EIN: 660235625
UEI: LGEWD4MGLWA7
Audited by: KEVANE GRANT THORNTON LLP
Oversight agency: 97 [Department of Homeland Security]
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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 February 27, 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 August 27, 2026 (4 days ago).
What is a management decision? →FAC accepted this audit on March 14, 2025 — management decision was due September 14, 2025.
The June 30, 2023 Data Collection Form and Single Audit reporting package were not submitted within the established due date.
Show full finding ▾Hide full finding ▴The June 30, 2023 Data Collection Form and Single Audit reporting package were not submitted within the established due date.
I. Enhanced Monitoring and Awareness: a. The Finance and Compliance teams will maintain a compliance calendar that includes all key reporting deadlines, including Single Audit submission requirements under 2 CFR 200.512. b. Management will conduct periodic reviews of federal award requirements to ensure full awareness of all reporting obligations. II. Internal Control Improvements: a. A designated compliance officer will oversee the Single Audit process, ensuring timely coordination with auditors. b. The organization will conduct annual training for key personnel to reinforce awareness of reporting deadlines and requirements. III. Timely Coordination with Auditors: a. Management will engage with external auditors at the beginning of each fiscal year to confirm audit timelines and submission deadlines. b. A structured timeline will be established to ensure the audit process is completed well within the required timeframe.
FAC accepted this audit on March 14, 2025 — management decision was due September 14, 2025.
During our compliance procedures performed over the Foundation’s reporting requirements, we noted that the Final Report of the grant funds received under the American Rescue Plan Act of 2021 (ARPA) for the period from October 2022 to June 2023, which was due on December 31, 2024, was filed on January 17, 2025.
Show full finding ▾Hide full finding ▴During our compliance procedures performed over the Foundation’s reporting requirements, we noted that the Final Report of the grant funds received under the American Rescue Plan Act of 2021 (ARPA) for the period from October 2022 to June 2023, which was due on December 31, 2024, was filed on January 17, 2025.
To address the identified issues, The Luis A. Ferré Foundation, Inc. is implementing the following corrective actions: 1. Establishment of a Grant Compliance Calendar & Reminder System (i) A centralized calendar will track all grant deadlines and reporting requirements and this calendar will be accessible and managed by at least 3 employees or more. (ii) Automated email reminders will be set at 30, 15, and 5 days before each deadline and these alerts will be received by at least 3 employees or more. (iii) Responsibilities for monitoring the calendar will be assigned to key personnel. 2. Designation of a Compliance Officer (i) A dedicated staff member will be assigned to oversee compliance with grant reporting. (ii) This individual will be responsible for monitoring deadlines, ensuring timely submissions, and coordinating internal reviews with development, finance and director’s office (iii) The Compliance Officer will conduct monthly check-ins with relevant departments to confirm progress on upcoming reports. 3. Implementation of a Pre-Submission Review Process (i) Reports will be prepared and reviewed internally at least one week before the submission deadline (ii) A checklist will be developed to verify accuracy and completeness before final submission. (iii) A second reviewer will be assigned to cross-check compliance with grant requirements. (iv) Feedback from the review process will be documented and shared with staff for continuous improvement. 4. Staff Training on Grant Compliance (i) Training sessions will be conducted annually to educate staff on grant reporting requirements.(ii) New employees with grant management responsibilities will receive onboarding training specific to compliance procedures. (iii) Training materials will be updated regularly to reflect any changes in reporting standards. (iv) Staff will be required to complete a short assessment after training to ensure comprehension of compliance expectations. 5. Strengthening Internal Controls (i) A formalized policy document will be developed outlining grant reporting procedures. (ii) Reports will be logged in a shared system where progress can be tracked in real-time. (iii) Quarterly audits of compliance with reporting deadlines will be conducted, with findings reported to senior leadership.
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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