EIN: 371368934
UEI: KLS2DPG83BR8
Audited by: CliftonLarsonAllen LLP
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 April 14, 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 October 14, 2026 (46 days from today).
What is a management decision? →FAC accepted this audit on July 21, 2025 — management decision was due January 21, 2026.
Subsequent to the original issuance of the audited financial statements on April 30, 2025, IMEC management identified that the methodology used to allocate expenses on these statement of functional expenses was incorrect. Criteria or Specific Requirement: Per 2 CFR Part 200, Subpart F-Audit Requirements and Generally Accepted Accounting Principles (GAAP), nonprofit organizations are required to present expenses by both natural and functional classification in a manner that accurately reflects IMEC's operations. Additionally, internal control standards under GAGAS require that financial statements be subject to adequate review to ensure accuracy and compliance with applicable standards prior to issuance. Cause: The error occurred due to a lack of sufficient internal controls over the financial statement review process. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Repeat Finding: No Recommendation: Management should implement a formalized financial statement review process
Show full finding ▾Hide full finding ▴2024-001 - Lack of Proper Review of the Financial Statements Resulting in Incorrect Allocation Methodology Used on the Statement of Functional Expenses Type of Finding: • Material Weakness in Internal Control over Financial Reporting Condition: Subsequent to the original issuance of the audited financial statements on April 30, 2025, IMEC management identified that the methodology used to allocate expenses on these statement of functional expenses was incorrect. Criteria or Specific Requirement: Per 2 CFR Part 200, Subpart F-Audit Requirements and Generally Accepted Accounting Principles (GAAP), nonprofit organizations are required to present expenses by both natural and functional classification in a manner that accurately reflects IMEC's operations. Additionally, internal control standards under GAGAS require that financial statements be subject to adequate review to ensure accuracy and compliance with applicable standards prior to issuance. Cause: The error occurred due to a lack of sufficient internal controls over the financial statement review process. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Repeat Finding: No Recommendation: Management should implement a formalized financial statement review process
Management agrees with the finding. As of June 2025, IMEC has begun implementing a formal financial statement review policy.
FAC accepted this audit on March 28, 2024 — management decision was due September 28, 2024.
FAC accepted this audit on September 27, 2024 — management decision was due March 27, 2025.
FAC accepted this audit on April 10, 2023 — management decision was due October 10, 2023.
FAC accepted this audit on March 25, 2022 — management decision was due September 25, 2022.
FAC accepted this audit on February 24, 2021 — management decision was due August 24, 2021.
FAC accepted this audit on March 24, 2020 — management decision was due September 24, 2020.
FAC accepted this audit on February 28, 2019 — management decision was due August 28, 2019.
FAC accepted this audit on February 12, 2018 — management decision was due August 12, 2018.
FAC accepted this audit on February 17, 2017 — management decision was due August 17, 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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