PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY AUTHORITY

EIN: 660859018

UEI: MR3WT17G44D5

Data as of August 26, 2026

PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY AUTHORITY5 audit years2 findings1 repeat
5
Audit Years
2
Total Findings
1
Repeat Findings

FY 2023-06-30

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on April 23, 2024. 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 23, 2024 (673 days ago).

What is a management decision? →
2023-001
Reporting
REPEAT

The Authority did not submit the required data collection form and reporting package for the year ended June 30, 2023, within the required period. Cause: Delay in the approval process of the basic financial statements and the Uniform Guidance Report. Effects: Noncompliance with the requirements for reporting. Questioned Costs: None. Identification as a repeat finding: For fiscal year 2022, the finding 2022-01 was identified and it addressed the fact that the data collection form and reporting package was not submitted within the required period. Recommendation: We recommend management to consider in its time schedule that appropriate time is assigned to the approval process. Management’s response: Finding accepted. Management has in place all the internal controls needed to issue the Uniform Guidance report for the fiscal year ending on June 30, 2024, and subsequent years on time. Currently, management is working with the 2024 fiscal year financial statement audit and uniform guidance audit plan which take into consideration to issue those reports on or before March 31, 2025.

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Full finding narrative

Category: Compliance Compliance Requirement: Reporting Criteria: 2 CFR §200.512 (a) (1) establishes that the audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section must be submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period. Condition: The Authority did not submit the required data collection form and reporting package for the year ended June 30, 2023, within the required period. Cause: Delay in the approval process of the basic financial statements and the Uniform Guidance Report. Effects: Noncompliance with the requirements for reporting. Questioned Costs: None. Identification as a repeat finding: For fiscal year 2022, the finding 2022-01 was identified and it addressed the fact that the data collection form and reporting package was not submitted within the required period. Recommendation: We recommend management to consider in its time schedule that appropriate time is assigned to the approval process. Management’s response: Finding accepted. Management has in place all the internal controls needed to issue the Uniform Guidance report for the fiscal year ending on June 30, 2024, and subsequent years on time. Currently, management is working with the 2024 fiscal year financial statement audit and uniform guidance audit plan which take into consideration to issue those reports on or before March 31, 2025.

Corrective Action Plan

Management response: Finding accepted Management has in place all the internal controls needed to issue the Uniform Guidance report for the fiscal year ending on June 30, 2024, and subsequent years on time. Currently, management is working with the 2024 fiscal year financial statement audit and uniform guidance audit plan which take into consideration to issue those reports on or before March 31, 2025. Corrective action plan: The submission of the 2023 data collection form and reporting package will be performed on or before April 30, 2024. Contact Person: Jessica Ortiz Rivera – Title: Comptroller

Prior Finding References

2022-001

About Reporting →

FY 2022-06-30

FAC accepted this audit on August 9, 2023 — management decision was due February 9, 2024.

2022-001
Reporting

The Authority did not submit the required data collection form and reporting package for the year ended June 30, 2022, within the required period.

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Full finding narrative

The Authority did not submit the required data collection form and reporting package for the year ended June 30, 2022, within the required period.

Corrective Action Plan

Management has in place all the internal controls needed to issue the Uniform Guidance report for the fiscal year ending on June 30, 2023, and subsequent years on time. Currently, management is working with the 2023 fiscal year financial statement audit and uniform guidance audit plan which take into consideration to issue those reports on or before March 15, 2024.

About Reporting →

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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