EIN: 264032355
UEI: L2U5DBNNJTX1
Audited by: UHY LLP
Oversight agency: 59 [Small Business Administration]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on February 23, 2026. 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 23, 2026 (11 days ago).
What is a management decision? →Federal Agency: U.S. Small Business Administration Federal Program: Microloan Program (59.046) Federal Award Numbers: Federal Award Years: Reference: 2025-001 Criteria Microloan Program Standard Operating Procedures Manual (SOP 52 00 B), effective July 1, 2018, section 3.D.4 Microloan Revolving Fund (MRF) states all SBA Microloan payments must be transferred from the operating account to the MRF within two weeks (10 working days) of receipt or by the end of the quarter, whichever occurs first. Condition During the year ended September 30, 2025, we selected 40 SBA Microloan payments and traced the flow of funds from receipt of payment to the date of transfer into the MRF account. Of the 40 SBA Microloan payments, 13 were transferred beyond the 10 working day threshold. Cause Monitoring procedures implemented by the Company to monitor compliance with the Microloan Program requirements did not include a review of the MRF account to ensure funds are transferred in accordance with the 10 working day requirement. Possible Asserted Effect Without established monitoring procedures over the 10 working day requirement for transfers, non-compliance may continue. Questioned Costs Cannot be determined. Statistical Sampling The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding Yes. The finding is a repeat of finding 2024-001. Recommendation We recommend that the Company review its monitoring procedures to ensure that funds are transferred to the MRF account within 10 working days in accordance with program requirements. Views of Responsible Individuals We acknowledge the auditor’s comments and can confirm that the following corrective action has been implemented as of December 2024: Management has revised the process for identifying, segregating, and transferring Microloan repayments from a monthly process to a weekly process. This change will ensure Microloan repayments received by our operating account are transferred to the appropriate MRF accounts within 10 working days. By changing the frequency of this task, we will enhance our compliance with Microloan requirements and more effectively manage Microloan program funds.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Small Business Administration Federal Program: Microloan Program (59.046) Federal Award Numbers: Federal Award Years: Reference: 2025-001 Criteria Microloan Program Standard Operating Procedures Manual (SOP 52 00 B), effective July 1, 2018, section 3.D.4 Microloan Revolving Fund (MRF) states all SBA Microloan payments must be transferred from the operating account to the MRF within two weeks (10 working days) of receipt or by the end of the quarter, whichever occurs first. Condition During the year ended September 30, 2025, we selected 40 SBA Microloan payments and traced the flow of funds from receipt of payment to the date of transfer into the MRF account. Of the 40 SBA Microloan payments, 13 were transferred beyond the 10 working day threshold. Cause Monitoring procedures implemented by the Company to monitor compliance with the Microloan Program requirements did not include a review of the MRF account to ensure funds are transferred in accordance with the 10 working day requirement. Possible Asserted Effect Without established monitoring procedures over the 10 working day requirement for transfers, non-compliance may continue. Questioned Costs Cannot be determined. Statistical Sampling The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding Yes. The finding is a repeat of finding 2024-001. Recommendation We recommend that the Company review its monitoring procedures to ensure that funds are transferred to the MRF account within 10 working days in accordance with program requirements. Views of Responsible Individuals We acknowledge the auditor’s comments and can confirm that the following corrective action has been implemented as of December 2024: Management has revised the process for identifying, segregating, and transferring Microloan repayments from a monthly process to a weekly process. This change will ensure Microloan repayments received by our operating account are transferred to the appropriate MRF accounts within 10 working days. By changing the frequency of this task, we will enhance our compliance with Microloan requirements and more effectively manage Microloan program funds.
We acknowledge the auditor’s comments and can confirm that the following corrective action has been implemented as of December 2024: Management has revised the process for identifying, segregating, and transferring Microloan repayments from a monthly process to a weekly process. This change will ensure Microloan repayments received by our operating account are transferred to the appropriate MRF accounts within 10 working days. By changing the frequency of this task, we will enhance our compliance with Microloan requirements and more effectively manage Microloan program funds.
2024-001
FAC accepted this audit on February 27, 2025 — management decision was due August 27, 2025.
Federal Agency: U.S. Small Business Administration Federal Program: Microloan Program (59.046) Federal Award Numbers: Federal Award Years: Reference: 2024-01 Criteria Microloan Program Standard Operating Procedures Manual (SOP 52 00 B), effective July 1, 2018, section 3.D.4 Microloan Revolving Fund (MRF) states all SBA Microloan payments must be transferred from the operating account to the MRF within two weeks (10 working days) of receipt or by the end of the quarter, whichever occurs first. Condition During the fiscal year ended September 30, 2024, we selected a sample of 40 SBA Microloan payments. We traced the flow of funds from receipt of the payments from the borrower to the date of transfer into the MRF account. All 40 loans in the sample had transfers beyond the 10 working day threshold ranging from 17 to 29 working days after receipt of the SBA Microloan Payment. Cause Monitoring procedures implemented by the Company to ensure compliance with the Microloan Program did not include a review of the MRF account to ensure funds are transferred in accordance with the 10 working day requirement. Possible Asserted Effect Without established monitoring procedures over the 10 working day requirement for transfers, non-compliance may continue. Questioned Costs Cannot be determined. Statistical Sampling The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding No Recommendation We recommend that the Company review its monitoring procedures to ensure that funds are transferred to the MRF account within 10 working days from payment receipt from the borrower to the transfer into the MRF account. Views of Responsible Individuals We acknowledge the auditor’s comments and can confirm that the following corrective action has been implemented as of December 2024: Management has revised the process for identifying, segregating, and transferring Microloan repayments from a monthly process to a weekly process. This change will ensure Microloan repayments received by our operating account are transferred to the appropriate MRF accounts within 10 working days. By changing the frequency of this task, we will enhance our compliance with Microloan requirements and more effectively manage Microloan program funds.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Small Business Administration Federal Program: Microloan Program (59.046) Federal Award Numbers: Federal Award Years: Reference: 2024-01 Criteria Microloan Program Standard Operating Procedures Manual (SOP 52 00 B), effective July 1, 2018, section 3.D.4 Microloan Revolving Fund (MRF) states all SBA Microloan payments must be transferred from the operating account to the MRF within two weeks (10 working days) of receipt or by the end of the quarter, whichever occurs first. Condition During the fiscal year ended September 30, 2024, we selected a sample of 40 SBA Microloan payments. We traced the flow of funds from receipt of the payments from the borrower to the date of transfer into the MRF account. All 40 loans in the sample had transfers beyond the 10 working day threshold ranging from 17 to 29 working days after receipt of the SBA Microloan Payment. Cause Monitoring procedures implemented by the Company to ensure compliance with the Microloan Program did not include a review of the MRF account to ensure funds are transferred in accordance with the 10 working day requirement. Possible Asserted Effect Without established monitoring procedures over the 10 working day requirement for transfers, non-compliance may continue. Questioned Costs Cannot be determined. Statistical Sampling The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding No Recommendation We recommend that the Company review its monitoring procedures to ensure that funds are transferred to the MRF account within 10 working days from payment receipt from the borrower to the transfer into the MRF account. Views of Responsible Individuals We acknowledge the auditor’s comments and can confirm that the following corrective action has been implemented as of December 2024: Management has revised the process for identifying, segregating, and transferring Microloan repayments from a monthly process to a weekly process. This change will ensure Microloan repayments received by our operating account are transferred to the appropriate MRF accounts within 10 working days. By changing the frequency of this task, we will enhance our compliance with Microloan requirements and more effectively manage Microloan program funds.
We acknowledge the auditor’s comments and can confirm that the following corrective action has been implemented as of December 2024: Management has revised the process for identifying, segregating, and transferring Microloan repayments from a monthly process to a weekly process. This change will ensure Microloan repayments received by our operating account are transferred to the appropriate MRF accounts within 10 working days. By changing the frequency of this task, we will enhance our compliance with Microloan requirements and more effectively manage Microloan program funds.
FAC accepted this audit on February 9, 2024 — management decision was due August 9, 2024.
FAC accepted this audit on January 29, 2023 — management decision was due July 29, 2023.
FAC accepted this audit on December 27, 2021 — management decision was due June 27, 2022.
FAC accepted this audit on December 16, 2020 — management decision was due June 16, 2021.
FAC accepted this audit on December 31, 2019 — management decision was due July 1, 2020.
FAC accepted this audit on June 17, 2019 — management decision was due December 17, 2019.
FAC accepted this audit on January 9, 2018 — management decision was due July 9, 2018.
FAC accepted this audit on January 4, 2017 — management decision was due July 4, 2017.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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