Village Cooperative of Fergus Falls

EIN: 562406648

UEI: YGADW91V7DW1

Data as of August 21, 2026

6
Audit Years
4
Total Findings
4
Repeat Findings

FY 2023-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on December 10, 2023. 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 June 10, 2024, which was (802 days ago).

What is a management decision? →
2023-001
Other
REPEAT
Condition

2023-001 – Significant deficiency – segregation of duties Criteria – Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition – The Cooperative has one employee that performs day to day management and accounting functions. Cause – The size of the Cooperative’s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect – The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding – This finding was reported in the prior year as finding 2022-001. Recommendation – The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee’s comment – The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status – Outstanding Auditor’s non-compliance code – S – Internal Control Deficiencies

Corrective Action Plan

The Board of Directors is and will remain involved in the financial affairs of the Cooperative.

Prior Finding References

2022-001

About Other →

FY 2022-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on January 10, 2023. 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 July 10, 2023, which was (1138 days ago).

What is a management decision? →
2022-001
Other
REPEAT
Condition

2022-001 ? Significant deficiency ? segregation of duties Criteria ? Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition ? The Cooperative has one employee that performs day to day management and accounting functions. Cause ? The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect ? The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding ? This finding was reported in the prior year as finding 2021-001. Recommendation ? The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment ? The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status ? Outstanding Auditor?s non-compliance code ? S ? Internal Control Deficiencies

Corrective Action Plan

The Board of Directors is and will remain involved in the financial affairs of the Cooperative.

Prior Finding References

2021-001

About Other →

FY 2021-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on October 29, 2021. 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 April 29, 2022, which was (1575 days ago).

What is a management decision? →
2021-001
Other
REPEAT
Condition

2021-001 ? Significant deficiency ? segregation of duties Criteria ? Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition ? The Cooperative has one employee that performs day to day management and accounting functions. Cause ? The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect ? The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding ? This finding was reported in the prior year as finding 2020-001. Recommendation ? The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment ? The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status ? Outstanding Auditor?s non-compliance code ? S ? Internal Control Deficiencies

Corrective Action Plan

The Board of Directors is and will remain involved in the financial affairs of the Cooperative.

Prior Finding References

2020-001

About Other →

FY 2020-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on October 28, 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 April 28, 2021, which was (1941 days ago).

What is a management decision? →
2020-001
Other
REPEAT
Condition

2020-001 ? Significant deficiency ? segregation of duties Criteria ? Good internal control requires a segregation of duties and responsibilities such that no one employee has access to both physical assets and the related accounting records, or to all phases of a transaction. Condition ? The Cooperative has one employee that performs day to day management and accounting functions. Cause ? The size of the Cooperative?s accounting and administrative staff precludes certain internal controls that would be preferred if the office staff were large enough to provide optimum segregation of duties. Effect ? The lack of segregation of duties may result in undetected errors in financial statements and increases the possibility of misappropriation of Cooperative assets. Repeat Finding ? This finding was reported in the prior year as finding 2019-001. Recommendation ? The Board of Directors should remain involved in the financial affairs of the Cooperative on a regular ongoing basis to provide oversight and independent review functions and mitigate the weakness created by the lack of segregation. Auditee?s comment ? The Board of Directors is and will remain involved in the financial affairs of the Cooperative. Status ? Outstanding Auditor?s non-compliance code ? S ? Internal Control Deficiencies

Corrective Action Plan

The Board of Directors is and will remain involved in the financial affairs of the Cooperative.

Prior Finding References

2019-001

About Other →

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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