LIBERTY HILL FOUNDATIONNon-Profit

Criteria: 2 CFR 200.512(a)(1) requires non-Federal entities to submit the data collection form and reporting package to the Federal Audit Clearinghouse (FAC) within the earlier of 30 calendar days after receipt of the auditor’s report(s) or nine months after the end of the audit period. Condition: The Foundation’s fiscal year ended on September 30, 2024. Therefore, the Single Audit reporting package and data collection form were due to the FAC by June 30, 2025 (9 months after the fiscal year end). Questioned Costs: None Context: The Single Audit for the fiscal year ended September 30, 2024, was submitted late to the FAC. This late submission delays the availability of critical financial and compliance information to federal agencies responsible for overseeing federal awards administered by the Foundation. Effect: The late submission of the Single Audit report to the FAC may lead to restrictions on future federal funding and potentially more intensive scrutiny from oversight authorities. Cause: The delayed submission of the Single Audit to the FAC was primarily due to staffing constraints and capacity challenges that affected the timely completion of financial close and audit preparation processes. Recommendation: The Foundation should strengthen its internal controls over the financial close and reporting process and continue addressing personnel capacity to ensure timely completion of the annual Single Audit.