EIN: 472244954
UEI: GSA_MIGRATION
Data as of August 25, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 29, 2020. 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 March 29, 2021 (1976 days ago).
What is a management decision? →CFDA 11.307 - Economic Development Cluster 2019-001 Special Tests and Provisions (Significant deficiency) Criteria In accordance with Uniform Guidance and the terms and conditions of the revolving loan fund ("RLF") program, the Organization: -Must leverage additional investment of at least two dollars for every one dollar of RLF loans. -Must manage its loan repayment and lending schedule in order to avoid exceeding the Allowable Cash Percentage. -Must not hold RLF Cash Available for Lending so that it is 50 percent or more of the RLF Capital base for 24 months without an EDA approved extension request based on other EDA risk analysis factors or extenuating circumstances. Condition During the audit, we noted that the Organization did not comply with the above mentioned special tests and provisions. Questioned Costs None Cause The Organization's internal controls did not operate as intended. Effect The Organization is not in compliance with the requirements of the program. Identification as a repeat finding The finding is a repeat of finding 2018-002 from the prior year. Recommendation We recommend that management carefully read and understand the requirements of the program and implement procedures to ensure that requirements are adhered to. View of responsible officials Management has reviewed the criteria and acknowledges that the Organization is not in compliance with the requirements of the program. In response to the specific tests cited, we continue to operate the fund and market the program to eligible borrowers to increase loan volume. During 2019, we expanded our reach to additional eligible areas, such as Grays Harbor and additional communities in Skagit County and have shown progress by closing an additional four loans in fiscal year 2020 to date, totaling $120,500. By increasing our lending activity, we expect to better manage the Organization?s cash balance to stay under the Allowable Cash Percentage and improve its leverage ratio.
Show full finding ▾Hide full finding ▴CFDA 11.307 - Economic Development Cluster 2019-001 Special Tests and Provisions (Significant deficiency) Criteria In accordance with Uniform Guidance and the terms and conditions of the revolving loan fund ("RLF") program, the Organization: -Must leverage additional investment of at least two dollars for every one dollar of RLF loans. -Must manage its loan repayment and lending schedule in order to avoid exceeding the Allowable Cash Percentage. -Must not hold RLF Cash Available for Lending so that it is 50 percent or more of the RLF Capital base for 24 months without an EDA approved extension request based on other EDA risk analysis factors or extenuating circumstances. Condition During the audit, we noted that the Organization did not comply with the above mentioned special tests and provisions. Questioned Costs None Cause The Organization's internal controls did not operate as intended. Effect The Organization is not in compliance with the requirements of the program. Identification as a repeat finding The finding is a repeat of finding 2018-002 from the prior year. Recommendation We recommend that management carefully read and understand the requirements of the program and implement procedures to ensure that requirements are adhered to. View of responsible officials Management has reviewed the criteria and acknowledges that the Organization is not in compliance with the requirements of the program. In response to the specific tests cited, we continue to operate the fund and market the program to eligible borrowers to increase loan volume. During 2019, we expanded our reach to additional eligible areas, such as Grays Harbor and additional communities in Skagit County and have shown progress by closing an additional four loans in fiscal year 2020 to date, totaling $120,500. By increasing our lending activity, we expect to better manage the Organization?s cash balance to stay under the Allowable Cash Percentage and improve its leverage ratio.
USDOC-EDA Seattle Regional Office 915 2nd Avenue, Rm 1890 Seattle, WA 98174 NDC Economic Development Lending, Inc. respectfully submits the following corrective action plan for the year ended December 31, 2019. CohnReznick LLP 1301 Avenue of the Americas New York, NY 10019 Audit Period: December 31, 2019 The findings from the December 31, 2019 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. FINDINGS ? FINANCIAL STATEMENT AUDIT None FINDINGS-FEDERAL AWARD PROGRAMS AUDITS Economic Development Administration Program Name ? CFDA #11.307 Economic Adjustment Assistance SIGNIFICANT DEFICIENCIES 2019-001 ? Special Tests and Provisions (Significant Deficiency) Recommendation We recommend that management carefully read and understand the requirements of the program and implement procedures to ensure that requirements are adhered to. Action Taken Management has reviewed the criteria and acknowledges that the Organization is not in compliance with the requirements of the program. In response to the specific tests cited, we continue to operate the loan fund and market the program to eligible borrowers to increase loan volume. During 2019, we expanded our reach to additional eligible areas, such as Grays Harbor and additional communities in Skagit County and have shown progress by closing an additional four loans in FY2020 to date, totaling $120,500. By increasing our lending activity, we expect to better manage the Organization?s cash balance to stay under the Allowable Cash Percentage and improve its leverage ratio. These actions were implemented effective July 29, 2019 and are still in effect as of the date of this letter. If the USDOC-EDA Seattle Regional Office has questions regarding this plan, please call Daniel Choi at 212-682-1106. Sincerely yours, Daniel Choi
2018-002
FAC accepted this audit on January 2, 2020 — management decision was due July 2, 2020.
GSA_MIGRATION
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2017-001
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2017-002
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Show full finding ▾Hide full finding ▴FAC accepted this audit on September 11, 2019 — management decision was due March 11, 2020.
GSA_MIGRATION
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