EIN: 731502797
UEI: ENJUL1KALF63
Audited by: GELMAN, ROSENBERG & FREEDMAN
Oversight agency: 19 [Department of State]
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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 June 23, 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 December 23, 2026 (110 days from today).
What is a management decision? →The single audit reporting package for Grameen's year ended June 30, 2024 was due to the Federal audit clearinghouse by March 31, 2025. However, the data collection form was submitted on June 6, 2025. Cause: During the 2024 audit process, fieldwork timelines had to be extended to accommodate the time Grameen needed to ensure that all schedules were properly reconciled and supported, which caused delays in the audit completion. As a result, the 2024 auditor's report(s) were dated June 23, 2025. Effect or Potential Effect: Not timely filing the single audit reporting package is indicative of timeliness issues with the audit process. Questioned Costs: None, as this is an administrative requirement. Context: As a result of delays in the completion of the 2024 audit, the single audit reporting package for the year ended June 30, 2024, was not submitted timely. Identification as a Repeat Finding, if Applicable: Refer to finding 2024-001. Recommendation: We recommend that management implement procedures and control processes to ensure that future audits are completed timely so that the single audit reporting package is submitted by the appropriate deadline of either 30 days after the date of the auditor's report(s) or 9 months after the end of the fiscal year, whichever comes first.
Show full finding ▾Hide full finding ▴Finding 2025-001: Late Submission of Audit Report to the Federal Audit Clearinghouse (Significant Deficiency) Federal Agencies: United States Agency for International Development; United States Department of State Federal Programs: All Programs Assistance Listing Numbers: 98.001; 19.801; 98.009; 98.345 Criteria: The Uniform Guidance, specifically 2 CFR 200.512(a), establishes the filing requirements for the submission of single audits to the Federal audit clearing house and indicates that the single audit reporting package must be submitted 30 days after the date of the auditor's report(s) or 9 months after the end of the fiscal year, whichever comes first. Condition: The single audit reporting package for Grameen's year ended June 30, 2024 was due to the Federal audit clearinghouse by March 31, 2025. However, the data collection form was submitted on June 6, 2025. Cause: During the 2024 audit process, fieldwork timelines had to be extended to accommodate the time Grameen needed to ensure that all schedules were properly reconciled and supported, which caused delays in the audit completion. As a result, the 2024 auditor's report(s) were dated June 23, 2025. Effect or Potential Effect: Not timely filing the single audit reporting package is indicative of timeliness issues with the audit process. Questioned Costs: None, as this is an administrative requirement. Context: As a result of delays in the completion of the 2024 audit, the single audit reporting package for the year ended June 30, 2024, was not submitted timely. Identification as a Repeat Finding, if Applicable: Refer to finding 2024-001. Recommendation: We recommend that management implement procedures and control processes to ensure that future audits are completed timely so that the single audit reporting package is submitted by the appropriate deadline of either 30 days after the date of the auditor's report(s) or 9 months after the end of the fiscal year, whichever comes first.
View of Responsible Officials: Management carried out an after-action review to identify root cause of delays in completing the 2024 audit and timely filing of the single audit report packet. We implemented strict timeline in completing the 2024 year-end financial closing process and accounts reconciliation. An overall Audit Coordinator was appointed and worked closely with the business process leads while Regional and Country Managers helped ensure completion of the 2024 field offices and affiliates audit reports prior to start of the global audit fieldwork. While timely submission of the 2024 Single Audit package remained a high priority, staff bandwidth constraints required additional time to ensure all audit requests were thoroughly supported and addressed. Management is continuing to strengthen processes and coordination mechanisms to improve timeliness going forward, including better workload planning, earlier engagement with key stakeholders, and ongoing monitoring of audit readiness milestones.
2024-001
FAC accepted this audit on June 26, 2025 — management decision was due December 26, 2025.
The single audit reporting package for Grameen's year ended June 30, 2023 was due to the Federal audit clearinghouse by March 31, 2024. However, the data collection form was submitted on May 23, 2024. Cause: During the 2023 audit process, fieldwork timelines had to be extended to accommodate the time Grameen needed to ensure that all schedules were properly reconciled and supported, which caused delays in the audit completion. As a result, the 2023 auditor's report(s) were dated May 3, 2024. Effect or Potential Effect: Not timely filing the single audit reporting package is indicative of timeliness issues with the audit process. Questioned Costs: None. Context: As a result of delays in the completion of the 2023 audit, the single audit reporting package for the year ended June 30, 2023, was not submitted timely. Identification as a Repeat Finding, if Applicable: Not a repeat finding. Recommendation: We recommend that management implement procedures and control processes to ensure that future audits are completed timely so that the single audit reporting package is submitted by the appropriate deadline of either 30 days after the date of the auditor's report(s) or 9 months after the end of the fiscal year, whichever comes first.
Show full finding ▾Hide full finding ▴Finding 2024-001: Late Submission of Audit Report to the Federal Audit Clearinghouse (Significant Deficiency) Federal Program: All Federal Programs Criteria: The Uniform Guidance, specifically 2 CFR 200.512(a), establishes the filing requirements for the submission of single audits to the Federal audit clearing house and indicates that the single audit reporting package must be submitted 30 days after the date of the auditor's report(s) or 9 months after the end of the fiscal year, whichever comes first. Condition: The single audit reporting package for Grameen's year ended June 30, 2023 was due to the Federal audit clearinghouse by March 31, 2024. However, the data collection form was submitted on May 23, 2024. Cause: During the 2023 audit process, fieldwork timelines had to be extended to accommodate the time Grameen needed to ensure that all schedules were properly reconciled and supported, which caused delays in the audit completion. As a result, the 2023 auditor's report(s) were dated May 3, 2024. Effect or Potential Effect: Not timely filing the single audit reporting package is indicative of timeliness issues with the audit process. Questioned Costs: None. Context: As a result of delays in the completion of the 2023 audit, the single audit reporting package for the year ended June 30, 2023, was not submitted timely. Identification as a Repeat Finding, if Applicable: Not a repeat finding. Recommendation: We recommend that management implement procedures and control processes to ensure that future audits are completed timely so that the single audit reporting package is submitted by the appropriate deadline of either 30 days after the date of the auditor's report(s) or 9 months after the end of the fiscal year, whichever comes first.
View of Responsible Officials: Management carried out an after action review to identify the root cause of delays in completing the FY23 audit and timely filing of the single audit report packet. During FY24, we implemented strict timeline in completing the FY24 year end financial closing process and accounts reconciliation. An overall Audit Coordinator was appointed and worked closely with the business process leads while Regional and Country Managers helped ensure completion of the FY24 field offices and affiliates audit reports prior to start of the global audit fieldwork. Timely filing of the single audit report packet for FY24 is a high organizational priority. While significant improvements were noted during the recent audit, management continues to identify ways to improve existing processes and ensure that any challenges encountered were assessed and action immediately taken to address them.
FAC accepted this audit on May 23, 2024 — management decision was due November 23, 2024.
During our audit, we noted multiple asset, liability, revenue and expense accounts were not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely reconciled for the audit. This resulted in significant audit delays. Cause: Grameen had significant turnover within the accounting department during the fiscal year ended June 30, 2023. Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a timely manner, as well as the proper review and approval of such reconciliations, there exists the potential for reporting and the misappropriation of funds. Additionally, as a result of these delays, Grameen did not submit the Data Collection Form in time to be in compliance with the due date of March 31, 2024. Questioned costs: None noted. Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue and expense account balances. We consider our sample and testing to be representative of the population. Identification as a Repeat Finding, if Applicable: Not a repeat finding. Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout the year. These reconciliations should be reviewed in detail by an appropriate member of management for accuracy and completeness, as well as to investigate any unusual or significant old reconciling items that may require additional research and/or adjustment. All reviews should be completed in a timely manner.
Show full finding ▾Hide full finding ▴Finding 2023-002: Account Reconciliations and Financial Statement Close Process Information on the Federal Program: All Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of the United States or the "Internal Control Integrated Framework", issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)". Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely reconciled for the audit. This resulted in significant audit delays. Cause: Grameen had significant turnover within the accounting department during the fiscal year ended June 30, 2023. Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a timely manner, as well as the proper review and approval of such reconciliations, there exists the potential for reporting and the misappropriation of funds. Additionally, as a result of these delays, Grameen did not submit the Data Collection Form in time to be in compliance with the due date of March 31, 2024. Questioned costs: None noted. Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue and expense account balances. We consider our sample and testing to be representative of the population. Identification as a Repeat Finding, if Applicable: Not a repeat finding. Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout the year. These reconciliations should be reviewed in detail by an appropriate member of management for accuracy and completeness, as well as to investigate any unusual or significant old reconciling items that may require additional research and/or adjustment. All reviews should be completed in a timely manner.
Views of Responsible Officials: Finance management recognizes the importance of regular account analysis and account reconciliations. In view of the finance department’s staffing constraints, some account reconciliations were performed less frequently. As staffing issues (e.g., learning curve of new hire and return of staff from extended leave) are addressed, the finance team now performs regular account reconciliations as part of the month-end financial reporting close. Specific accounts are flagged for monthly reconciliations, i.e. bank and investment accounts, intercompany accounts, prepaids, advances, receivables and payables. Other accounts with only periodic activity, will be reconciled on a quarterly, mid-year, or yearly basis, as determined.
FAC accepted this audit on March 29, 2023 — management decision was due September 29, 2023.
FAC accepted this audit on April 13, 2022 — management decision was due October 13, 2022.
FAC accepted this audit on March 28, 2021 — management decision was due September 28, 2021.
Grameen Foundation USA experienced difficulty in preparing and ensuring that all Federal expenditures were identified, categorized and included in the Schedule of Expenditures of Federal Awards. The preparation of Grameen Foundation USA's SEFA required manual adjustments of Federal costs to the various programs due to amounts expended in excess of award amounts. We noted that the manual adjustments were not completed prior to the start of the audit. The condition impacted the entire SEFA which is considered to be a systematic problem. Cause: The Grameen Foundation USA headquarters office has seen a significant reduction of finance personnel. Effect or Potential Effect: Without periodic training and consistent application of Grameen Foundation USA?s internal policies and procedures, this could potentially result in material noncompliance with donor terms and misappropriation of funds. Questioned Costs: None noted Context: The SEFA was not accurately completed at year-end and required additional research by management and required additional modifications. Identification as a Repeat Finding, if Applicable: Not applicable. Recommendation: We recommend Grameen Foundation USA establish internal controls to correctly identify and track all Federal awards received either directly or indirectly.
Show full finding ▾Hide full finding ▴Finding 2020-001: Preparation of the Schedule of Expenditures of Federal Awards (SEFA) Information of the Federal Programs: CFDA 17.401 and 98.009 Criteria: As noted in 2 CFR 200.508 ?Auditee Responsibilities? indicates that the auditee must prepare appropriate financial statements, including the Schedule of Expenditures of Federal Awards (as specifically defined under 2 CFR 200.510 ?Financial statements?). Title 2 CFR 200 Section 200.510 ?Financial Statements? requires recipients of Federal funds to prepare a Schedule of Expenditures of Federal Awards (SEFA) for the period covered by the auditee's financial statements, which must include the total Federal awards expended. Additionally, in accordance with CFR 200.303, the non-Federal entity must: establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Condition: Grameen Foundation USA experienced difficulty in preparing and ensuring that all Federal expenditures were identified, categorized and included in the Schedule of Expenditures of Federal Awards. The preparation of Grameen Foundation USA's SEFA required manual adjustments of Federal costs to the various programs due to amounts expended in excess of award amounts. We noted that the manual adjustments were not completed prior to the start of the audit. The condition impacted the entire SEFA which is considered to be a systematic problem. Cause: The Grameen Foundation USA headquarters office has seen a significant reduction of finance personnel. Effect or Potential Effect: Without periodic training and consistent application of Grameen Foundation USA?s internal policies and procedures, this could potentially result in material noncompliance with donor terms and misappropriation of funds. Questioned Costs: None noted Context: The SEFA was not accurately completed at year-end and required additional research by management and required additional modifications. Identification as a Repeat Finding, if Applicable: Not applicable. Recommendation: We recommend Grameen Foundation USA establish internal controls to correctly identify and track all Federal awards received either directly or indirectly.
Manual adjustments of Federal costs to the various programs due to amounts expended in excess of award amounts resulted from a number of factors: significant reduction in Finance personnel and delays in obtaining written approval from the prime recipient to increase obligated amount. Management addressed this issue by ensuring that actual expenses charged, program implementation and planned spending are based on approved obligated amounts by the donor and not the donor approved estimated amount. We are in the process of recruiting for the Shared Service Center Controller position, which will further address the workload issue. We also reviewed our existing award management and reporting processes and started implementing changes during FY21 to further improve on existing internal controls, monitoring and reporting processes. In particular: We are in the process of preparing an interim SEFA for the period ended December 31, 2020. This will capture information on actual expenses reported to the donor, expenses as reflected in our financial system, supporting documentation in terms of detailed transaction list and any relevant reconciliation statements in case of timing differences in reporting. Completion date: no later than April 14, 2021. We will be preparing an interim SEFA for the period ending March 31, 2021 (with all relevant supporting documentation, reconciliation and review process). Completion date: no later than May14, 2021. We will continue preparing interim SEFAs on a quarterly basis as part of our regular monitoring and oversight on USG funded projects.Responsible Officials: Conan Wickham and Minette Gutierrez Anticipated Completion Date: May 14, 2021 (and quarterly for future periods)
We noted three instances where financial or programmatic reports were not submitted timely to the grantor. Cause: Grameen Foundation USA did not have the proper internal controls over compliance in place to ensure that the financial and programmatic reports submitted to the donors were timely submitted and within the terms indicated in the donor agreements. Effect or Potential Effect: Grameen Foundation USA is not in full compliance with the terms of its donor agreements. Questioned Costs: None noted. Context: Grameen Foundation USA failed to prepare and submit financial and programmatic reports on a timely basis.Identification as a Repeat Finding, if Applicable: Not applicable. Recommendation: We recommend Grameen Foundation USA implement procedures to ensure that reporting to donors are being timely submitted.
Show full finding ▾Hide full finding ▴Finding 2020-002: Federal Financial Reporting Information of the Federal Programs: CFDA 98.009 Criteria: In accordance with 2 CFR 226 Subpart C Section 21 "Standards for Financial Management Systems", recipients of Federal funds are required to establish financial management systems that will ensure effective control over and accountability for all funds, property and other assets. Various grantors require that Grameen Foundation USA submit quarterly or monthly financial and programmatic reports, in accordance with the schedules outlined in the donor agreements. Condition: We noted three instances where financial or programmatic reports were not submitted timely to the grantor. Cause: Grameen Foundation USA did not have the proper internal controls over compliance in place to ensure that the financial and programmatic reports submitted to the donors were timely submitted and within the terms indicated in the donor agreements. Effect or Potential Effect: Grameen Foundation USA is not in full compliance with the terms of its donor agreements. Questioned Costs: None noted. Context: Grameen Foundation USA failed to prepare and submit financial and programmatic reports on a timely basis.Identification as a Repeat Finding, if Applicable: Not applicable. Recommendation: We recommend Grameen Foundation USA implement procedures to ensure that reporting to donors are being timely submitted.
Corrective actions are already in place, and we continue to ensure compliance through the year. Detailed review of Salesforce project information data and alerts to ensure that sufficient time is given to stakeholders involved in putting together both program and financial reports. We will also track actual reports submission date in Salesforce going forward. Finance has a supplementary report tracker that captures reports that need to be submitted to donors for each active award. Protocol is in place on supporting documents that need to be provided by the Business Analysts to the Director of Finance/Interim CFO when presenting financial reports for approval, prior to sending them to the donor. As part of our quarterly SEFA review process, we plan on carrying a review and inventory of all program and financial reports due to be submitted in FY21 (from July 1, 2020 to March 31, 2021) to ensure compliance with our new protocol. We expect to complete the detailed review for the reporting period ended December 31, 2020 no later than April 14, 2021 and reporting period ending March 31, 2021 by May 14, 2021. Responsible Officials: Conan Wickham, Minette Gutierrez and Brent Chism Anticipated Completion Date: May 14, 2021
FAC accepted this audit on March 30, 2020 — management decision was due September 30, 2020.
FAC accepted this audit on December 28, 2017 — management decision was due June 28, 2018.
GSA_MIGRATION
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GSA_MIGRATION
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GSA_MIGRATION
2015-001
FAC accepted this audit on August 24, 2016 — management decision was due February 24, 2017.
GSA_MIGRATION
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GSA_MIGRATION
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