EIN: 660379122
UEI: LMF5HEYNM148
Audited by: Galíndez LLC
Oversight agency: 93 [Department of Health and Human Services]
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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 March 31, 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 1, 2026 (33 days from today).
What is a management decision? →FAC accepted this audit on March 27, 2025 — management decision was due September 27, 2025.
Finding No. 2024-001 - Equipment and Real Property Management Federal Program Research and Development Cluster Name of Federal Agency U.S. Department of Health and Human Services Category Other matters Compliance requirement F. Equipment and Real Property Management Criteria 2 CFR section 200.313(d), Equipment Management Requirements, states that: Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, as a minimum, meet the following requirements: (1) Property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the FAIN), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage, or theft of the property. Any loss, damage, or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. (5) If the non-Federal entity is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return. Condition As a result of our prior year audit procedures, we noted that the last physical inventory of property was taken on July 13, 2021, accordingly, the Foundation should have completed a physical inventory on or before July 13, 2023. As of June 30, 2024, the physical inventory was still in process and was expected to be completed before June 30, 2025. Cause The property inventory was originally scheduled for the fiscal year ended June 30, 2023, however, due to medical complications of the employee in-charge of fixed assets, the inventory was postponed until 2024. Because of the timing of when the inventory was commenced and the high volume of the assets being counted, the inventory was not completed as of June 30, 2024. Effect Conducting physical inventory ensures compliance with regulations and helps maintain accountability for the use of federal expenditures, prevents fraud and abuse, and helps identify surplus or underutilized equipment, leading to more efficient allocation of resources. Questioned Cost None. Context Since the last property inventory was taken on July 13, 2021, the next property inventory should have been performed on or before July 13, 2023. As of June 30, 2024, the physical inventory was still in process. Identification of a repeat finding This is a repeat finding from the immediate previous audit. Finding 2023-001. Recommendation The Foundation should complete the physical inventory before June 30, 2025. In addition, related policies and procedures should be updated as a result of the current inventory to improve the efficiency of the count and ensure the timely completion of physical inventories in the future. Also, there should be reminders set to the corresponding personnel to perform the property inventories, at least, every two years, and with sufficient time to allow for the completion of the inventories within the required timeframe. Views of responsible officials and planned corrective actions The Foundation’s management agrees with this finding. Please refer to the corrective action plan on pages 33-34.
Show full finding ▾Hide full finding ▴Finding No. 2024-001 - Equipment and Real Property Management Federal Program Research and Development Cluster Name of Federal Agency U.S. Department of Health and Human Services Category Other matters Compliance requirement F. Equipment and Real Property Management Criteria 2 CFR section 200.313(d), Equipment Management Requirements, states that: Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, as a minimum, meet the following requirements: (1) Property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the FAIN), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage, or theft of the property. Any loss, damage, or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. (5) If the non-Federal entity is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return. Condition As a result of our prior year audit procedures, we noted that the last physical inventory of property was taken on July 13, 2021, accordingly, the Foundation should have completed a physical inventory on or before July 13, 2023. As of June 30, 2024, the physical inventory was still in process and was expected to be completed before June 30, 2025. Cause The property inventory was originally scheduled for the fiscal year ended June 30, 2023, however, due to medical complications of the employee in-charge of fixed assets, the inventory was postponed until 2024. Because of the timing of when the inventory was commenced and the high volume of the assets being counted, the inventory was not completed as of June 30, 2024. Effect Conducting physical inventory ensures compliance with regulations and helps maintain accountability for the use of federal expenditures, prevents fraud and abuse, and helps identify surplus or underutilized equipment, leading to more efficient allocation of resources. Questioned Cost None. Context Since the last property inventory was taken on July 13, 2021, the next property inventory should have been performed on or before July 13, 2023. As of June 30, 2024, the physical inventory was still in process. Identification of a repeat finding This is a repeat finding from the immediate previous audit. Finding 2023-001. Recommendation The Foundation should complete the physical inventory before June 30, 2025. In addition, related policies and procedures should be updated as a result of the current inventory to improve the efficiency of the count and ensure the timely completion of physical inventories in the future. Also, there should be reminders set to the corresponding personnel to perform the property inventories, at least, every two years, and with sufficient time to allow for the completion of the inventories within the required timeframe. Views of responsible officials and planned corrective actions The Foundation’s management agrees with this finding. Please refer to the corrective action plan on pages 33-34.
Corrective action The Foundation duly complies with four out of five requirements of 2 CFR section 200.313(d). Management is committed to fully complying with the regulations. A plan was developed to begin a physical inventory by the end of the fiscal year ending June 30, 2024. The execution of this plan is approximately 80% completed as of the date of this letter. The Foundation plans to complete the inventory by June 30, 2025. Finance staff has been performing the inventory, along with the staff of the Foundation’s various departments. The inventory plan includes the following: • Time schedules. • Identification of responsible parties. • Detailed description of entire inventory process. • Submission to research laboratories, clinical research, clinical laboratory and administrative offices of the list of inventory assets, according to books, along with instructions for the identification of the assets. • Deadline for departments to submit to finance the certified list of inventories. • Upon receipt of department inventories, the finance staff has scheduled visits to each department, to confirm the inventory certification received. • Reconciliation of the inventory with general ledger, and booking of any necessary adjustments in general ledger and the subsidiary ledger. • Preparation of an inventory report for audit purposes. The report’s total dollar amount will be reconciled with the general ledger, including all equipment certified in the inventory. Submitted on March 25, 2025, by:
2023-001
FAC accepted this audit on March 29, 2024 — management decision was due September 29, 2024.
As a result of our audit procedures, we noted that the last physical inventory of property was taken on July 13, 2021, accordingly, the Foundation should have performed a physical inventory on or before July 13, 2023. Cause: The property inventory was scheduled for the fiscal year ended June 30, 2023, however, due to medical complications of the employee in-charge of fixed assets, the inventory was postponed. Effect: Conducting physical inventory ensures compliance with regulations and helps maintain accountability for the use of federal expenditures, prevents fraud and abuse, and helps identify surplus or underutilized equipment, leading to more efficient allocation of resources. Questioned Cost: None. Context: Since the last property inventory was taken on July 13, 2021, the next property inventory should have been performed on or before July 13, 2023. Identification of a repeat finding: This is not a repeat finding from the immediate previous audit. Recommendation: The Foundation should continue monitoring and reviewing guidelines for federal awards under the Research and Development Cluster to ensure it is current on the applicable requirements and changes therein. Also, there should be reminders set to the corresponding personnel to perform the property inventories, at least, every two years.
Show full finding ▾Hide full finding ▴Findings and Questioned Costs Relating to Federal Awards: Finding No. 2023-001 - Equipment and Real Property Management: Federal Program: Research and Development Cluster Name of Federal Agency: U.S. Department of Health and Human Services Category: Other matters Compliance requirement: F. Equipment and Real Property Management Criteria: 2 CFR section 200.313(d), Equipment Management Requirements, states that: Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, as a minimum, meet the following requirements: (1) Property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the FAIN), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage, or theft of the property. Any loss, damage, or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. (5) If the non-Federal entity is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return. Condition: As a result of our audit procedures, we noted that the last physical inventory of property was taken on July 13, 2021, accordingly, the Foundation should have performed a physical inventory on or before July 13, 2023. Cause: The property inventory was scheduled for the fiscal year ended June 30, 2023, however, due to medical complications of the employee in-charge of fixed assets, the inventory was postponed. Effect: Conducting physical inventory ensures compliance with regulations and helps maintain accountability for the use of federal expenditures, prevents fraud and abuse, and helps identify surplus or underutilized equipment, leading to more efficient allocation of resources. Questioned Cost: None. Context: Since the last property inventory was taken on July 13, 2021, the next property inventory should have been performed on or before July 13, 2023. Identification of a repeat finding: This is not a repeat finding from the immediate previous audit. Recommendation: The Foundation should continue monitoring and reviewing guidelines for federal awards under the Research and Development Cluster to ensure it is current on the applicable requirements and changes therein. Also, there should be reminders set to the corresponding personnel to perform the property inventories, at least, every two years.
CORRECTIVE ACTION PLAN: For the findings and questioned costs relating to federal awards of fiscal year ended June 30, 2023, Finding No. 2023-001 - Equipment and Real Property Management: Criteria: 2 CFR section 200.313(d), Equipment Management Requirements, states that: Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, as a minimum, meet the following requirements: (1) Property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the FAIN), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sale price of the property. (2) A physical inventory of the property must be taken, and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage, or theft of the property. Any loss, damage, or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. (5) If the non-Federal entity is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return. Condition: The last physical inventory of the property was taken on July 13, 2021, with the property subsidiary as of August 2020. A physical inventory should have been performed on or before July 13, 2023. Cause: The Inventory would be done during fiscal 2022-2023, but the employee in-charge of fixed assets got a chronic condition diagnostic. After the diagnostic the employee is underperforming. The beginning of the inventory was postponed as stated in the corrective action section of this document. Effect: Conducting physical inventory ensures compliance with regulations and helps maintain accountability for the use of federal expenditures, prevents fraud and abuse, and helps identify surplus or underutilized equipment, leading to more efficient allocation of resources. In addition, the condition above resulted in assets that could not be found in the facilities due to disposal after the date of the inventory observation, items relocated to other areas and items purchased after the date of the last inventory observation. Questioned Cost: None. Corrective action: The Foundation duly complies with four of five requirements of 2 CFR section 200.313(d). Management is committed to fully complying with the regulations. A plan is being developed to begin a physical inventory by the end of the fiscal year ending Juen 30, 2024. Finance staff will perform the inventory, along with the staff of the Foundation departments. The inventory plan will include the following: • Establish time schedules. • Identify responsible parties. • Detail description of entire inventory process. • Send to research laboratories, clinical research, clinical laboratory and administrative offices, the subsidiary list of the inventory as per the subsidiary, along with instructions. • Establish a deadline to departments send to finance the certified list of inventories. • Upon receipt of department inventories the finance staff will schedule a visit to each department, to confirm the inventory certification received. • Reconcile the inventory with general ledger and make the necessary adjustments in general ledger and the subsidiary. • Prepare an inventory report, for record, and for audit purposes. The report’s total dollar amount will be reconciled with the general ledger, including all equipment certified in the inventory. Submitted on March 15, 2024, by: Alejandro Ramírez Chief Financial Officer
FAC accepted this audit on March 26, 2023 — management decision was due September 26, 2023.
FAC accepted this audit on March 30, 2022 — management decision was due September 30, 2022.
FAC accepted this audit on March 30, 2021 — management decision was due September 30, 2021.
FAC accepted this audit on January 23, 2020 — management decision was due July 23, 2020.
FAC accepted this audit on January 2, 2019 — management decision was due July 2, 2019.
FAC accepted this audit on March 19, 2018 — management decision was due September 19, 2018.
FAC accepted this audit on January 29, 2017 — management decision was due July 29, 2017.
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