INDUSTRIAL DEVELOPMENT AUTHORITY OF LOUISA COUNTYState Government

Airport Improvement Program (CFDA 20.106 - Department of Transportation). Per the Uniform Guidance, governmental organizations with federal expenditures in excess of $750,000 are required to have a single audit performed. Additionally, 2 CFR part 200, Subpart D of the Uniform Guidance requires that the entity establish and maintain internal control over the Federal award that provides reasonable assurance that the entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. The IDA did not establish and maintain internal control over the Federal award sufficient to allow management to recognize in a timely manner that a single audit was required for the year ended June 30, 2019. The IDA received Airport Improvement Program funding from the Federal Aviation Administration for certain approved projects. Management of the IDA failed to recognize in a timely manner that a single audit was required for the year ended June 30, 2019 since federal expenditures exceeded $750,000 in that fiscal year. IDA management was not aware of the single audit requirements. The IDA did not timely comply with its single audit requirements. Noncompliance could result in loss of grant funding and an inability to receive grant funding in the future.