly reconciliations is that errors do not accumulate but can be identified and attributed to a particular period, which makes it easier to perform future reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recomendations and will reconcile and make adjustments, as necessary, to account balances throughout the year and particularly at year end.
2019-001 Material Audit Adjustments Recommendation: In order to make the financial reports generated by the accounting system as meaningful as possible, the Organization should reconcile accounts to supporting documentation on a monthly basis. A benefit of monthly reconciliations is that errors do not accumulate but can be identified and attributed to a particular period, which makes it easier to perform future reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendations and will reconcile and make adjustments, as necessary, to account balances throughout the year and particularly at year end.
2018-001
There are slight variances in the current balances listed on the financial reports from Kennebec Valley Council of Governments and did not tie to supporting documentation. Criteria: In accordance with the requirements of the Intermediary Relending Program (IRP), the Organization is to prepare and submit financial reports for each of their IRP programs, which tie to the underlying supporting documentation that comes from their accounting system. Cause: Due to the lack of experienced financial personnel, the reports tested had many exceptions where the amounts reported did not tie to the underlying supporting documentation. Effect: Accounting system information was not entirely accurate and could cause reports submitted to funding sources to be inaccurate. Recommendation: The amounts are immaterial, but it is recommended to reconcile these accounts when they are updating the accounts. Views of Responsible Officials and Planned Corrective Actions: Management has hired a full-time finance person and will have all reports reconciled to the underlying supporting documentation for the year ending June 30, 2020.
Show full finding ▾Hide full finding ▴2019-003 Intermediary Relending Program (IRP) Loan Balance Reconciliation Condition: There are slight variances in the current balances listed on the financial reports from Kennebec Valley Council of Governments and did not tie to supporting documentation. Criteria: In accordance with the requirements of the Intermediary Relending Program (IRP), the Organization is to prepare and submit financial reports for each of their IRP programs, which tie to the underlying supporting documentation that comes from their accounting system. Cause: Due to the lack of experienced financial personnel, the reports tested had many exceptions where the amounts reported did not tie to the underlying supporting documentation. Effect: Accounting system information was not entirely accurate and could cause reports submitted to funding sources to be inaccurate. Recommendation: The amounts are immaterial, but it is recommended to reconcile these accounts when they are updating the accounts. Views of Responsible Officials and Planned Corrective Actions: Management has hired a full-time finance person and will have all reports reconciled to the underlying supporting documentation for the year ending June 30, 2020.
2019-003 Intermediary Relending Program (IRP) Loan Balance Reconciliation Recommendation: The amounts are immaterial, but it is recommended to reconcile these accounts when they are updating the accounts. Views of Responsible Officials and Planned Corrective Actions: Management has hired a full-time finance person and will have all reports reconciled to the underlying supporting documentation for the year ending June 30, 2020.
2018-004
Out of the IRP loans tested, four loans that were over $100,000, did not have a signed Federal compliance 319 report. For EDA, all loans tested had missing required documentation. Criteria: The Organization is required to have certain standard loan documents and other required supporting documents before approving an RLF loan. Cause: Due to turnover of loan personnel, the loan files had missing information. Effect: Loan files were not properly documented. Recommendation: We recommend the Organization properly train personnel on loan file documentation. Views of Responsible Officials and Planned Corrective Actions: Management has trained current staff on maintaining loan file documentation on new loans.
Show full finding ▾Hide full finding ▴2019-004 Loan Requirements - Intermediary Relending Program - 10.767 and Economic Adjustment Assistance - 11.307 Condition: Out of the IRP loans tested, four loans that were over $100,000, did not have a signed Federal compliance 319 report. For EDA, all loans tested had missing required documentation. Criteria: The Organization is required to have certain standard loan documents and other required supporting documents before approving an RLF loan. Cause: Due to turnover of loan personnel, the loan files had missing information. Effect: Loan files were not properly documented. Recommendation: We recommend the Organization properly train personnel on loan file documentation. Views of Responsible Officials and Planned Corrective Actions: Management has trained current staff on maintaining loan file documentation on new loans.
2019-004 Loan Requirements - Intermediary Relending Program - 10.767 and Economic Adjustment Assistance - 11.307 Recommendation: We recommend the Organization properly train personnel on loan file documentation. Views of Responsible Officials and Planned Corrective Actions: Management has trained current staff on maintaining loan file documentation on new loans.
2018-006
FAC accepted this audit on March 5, 2019 — management decision was due September 5, 2019.
GSA_MIGRATION
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GSA_MIGRATION
2017-007
FAC accepted this audit on May 6, 2018 — management decision was due November 6, 2018.
GSA_MIGRATION
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Show full finding ▾Hide full finding ▴FAC accepted this audit on March 30, 2017 — management decision was due September 30, 2017.
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