NEW YORK CITY INDUSTRIAL & TECHNOLOGY ASSISTANCE CORPORATION AND SUBS

EIN: 133410779

UEI: JL6LFDVUNDT8

Data as of August 23, 2026

NEW YORK CITY INDUSTRIAL & TECHNOLOGY ASSISTANCE CORPORATION AND SUBS5 audit years1 findings
5
Audit Years
1
Total Findings
0
Repeat Findings

FY 2021-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on February 3, 2022. 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 August 3, 2022 (1482 days ago).

What is a management decision? →
2021-001
Reporting

The Organization is required to submit quarterly financial reports to funding sources, which also includes a request for reimbursement of funds expended. These reports were prepared by the Chief Operating Officer; however, they were not reviewed by an independent party prior to submission to the funding source. Cause: The Organization did not implement a formal process to review grant reports, which included reimbursement requests, prior to submission. Effect or Potential Effect: The effect cannot be determined. Questioned Costs: None. Context: We noted that for all 8 quarterly reports submitted during the fiscal year, there was no evidence of review of the quarterly financial report prior to submission. The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding: No Recommendation: A formal process and control should be implemented that requires grant reports, including reimbursement requests, to be reviewed prior to submission and evidence of the review should be formally documented. Responsible Official?s Response and Corrective Action Planned: Management agrees with the finding and will implement a policy and control that includes formal review of the report submissions to comply with requirements. Planned Implementation Date of Corrective Action: June 30, 2022 Person Responsible for Corrective Action: President Section 4 ? Prior Year Findings None.

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Full finding narrative

Federal Program: 11.611 Manufacturing Extension Partnership and COVID-19 Relief MEP Emergency Assistance ? PPE Federal Agency and Pass Through: U.S. Department of Commerce Passed through the State of New York, Department of Economic Development Criteria: The 2 CFR section 200.303 requires that non-federal entities receiving federal awards establish and maintain internal control over the federal awards that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal awards. Condition: The Organization is required to submit quarterly financial reports to funding sources, which also includes a request for reimbursement of funds expended. These reports were prepared by the Chief Operating Officer; however, they were not reviewed by an independent party prior to submission to the funding source. Cause: The Organization did not implement a formal process to review grant reports, which included reimbursement requests, prior to submission. Effect or Potential Effect: The effect cannot be determined. Questioned Costs: None. Context: We noted that for all 8 quarterly reports submitted during the fiscal year, there was no evidence of review of the quarterly financial report prior to submission. The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding: No Recommendation: A formal process and control should be implemented that requires grant reports, including reimbursement requests, to be reviewed prior to submission and evidence of the review should be formally documented. Responsible Official?s Response and Corrective Action Planned: Management agrees with the finding and will implement a policy and control that includes formal review of the report submissions to comply with requirements. Planned Implementation Date of Corrective Action: June 30, 2022 Person Responsible for Corrective Action: President Section 4 ? Prior Year Findings None.

Corrective Action Plan

Management will implement a policy and control that includes formal review of the report submissions to comply with the requirements.

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