EIN: 133568629
UEI: S2YXPXCU6T86
Data as of August 26, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on May 12, 2024. 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 November 12, 2024 (653 days ago).
What is a management decision? →During the course of our audit procedures performed on reporting requirements, it was noted that subawards meeting the $30,000 threshold were not reported to FSRS as required. Questioned costs: None Context: We requested supporting documentation for five out of five subawards greater than $30,000 to support proper reporting to FSRS, but it was noted that no support could be provided as the reporting did not occur. Effect: Awards to subrecipients were not reported as required. Cause: The financial reporting team was not aware of the reporting requirement. Repeat finding: This is not a repeat finding. Recommendation: We recommend that Financial Services Volunteer Corps, Inc. implement controls and procedures to monitor its subawards and ensure that awards meeting the $30,000 threshold are identified and reported as required.
Show full finding ▾Hide full finding ▴Program: USAID Foreign Assistance for Programs Overseas Assistance Listing Number: 98.001 Federal Agency: U.S. Agency for International Development Award Identification: 72068519CA00004 Year 2023 Criteria: Reporting – Under the requirements of the Federal Funding Accountability and Transparency Act (Pub. L. No. 109‐282), as amended by Section 6202 of Pub. L. No. 110 252, that are codified in 2 CFR Part 170, recipients (i.e., direct recipients) of grants or cooperative agreements are required to report first‐tier subawards of $30,000 or more to the Federal Funding Accountability and Transparency Act Subaward Reporting System (FSRS). This reporting (per 2 CFR Part 170, Appendix A, Section 1, paragraph 2.I.ii.) must be made no later than the end of the month following the month in which the obligation or modification was made to http://www.fsrs.gov. Condition: During the course of our audit procedures performed on reporting requirements, it was noted that subawards meeting the $30,000 threshold were not reported to FSRS as required. Questioned costs: None Context: We requested supporting documentation for five out of five subawards greater than $30,000 to support proper reporting to FSRS, but it was noted that no support could be provided as the reporting did not occur. Effect: Awards to subrecipients were not reported as required. Cause: The financial reporting team was not aware of the reporting requirement. Repeat finding: This is not a repeat finding. Recommendation: We recommend that Financial Services Volunteer Corps, Inc. implement controls and procedures to monitor its subawards and ensure that awards meeting the $30,000 threshold are identified and reported as required.
The Financial Services Volunteer Corps agrees with the finding 2023-001. We have taken the following corrective action regarding the FFATA reporting deficiency as follows: 1. We have reported the subawards identified in the audit reports on the FFATA Subaward Reporting System and have saved proof of this reporting with the existing subaward documentation. 2. We have updated the FSVC Subawards Process in our Internal Policies & Procedures Manual to include a Subaward Checklist with all of the known requirements for properly issuing a subaward. All required items on this checklist will need to be completed, with the checklist wet signed or approved electronically by the FSVC CFO & COO prior to issuing a subaward or an amendment to a subaward. The checklist must be accompanied by adequate documentation substantiating that all of the required items have been completed. I have attached the proof of FFATA reporting and the FSVC Subaward Checklist for your review. John D Pompay - Chief Financial and Operating Officer is responsible for the implementation of the required changes, with completion before April 30, 2024.
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