EIN: 581395933
UEI: HW5HFSZBS155
Audited by: Holland, Bromley, Barnhill & Brett, LLP
Oversight agency: 11 [Department of Commerce]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 31, 2025. 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 1, 2026 (63 days ago).
What is a management decision? →FAC accepted this audit on December 20, 2024 — management decision was due June 20, 2025.
FAC accepted this audit on January 2, 2024 — management decision was due July 2, 2024.
FAC accepted this audit on January 9, 2023 — management decision was due July 9, 2023.
One Revolving Loan Fund (RLF) loan issued during the year ended September 30, 2022 of eight tested did not have a supporting loan agreement. Criteria: The standard loan documentation for RLF loans must include, at a minimum, the: (1) loan application, (2) loan agreement, (3) board of director?s meeting minutes approving the RLF loan or appropriate substitute documentation if board approval is not required, (4) promissory note, (5) security agreement(s) if applicable, (6) deed of trust or mortgage if applicable, (7) agreement of prior lien holder if applicable, and (8) evidence demonstrating that credit is not otherwise available on terms and conditions that permit the completion or successful operation of the activity to be financed (13 CFR section 307.11(a)(1)(ii)). Cause: While all other standard loan documentation for the RLF loans tested was maintained and the Authority has review and approval procedures surrounding completing and maintaining standard loan documentation, one loan agreement was missing from the supporting documentation of eight loans tested. Effect: Standard loan documentation is not complete and this may hinder collection efforts in the event of default. Questioned Costs: $0 Recommendation: Ensure all standard loan documentation is maintained. Consider utilizing a checklist for each loan file that lists all required documentation as part of the Authority?s established loan file review process. The checklist should be completed and signed by the Chief Executive Officer and Senior Loan Specialist to document completion and review of the loan file prior to closing.
Show full finding ▾Hide full finding ▴Condition: One Revolving Loan Fund (RLF) loan issued during the year ended September 30, 2022 of eight tested did not have a supporting loan agreement. Criteria: The standard loan documentation for RLF loans must include, at a minimum, the: (1) loan application, (2) loan agreement, (3) board of director?s meeting minutes approving the RLF loan or appropriate substitute documentation if board approval is not required, (4) promissory note, (5) security agreement(s) if applicable, (6) deed of trust or mortgage if applicable, (7) agreement of prior lien holder if applicable, and (8) evidence demonstrating that credit is not otherwise available on terms and conditions that permit the completion or successful operation of the activity to be financed (13 CFR section 307.11(a)(1)(ii)). Cause: While all other standard loan documentation for the RLF loans tested was maintained and the Authority has review and approval procedures surrounding completing and maintaining standard loan documentation, one loan agreement was missing from the supporting documentation of eight loans tested. Effect: Standard loan documentation is not complete and this may hinder collection efforts in the event of default. Questioned Costs: $0 Recommendation: Ensure all standard loan documentation is maintained. Consider utilizing a checklist for each loan file that lists all required documentation as part of the Authority?s established loan file review process. The checklist should be completed and signed by the Chief Executive Officer and Senior Loan Specialist to document completion and review of the loan file prior to closing.
Finding: 2022-01 Name of contact person: Terrence T. Louk, Chief Executive Officer Corrective Action: Management acknowledges that the agreement was not included in the loan documentation. Management is in the process of obtaining an executed agreement signed by the borrower. Management is also implementing a closing checklist that includes all required documents that are to be included in each loan file. Proposed Completion Date: September 30, 2023
Form ED-209, RLF Financial Report, filed on December 29, 2021,for the fiscal year ended September 30, 2021 did not reconcile with the Authority?s audited financial statements for the fiscal year. Criteria: The Authority must submit Form ED-209, RLF Financial Report, on an annual basis and key line items, including current RLF capital base (line II.C.6.), should reconcile with the RLF recipient?s financial documents and account balances. Cause: Loan losses of $121,781 recognized by the Authority during the fiscal year ending September 30, 2021 were not included in the calculation of the Authority?s `RLF Capital Base?. Effect: The Authority?s `RLF Capital Base? of $12,138,333, calculated and reported on Form ED-209, RLF Financial Report, for the year ended September 30, 2021 is overstated by $121,781. Questioned Costs: $121,781 Recommendation: Ensure amounts reported through the Economic Development Administration?s (EDA) reporting system agree or reconcile to the Authority?s financial documents and account balances. Consider developing a report outside of the EDA?s system that calculates the information ultimately reported on Form ED-209 and verifies this information with the Authority?s annual financial statements. Attach this verification report to the Form ED-209 report for review and approval by the Chief Executive Officer. Incorporate this step into the Authority?s established review process.
Show full finding ▾Hide full finding ▴Condition: Form ED-209, RLF Financial Report, filed on December 29, 2021,for the fiscal year ended September 30, 2021 did not reconcile with the Authority?s audited financial statements for the fiscal year. Criteria: The Authority must submit Form ED-209, RLF Financial Report, on an annual basis and key line items, including current RLF capital base (line II.C.6.), should reconcile with the RLF recipient?s financial documents and account balances. Cause: Loan losses of $121,781 recognized by the Authority during the fiscal year ending September 30, 2021 were not included in the calculation of the Authority?s `RLF Capital Base?. Effect: The Authority?s `RLF Capital Base? of $12,138,333, calculated and reported on Form ED-209, RLF Financial Report, for the year ended September 30, 2021 is overstated by $121,781. Questioned Costs: $121,781 Recommendation: Ensure amounts reported through the Economic Development Administration?s (EDA) reporting system agree or reconcile to the Authority?s financial documents and account balances. Consider developing a report outside of the EDA?s system that calculates the information ultimately reported on Form ED-209 and verifies this information with the Authority?s annual financial statements. Attach this verification report to the Form ED-209 report for review and approval by the Chief Executive Officer. Incorporate this step into the Authority?s established review process.
Finding: 2022-02 Name of contact person: Terrence T. Louk, Chief Executive Officer Corrective Action: Management acknowledges the finding related to the reporting error on Form ED-209, RLF Financial Report for fiscal year 2021. Per a review with the Economic Development Administration (EDA), this error is a result of the complexity of reporting a partial loan loss in the EDA?s Salesforce system. Management will work with the EDA to reconcile the report balances. Proposed Completion Date: September 30, 2023
FAC accepted this audit on January 3, 2022 — management decision was due July 3, 2022.
FAC accepted this audit on December 20, 2020 — management decision was due June 20, 2021.
FAC accepted this audit on November 19, 2019 — management decision was due May 19, 2020.
FAC accepted this audit on December 25, 2018 — management decision was due June 25, 2019.
FAC accepted this audit on December 18, 2017 — management decision was due June 18, 2018.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on May 24, 2017 — management decision was due November 24, 2017.
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