EIN: 420819620
UEI: V2HMVCEN28Q3
Audited by: Williams & Company, P.C.
Oversight agency: 10 [Department of Agriculture]
View federal awards & risk assessment →
Data as of September 7, 2026
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 (233 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.
Browse other Single Audit organizations in Iowa →
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Add it to a monitored group and get alerted when a new audit, finding, repeat finding, or management-decision deadline shows up — instead of checking back.
Checking several at once? Portfolio view →
© 2026 Single Audit Intelligence. All data is public domain.
