EIN: 420819620
UEI: V2HMVCEN28Q3
Audited by: Williams & Company, P.C.
Oversight agency: 10 [Department of Agriculture]
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Showing data from August 31, 2026 — the Federal Audit Clearinghouse is under high demand right now, so this couldn't be refreshed. This is the most recent data on record, not necessarily today's.
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on July 18, 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 January 18, 2026 (227 days ago).
What is a management decision? →During the audit, we identified the Organization did not maintain sufficient funds in the debt reserve account. Cause: The required monthly transfers did not occur during the fiscal year. Effect: As a result of the absent transfers, the debt reserve fund was not funded to the required amount as of December 31, 2024. Recommendation: The Organization should create a plan to bring the balance into the required amount and have procedures in place to make the monthly transfers. Client Response: We have discussed our plan to bring the debt reserve fund back to current with the governing authority and have established a process to have the monthly transfers completed.
Show full finding ▾Hide full finding ▴Criteria: The Organization is required to maintain a calculated debt reserve fund based on annual debt payments each year as stated in the Letter of Conditions. Condition: During the audit, we identified the Organization did not maintain sufficient funds in the debt reserve account. Cause: The required monthly transfers did not occur during the fiscal year. Effect: As a result of the absent transfers, the debt reserve fund was not funded to the required amount as of December 31, 2024. Recommendation: The Organization should create a plan to bring the balance into the required amount and have procedures in place to make the monthly transfers. Client Response: We have discussed our plan to bring the debt reserve fund back to current with the governing authority and have established a process to have the monthly transfers completed.
2024-003 Reserve Requirement Criteria: The Organization is required to maintain a calculated debt reserve fund based on annual debt payments each year as stated in the Letter of Conditions. Condition: During the audit, we identified the Organization did not maintain sufficient funds in the debt reserve account. Cause: The required monthly transfers did not occur during the fiscal year Effect: As a result of the absent transfers, the debt reserve fund was not funded to the required amount as of December 31, 2024. Recommendation: The Organization should create a plan to bring the balance into the required amount and have procedures in place to make the monthly transfers. Client Response: We have discussed our plan to bring the debt reserve fund back to current with the governing authority and have established a process to have the monthly transfers completed.. Conclusion: Response accepted.
2023-003
FAC accepted this audit on February 24, 2025 — management decision was due August 24, 2025.
During the audit, we identified the Organization did not maintain sufficient funds in the debt reserve account. Cause: The required monthly transfers did not occur during the fiscal year. Effect: As a result of the absent transfers, the debt reserve fund was not funded to the required amount as of December 31, 2023. Recommendation: The Organization should create a plan to bring the balance into the required amount and have procedures in place to make the monthly transfers. Client Response: We have discussed our plan to bring the debt reserve fund back to current with the governing authority and have established a process to have the monthly transfers completed.
Show full finding ▾Hide full finding ▴U.S. Department of Agriculture Community Facilities Loan & Grants Cluster Award No: N/A – Year ended December 31, 2023 Prior Year Audit Finding Reference Number: N/A 2023-003 Criteria: The Organization is required to maintain a calculated debt reserve fund based on annual debt payments each year as stated in the Letter of Conditions. Condition: During the audit, we identified the Organization did not maintain sufficient funds in the debt reserve account. Cause: The required monthly transfers did not occur during the fiscal year. Effect: As a result of the absent transfers, the debt reserve fund was not funded to the required amount as of December 31, 2023. Recommendation: The Organization should create a plan to bring the balance into the required amount and have procedures in place to make the monthly transfers. Client Response: We have discussed our plan to bring the debt reserve fund back to current with the governing authority and have established a process to have the monthly transfers completed.
FINDINGS — FEDERAL AWARD PROGRAMS AUDIT: INSTANCES OF NON-COMPLIANCE: 2023-003 Reserve Requirement Criteria: The Organization is required to maintain a calculated debt reserve fund based on annual debt payments each year as stated in the Letter of Conditions. Condition: During the audit, we identified the Organization did not maintain sufficient funds in the debt reserve account. Cause: The required monthly transfers did not occur during the fiscal year Effect: As a result of the absent transfers, the debt reserve fund was not funded to the required amount as of December 31, 2023. Recommendation: The Organization should create a plan to bring the balance into the required amount and have procedures in place to make the monthly transfers. Client Response: We have discused our plan to bring the debt reserve fund back to current with the governing authority and have established a process to have the monthly transfers completed. Conclusion: Response accepted.
FAC accepted this audit on May 31, 2023 — management decision was due December 1, 2023.
FAC accepted this audit on May 22, 2019 — management decision was due November 22, 2019.
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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