EIN: 680306606
UEI: MXVDK17Z1G56
Audited by: RICHARDSON & COMPANY, LLP
Oversight agency: 21 [Department of the Treasury]
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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 April 15, 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 15, 2026 (47 days from today).
What is a management decision? →The Chamber did not electronically submit their December 31, 2024 Single Audit reporting package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective Action Plan) within the required time period. Criteria: The Chamber was required to submit its December 31, 2024 audited financial statements and single audit reporting package to the federal audit clearinghouse no later than September 30, 2025, 9 months after the fiscal year-end (2 Code of Federal Regulations 200.512(a)). Cause: The Chamber was not able to complete its single audit by the reporting deadline due to staff shortages. Effect: Federal awarding agencies may deny the Chamber future federal awards or subject the Chamber to additional monitoring requirements. Recommendation: We recommended that management strengthen the related internal controls over monitoring of its year-end reconciliation of its financial statements to ensure that the general ledger accounts reflect proper and complete activity consistent with their basis of accounting. We believe that reviews, evaluations of transactions, and reconciliations of accounts should be performed on a regular basis during the year. This would expedite the year-end closing process and ensure compliance with the audit report submission requirements of OMB Uniform Guidance. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing processes to ensure timely close-out of the books.
Show full finding ▾Hide full finding ▴Finding 2024-001: Material Weakness - Untimely Audit Submission in Accordance with OMB Uniform Guidance Federal Grantor: U.S. Department of Treasury Passed-through: City and County of Sacramento Compliance Requirement: Reporting Condition: The Chamber did not electronically submit their December 31, 2024 Single Audit reporting package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective Action Plan) within the required time period. Criteria: The Chamber was required to submit its December 31, 2024 audited financial statements and single audit reporting package to the federal audit clearinghouse no later than September 30, 2025, 9 months after the fiscal year-end (2 Code of Federal Regulations 200.512(a)). Cause: The Chamber was not able to complete its single audit by the reporting deadline due to staff shortages. Effect: Federal awarding agencies may deny the Chamber future federal awards or subject the Chamber to additional monitoring requirements. Recommendation: We recommended that management strengthen the related internal controls over monitoring of its year-end reconciliation of its financial statements to ensure that the general ledger accounts reflect proper and complete activity consistent with their basis of accounting. We believe that reviews, evaluations of transactions, and reconciliations of accounts should be performed on a regular basis during the year. This would expedite the year-end closing process and ensure compliance with the audit report submission requirements of OMB Uniform Guidance. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing processes to ensure timely close-out of the books.
Finding: 2024-001: Material Weakness - Untimely Audit Submission in Accordance with 0MB Uniform Guidance Description of Finding: The Chamber did not electronically submit their December 31, 2024 Single Audit reporting package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective Action Plan) within the required time period. Cause: The submission was delayed because the Single Audit could not be completed on time due to change in audit firm and staffing shortages. Statement of Concurrence or Nonconcurrence: SacAsian agrees with the finding. Corrective Action: SacAsian understands the seriousness of this deficiency and the need for strict adherence to timely audit submissions per the OMB Uniform Guidance. Additional staff have been hired to assist in accounting processes, including a Controller to review all accounting processes and procedures with the Director of Finance and implement best practice recommendations and stronger month-end closing procedures and schedule. The delay in performing the 2024 audit was caused by a change in auditors. Our previous auditor did not have the capacity to continue our audit engagement due to staff shortages related to COVID. A new audit firm identified and engaged. However, there were delays in beginning the audit, and staffing challenges internally with completing the audit such that deadlines were not met. Additionally, an external finance and accounting firm was hired in September 2025 to provide additional capacity and high-level support to bring our audits current by March 2026. The additional staffing, external expertise, and improved procedures will prevent untimely submissions in future years. Responsible Party: Ryan Fong, Director of Finance, 916-446-7883, rfong@sacasiancc.org Pat Fong Kushida, President & CEO, 916-446-7883, patfk@sacasiancc.org Karen Wood, Not-for-Profit CFO (Creating Answers LLC), 916-930-0777, kwood@creatinganswers.com Projected Completion Date: March 2026 If the Office of Policy and Management and/or Oversight Agency has questions regarding this Plan, please call Ryan Fong at (916) 446-7883.
2023-001
FAC accepted this audit on November 25, 2025 — management decision was due May 25, 2026.
The Chamber did not electronically submit their December 31, 2023 Single Audit reporting package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective Action Plan) within the required time period. Criteria: The Chamber was required to submit its December 31, 2023 audited financial statements and single audit reporting package to the federal audit clearinghouse no later than September 30, 2024, 9 months after the fiscal year-end (2 Code of Federal Regulations 200.512(a)). Cause: The Chamber was not able to complete its single audit by the reporting deadline due to staff shortages. Effect: Federal awarding agencies may deny the Chamber future federal awards or subject the Chamber to additional monitoring requirements. Recommendation: We recommended that management strengthen the related internal controls over monitoring of its year-end reconciliation of its financial statements to ensure that the general ledger accounts reflect proper and complete activity consistent with their basis of accounting. We believe that reviews, evaluations of transactions, and reconciliations of accounts should be performed on a regular basis during the year. This would expedite the year-end closing process and ensure compliance with the audit report submission requirements of OMB Uniform Guidance. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing processes to ensure timely close-out of the books.
Show full finding ▾Hide full finding ▴Finding 2023-001: Material Weakness - Untimely Audit Submission in Accordance with OMB Uniform Guidance Federal Grantor: U.S. Department of Treasury Passed-through: City and County of Sacramento Compliance Requirement: Reporting Condition: The Chamber did not electronically submit their December 31, 2023 Single Audit reporting package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective Action Plan) within the required time period. Criteria: The Chamber was required to submit its December 31, 2023 audited financial statements and single audit reporting package to the federal audit clearinghouse no later than September 30, 2024, 9 months after the fiscal year-end (2 Code of Federal Regulations 200.512(a)). Cause: The Chamber was not able to complete its single audit by the reporting deadline due to staff shortages. Effect: Federal awarding agencies may deny the Chamber future federal awards or subject the Chamber to additional monitoring requirements. Recommendation: We recommended that management strengthen the related internal controls over monitoring of its year-end reconciliation of its financial statements to ensure that the general ledger accounts reflect proper and complete activity consistent with their basis of accounting. We believe that reviews, evaluations of transactions, and reconciliations of accounts should be performed on a regular basis during the year. This would expedite the year-end closing process and ensure compliance with the audit report submission requirements of OMB Uniform Guidance. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing processes to ensure timely close-out of the books.
Finding: 2023-001: Material Weakness - Untimely Audit Submission in Accordance with 0MB Uniform Guidance Description of Finding: The Sacramento Asian-Pacific Chamber of Commerce (SacAsian) did not submit its December 31, 2023 Single Audit reporting package—including the audited financial statements, Data Collection Form, prior-year status, and Corrective Action Plan—to the Federal Audit Clearinghouse by the required deadline. Cause: The submission was delayed because the Single Audit could not be completed on time due to change in audit firm and staffing shortages. Statement of Concurrence or Nonconcurrence: SacAsian agrees with the finding. Corrective Action: SacAsian understands the seriousness of this deficiency and the need for strict adherence to timely audit submissions per the OMB Uniform Guidance. Additional staff have been hired to assist in accounting processes, including a Controller to review all accounting processes and procedures with the Director of Finance and implement best practice recommendations and stronger month-end closing procedures and schedule. The delay in performing the 2023 audit was caused by a change in auditors. Our previous auditor did not have the capacity to continue our audit engagement due to staff shortages related to COVID. A new audit firm identified and engaged. However, there were delays in beginning the audit, and staffing challenges internally with completing the audit such that deadlines were not met. Additionally, an external finance and accounting firm was hired in September 2025 to provide additional capacity and high-level support to bring our audits current by March 2026. The additional staffing, external expertise, and improved procedures will prevent untimely submissions in future years. Responsible Party: Ryan Fong, Director of Finance, 916-446-7883, rfong@sacasiancc.org Pat Fong Kushida, President & CEO, 916-446-7883, patfk@sacasiancc.org Projected Completion Date: March 2026
Expenditures reported on the SEFA were revised during the single audit. Criteria: Per 2 CFR § 200.510(b), the SEFA must include a complete and accurate accounting of all federal awards expended during the fiscal year, including correct CDFI numbers, program names, and total expenditures. Cause: The issues appear to result from a lack of comprehensive review and reconciliation procedures during SEFA preparation. Effect: Incomplete and inaccurate SEFA reporting leads to noncompliance with Uniform Guidance and increases the risk of omitted federal programs, incorrect major program determination, and errors in reporting to federal oversight agencies. Recommendation: The Chamber needs to strengthen internal control over SEFA preparation by implementing a formal review process, verifying expenditures are properly reported. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing a better review process that will be effective in 2025.
Show full finding ▾Hide full finding ▴Finding 2023-002: Material Weakness – Revised Schedule of Expenditures of Federal Awards Federal Grantor: U.S. Department of Treasury Passed-through: City and County of Sacramento Compliance Requirement: Reporting Condition: Expenditures reported on the SEFA were revised during the single audit. Criteria: Per 2 CFR § 200.510(b), the SEFA must include a complete and accurate accounting of all federal awards expended during the fiscal year, including correct CDFI numbers, program names, and total expenditures. Cause: The issues appear to result from a lack of comprehensive review and reconciliation procedures during SEFA preparation. Effect: Incomplete and inaccurate SEFA reporting leads to noncompliance with Uniform Guidance and increases the risk of omitted federal programs, incorrect major program determination, and errors in reporting to federal oversight agencies. Recommendation: The Chamber needs to strengthen internal control over SEFA preparation by implementing a formal review process, verifying expenditures are properly reported. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing a better review process that will be effective in 2025.
Finding: 2023-002: Revised Schedule of Expenditures of Federal Awards (SEFA) Description of Finding: Expenditures reported on the SEFA required revision during the Single Audit due to some inaccuracies, including one omitted program, which occurred because review and reconciliation procedures were not fully sufficient. Cause: The underlying cause was insufficient internal controls over grant documentation review and the accounting of federal award activity. Statement of Concurrence or Nonconcurrence: SacAsian agrees with the finding. Corrective Action: SacAsian acknowledges the significance of this finding and the potential for noncompliance with Uniform Guidance with the grantors and Federal entities, as well as potential increased risk of omitted federal programs and incorrect major program determination. To remediate these issues, SacAsian will strengthen its internal controls over SEFA preparation by implementing a multi-layer review and reconciliation process. SEFA schedules will be prepared by the Director of Finance and reviewed by the newly engaged external CFO firm. Final review will be performed by the President & CEO. SacAsian will implement a more rigorous review of all grant agreements, including pass-through awards, to verify federal components and Assistance Listing Number (ALN) details to ensure all federally funded activity is fully identified and properly reported on the SEFA. The SEFA will be reconciled to the general ledger, federal award agreements, billings submitted, and other supporting documentation. In addition, directors overseeing federal programs will be required to confirm that all federal awards under their purview are completely and accurately reflected. These enhanced controls will be implemented for the 2024 audit and maintained for subsequent audit periods. Responsible Party: Ryan Fong, Director of Finance, 916-446-7883, rfong@sacasiancc.org Pat Fong Kushida, President & CEO, 916-446-7883, patfk@sacasiancc.org Projected Completion Date: December 2025
The Chamber’s expenditure detail for the grant funded projects do not support the amounts billed to the City and County of Sacramento. The amounts billed were more than the general ledger detail supported. Criteria: A reconciliation of grant project expenses to the grant revenue billed should be performed. The supporting documentation of any reconciling items should be maintained with the grant bills. Also, 2 CFR 200.400 states that accounting practices of the entity be consistent with cost principals required under the CFR and support the accumulation of costs and provide adequate documentation to support costs charged to the Federal award. Cause: The Chamber billed costs to the grant that were not allocated in the accounting system to that grant and a reconciliation was not performed comparing the grant billings to the expense detail. Effect: The expenses billed to the grant may not be correct. Recommendation: The Chamber needs to ensure that expenses to be reimbursed by federal grant funds are recorded in the class code in the accounting system for that grant so that federal grant revenue in the accounting system match the expenses allocated to that grant. The Chamber needs to include in their year-end reconciliations a comparison of grant revenue and expense and ensure they match or can be reconciled. Views of Responsible Officials and Planned Corrective Action: The Chamber agrees with this finding and is in the process of implementing a system for improved grant tracking.
Show full finding ▾Hide full finding ▴Finding 2023-003: Material Weakness and Questioned Cost – Grant Claim Support Federal Grantor: U.S. Department of Treasury Passed-through: City and County of Sacramento Condition: The Chamber’s expenditure detail for the grant funded projects do not support the amounts billed to the City and County of Sacramento. The amounts billed were more than the general ledger detail supported. Criteria: A reconciliation of grant project expenses to the grant revenue billed should be performed. The supporting documentation of any reconciling items should be maintained with the grant bills. Also, 2 CFR 200.400 states that accounting practices of the entity be consistent with cost principals required under the CFR and support the accumulation of costs and provide adequate documentation to support costs charged to the Federal award. Cause: The Chamber billed costs to the grant that were not allocated in the accounting system to that grant and a reconciliation was not performed comparing the grant billings to the expense detail. Effect: The expenses billed to the grant may not be correct. Recommendation: The Chamber needs to ensure that expenses to be reimbursed by federal grant funds are recorded in the class code in the accounting system for that grant so that federal grant revenue in the accounting system match the expenses allocated to that grant. The Chamber needs to include in their year-end reconciliations a comparison of grant revenue and expense and ensure they match or can be reconciled. Views of Responsible Officials and Planned Corrective Action: The Chamber agrees with this finding and is in the process of implementing a system for improved grant tracking.
Finding: 2023-003: Material Weakness and Questioned Cost - Grant Claim Support Description of Finding: SacAsian’s accounting system design did not align grant billings with the general ledger’s underlying expenses, as only direct costs were coded to the grant and other allowable costs flowed to unrestricted. As a result, the ledger detail did not clearly demonstrate the grant claim support without additional reconciliation. Cause: A comprehensive system for allocating and documenting grant-related costs had not yet been implemented. Statement of Concurrence or Nonconcurrence: SacAsian agrees with the finding. Corrective Action: SacAsian understands and acknowledges the significance of this finding and the potential that it creates for documentation gaps. The Controller and Director of Finance have implemented an ERP system which allows for better cost reporting and reviews of the grant-related expenses for accuracy, reliability, and reconciliation. While the general ledger details do not align, SacAsian did provide full documentation to substantiate the expenses claimed in each billing. Moving forward, all expenditures that have been billed will be reconciled to the general ledger monthly by the Director of Finance, Controller, and external CFO firm to ensure that billings match to expenditure detail and have been correctly allocated. Responsible Party: Ryan Fong, Director of Finance, 916-446-7883, rfong@sacasiancc.org Karen Wood, Not-for-Profit CFO (Creating Answers LLC), 916-930-0777, kwood@creatinganswers.com Pat Fong Kushida, President & CEO, 916-446-7883, patfk@sacasiancc.org Projected Completion Date: October 2025
The allocation of payroll costs to programs are done manually using spreadsheets instead of done based on entity-wide timesheets. Criteria: Under 2 CFR 200.400, direct cost allocation principles state that if a cost benefits two or more projects or activities in proportions that can be determined without undue effort or cost, the cost must be allocated to the projects based on the proportional benefit. If a cost benefits two or more projects or activities in proportions that cannot be determined because of the interrelationship of the work involved, then the costs may be allocated or transferred to benefitted projects on any reasonable documented basis. Further, a cost may not be assigned to a Federal award as a direct cost if any other cost incurred for the same purpose in like circumstances has been allocated to the Federal award as an indirect cost. Costs are required to be adequately documented. Cause: The Chamber is not able to readily determine the amount of payroll costs billable to the grants. Effect: The approach of manually allocating payroll costs to grant projects leaves room for error, and makes it difficult to determine that costs are not being reimbursed by more than one source. Recommendation: The Chamber needs to prepare time studies or require employees to prepare timesheets on an automated system to support the payroll costs allocated to programs. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing a better time and expense tracking system that will be effective in 2024.
Show full finding ▾Hide full finding ▴Finding 2023-004: Significant Deficiency – Payroll Allocations Federal grantor: U.S. Department of Treasury Passed-through: City and County of Sacramento Compliance Requirement: Allowable Costs Condition: The allocation of payroll costs to programs are done manually using spreadsheets instead of done based on entity-wide timesheets. Criteria: Under 2 CFR 200.400, direct cost allocation principles state that if a cost benefits two or more projects or activities in proportions that can be determined without undue effort or cost, the cost must be allocated to the projects based on the proportional benefit. If a cost benefits two or more projects or activities in proportions that cannot be determined because of the interrelationship of the work involved, then the costs may be allocated or transferred to benefitted projects on any reasonable documented basis. Further, a cost may not be assigned to a Federal award as a direct cost if any other cost incurred for the same purpose in like circumstances has been allocated to the Federal award as an indirect cost. Costs are required to be adequately documented. Cause: The Chamber is not able to readily determine the amount of payroll costs billable to the grants. Effect: The approach of manually allocating payroll costs to grant projects leaves room for error, and makes it difficult to determine that costs are not being reimbursed by more than one source. Recommendation: The Chamber needs to prepare time studies or require employees to prepare timesheets on an automated system to support the payroll costs allocated to programs. Views of Responsible Officials and Planned Corrective Actions: The Chamber agrees with the finding and is in the process of implementing a better time and expense tracking system that will be effective in 2024.
Finding: 2023-004: Significant Deficiency - Payroll Allocations Description of Finding: Payroll costs were allocated to grant programs using manual spreadsheets rather than an entity-wide time-tracking system, making it difficult to clearly demonstrate the proportional benefit required. This manual approach increased the risk of allocation inconsistencies and made documentation less robust than needed. Cause: The use of manual spreadsheet-based timekeeping did not provide an auditable system for allocating payroll costs to grants. Statement of Concurrence or Nonconcurrence: SacAsian agrees with the finding. Corrective Action: SacAsian acknowledges the significance of this finding and the potential for misstating staff expense and has taken steps to strengthen its time-tracking and payroll allocation processes. Beginning January 1, 2025, SacAsian implemented a new accounting system that includes electronic timesheets for staff to track their time daily to specific grant activity. Timesheet training has been performed and timesheet completion is required for all employees each day, providing support for hours worked/billed, as well as documentation of the certification and approvals that all staff time entered is accurate and in compliance with contract requirements, and providing proper support for all grant direct labor and indirect costs. Monthly reviews by the Project Directors/Managers, with secondary review by the accounting team are performed, ensuring ongoing compliance with federal requirements. Responsible Party: Ryan Fong, Director of Finance, 916-446-7883, rfong@sacasiancc.org Karen Wood, Not-for-Profit CFO (Creating Answers LLC), 916-930-0777, kwood@creatinganswers.com Pat Fong Kushida, President & CEO, 916-446-7883, patfk@sacasiancc.org Projected Completion Date: January 2025
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