St. Louis Development Corporation

U.S. Department of Housing and Urban Development Disaster Relief Program CFDA 14.228 Grant Numbers: 2008 DI114 Grant Period ? Period ended November 30, 2019 Reporting Condition: St. Louis Development Corporation failed to file required grant reports within a timely basis and ensure the reports were properly reviewed prior to submission. Criteria: The grant agreement with the Missouri Department of Economic Development (DED), requires the Corporation to file quarterly performance reports by the 20th day following the quarter and bi-monthly status reports within a timely basis. Cause: Changes in personnel responsible for completing the reports resulted in delays in filing. Effect: Failure to comply with reporting requirements could result in the Corporation?s grants being terminated and loss of future awards. Context: One quarterly report and one bi-monthly report were selected for testing for accuracy and timeliness noting the reports were filed beyond the due dates and submitted without documented review. Recommendation: We recommend that St. Louis Development Corporation put controls in place for all reports that are required and document the due dates that those reports are due and be sure they are filed timely and properly reviewed prior to submission. Views of Responsible Officials and Planned Corrective Actions: Procedures are now in place to ensure the details of each agreement along with the Uniform Guidance to ensure all Federal financial reports are reviewed and approved prior to submission and filed on a timely basis.

St. Louis Development Corporation (?SLDC?) respectfully submits the following corrective action plan for the year ended June 30, 2020. Schmersahl Treloar & Co., PC 10805 Sunset Office Drive, Suite 400, St. Louis Missouri 63127, is the independent public accounting firm that performed the audit dated December 11, 2020. The finding from the 2020 Schedule of Findings and Questioned Costs is discussed below. The findings are numbered consistently with the number assigned in the schedule: FINDING ? Federal Awards Finding No. 2020-001: Reporting Recommendation: We recommend that St. Louis Development Corporation put controls in place for all reports that are required and document the due dates that those reports are due and be sure they are filed timely and properly reviewed prior to submission. Responsible Official: Chris Maguire, Accounting Manager Corrective Action Plan: The Organization agrees with the finding and the recommendation. Procedures are now in place to review the details of each agreement along with the Uniform Guidance to ensure all Federal Financial Reports are filed on a timely basis and reviewed and approved prior to submission. Date of Completion: Immediately

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