EIN: 521321074
UEI: TPARDDKAVR45
Audited by: Brown, Edwards & Company, L.L.P.
Oversight agency: 21 [Department of the Treasury]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 22, 2026. 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 October 22, 2026 (55 days from today).
What is a management decision? →Condition The Authority did not file the required quarterly reports by the due date. Criteria Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause The Authority does not have a process in place to ensure reports are timely filed. Effect The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation Steps should be taken to ensure that these reports are filed and in a timely manner. View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.
Show full finding ▾Hide full finding ▴Condition The Authority did not file the required quarterly reports by the due date. Criteria Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause The Authority does not have a process in place to ensure reports are timely filed. Effect The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation Steps should be taken to ensure that these reports are filed and in a timely manner. View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.
The unique relationship between the pass-through entity and the Authority contributed to this oversight. Though the entities have separate governing bodies, the staff for each is identical. Although the recipient of the report would have been the same person as the preparer, the Authority achnowledgesthat this is a requirement of receiving these funds and the auditee concurs with the need to complete said reporting.
Condition The Authority did not file the required data collection form for the June 30, 2024 fiscal year by the due date. Criteria Under the requirements of the Federal Audit Clearinghouse, the Authority is required to file the Data Collection Form by the earlier of 30 days after receipt of the auditor’s report or 9 months after the end of the fiscal year. Cause The Authority had not used federal funds for several years and no one had an administrative role to reactivate the lapsed Unique Entity ID to file the Data Collection Form with the Federal Audit Clearinghouse. Effect The lack of timely filing the Data Collection Form results in the Authority being out of compliance with filing requirements of the Federal Audit Clearinghouse. Recommendation Steps should be taken to ensure that there is someone at the Authority that has an administrative role.View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.
Show full finding ▾Hide full finding ▴Condition The Authority did not file the required data collection form for the June 30, 2024 fiscal year by the due date. Criteria Under the requirements of the Federal Audit Clearinghouse, the Authority is required to file the Data Collection Form by the earlier of 30 days after receipt of the auditor’s report or 9 months after the end of the fiscal year. Cause The Authority had not used federal funds for several years and no one had an administrative role to reactivate the lapsed Unique Entity ID to file the Data Collection Form with the Federal Audit Clearinghouse. Effect The lack of timely filing the Data Collection Form results in the Authority being out of compliance with filing requirements of the Federal Audit Clearinghouse. Recommendation Steps should be taken to ensure that there is someone at the Authority that has an administrative role.View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.
The auditee concurs with the recommendation. SAM.gov registrations are now reviewed periodically, and the Unique Entitiy ID will be kept active in order to provide required reporting should the Authroty have future federal funding.
Condition The Authority did not detect funds used for grantee expenditures that were outside the period of performance. Criteria Under the requirements of the federal grant program, the Authority may use funds only to cover costs incurred during the period beginning March 3, 2021 and ending December 31, 2024. Cause The Authority did not examine expenditures to ensure they were incurred during the period of performance.Effect The Authority was out of compliance with period of performance requirements of the federal program. The Authority was able to replace the expenditures with those inside the period of performance. Recommendation Steps should be taken to ensure that expenditures are incurred within the period of performance. View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.
Show full finding ▾Hide full finding ▴Condition The Authority did not detect funds used for grantee expenditures that were outside the period of performance. Criteria Under the requirements of the federal grant program, the Authority may use funds only to cover costs incurred during the period beginning March 3, 2021 and ending December 31, 2024. Cause The Authority did not examine expenditures to ensure they were incurred during the period of performance.Effect The Authority was out of compliance with period of performance requirements of the federal program. The Authority was able to replace the expenditures with those inside the period of performance. Recommendation Steps should be taken to ensure that expenditures are incurred within the period of performance. View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.
The auditee concurs with the recommendation and has reaffirmed the need to review dates on supporting documentation before disbursements are made.
FAC accepted this audit on January 29, 2025 — management decision was due July 29, 2025.
The Authority did not file the required quarterly reports by the due date. Criteria: Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause: The Authority does not have a process in place to ensure reports are timely filed. Effect: The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation: Steps should be taken to ensure that these reports are filed and in a timely manner. Views of Responsible Officials and Planned Corrective Action: The auditee concurs with the recommendation.
Show full finding ▾Hide full finding ▴2024-003: Coronavirus State and Local Fiscal Recovery Fund – ALN #21.027, Reporting Condition: The Authority did not file the required quarterly reports by the due date. Criteria: Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause: The Authority does not have a process in place to ensure reports are timely filed. Effect: The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation: Steps should be taken to ensure that these reports are filed and in a timely manner. Views of Responsible Officials and Planned Corrective Action: The auditee concurs with the recommendation.
CORRECTIVE ACTION PLAN January 27, 2025 The Industrial Development Authority of Danville, Virginia, respectfully submits the following corrective action plan for the year ended June 30, 2024. Name and address of independent public accounting firm: Brown, Edwards & Company, L.L.P. 828 Main Street; Suite 1401 Lynchburg, Virginia 24504 Audit period: June 30, 2024 The findings from the June 30, 2024, Schedule of Findings and Questioned Costs (the "Schedule") are discussed below. The findings are numbered consistently with the number assigned in the Schedule. FINDINGS - FINANCIAL STATEMENT AUDIT 2014-001: Segregation of Duties - Material Weakness Condition: An important aspect of any internal control system is the segregation of duties. Not all duties at the Authority have been adequately segregated. In an ideal system, no individual would perform more than one duty in connection with any transaction or series of transactions. With limited staff, sufficiently separating duties can be difficult or even impossible. As with all areas of internal control, management and those charged with governance should make careful decisions about the cost versus benefit of any control. Criteria: Segregation of duties should be maintained for financial transactions or series of transactions. Cause: The Authority has limited staff and is unable to adequately separate duties. Effect: The lack of adequate separation of duties results in creating the opportunity of the Authority to inappropriately process and record transactions. Recommendation: Management should continue to take steps to eliminate performance of conflicting duties where possible or to implement effective compensating controls. Views of Responsible Officials and Planned Corrective Action: The Authority’s management will continue to evaluate possible actions and take steps where feasible. 2024-002: Commonwealth of Virginia Disclosure Statements Condition: One Industrial Development Authority board member filed a statement of economic interest as requires by the Code of Virginia after the February 1, 2024 deadline. Recommendation: Steps should be taken to ensure that these statements are filed and done so in a timely manner. Views of Responsible Officials and Planned Corrective Action: The Authority concurs with the recommendation and has discussed the importance of a timely filing with the related board member. 2024-003: Coronavirus State and Local Fiscal Recovery Fund – ALN #21.027, Reporting Condition: The Authority did not file the required reports by the due date. Criteria: Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause: The Authority does not have a process in place to ensure reports are filed timely. Effect: The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation: Steps should be taken to ensure that these reports are filed and in a timely manner. Views of Responsible Officials and Planned Corrective Action: The Authority concurs with the recommendation and has discussed the matter with those responsible for filing the quarterly progress reports. All progress reports were filed, just not by the prescribed due date. This will likely be a finding in the next fiscal year audit as corrective measures were not implemented early enough to ensure timely filings of the first reports for the new year. If the Federal Audit Clearinghouse has questions regarding this plan, please call Michael Adkins, Chief Financial Officer at 434.799.5185. Sincerely yours, Michael L. Adkins Chief Financial Officer
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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