EIN: 742522436
UEI: HWJMRNTHN8H8
Data as of August 22, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on July 28, 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 January 28, 2027 (158 days from today).
What is a management decision? →The Foundation’s financial team was behind in processing invoices and disbursements. The financial team is currently working to get caught up. Effect: The Principal Investigators did not have sufficient financial information to properly budget and plan ahead for their projects. Cause: This condition was due to ineffective procedures and reporting from management that were not monitored by the Board for their effectiveness in quarterly board meetings. Recommendation: We recommend that the Foundation get caught up and hold meetings with each Principal Investigator to answer any questions they have. The goal would be to make sure they are comfortable with the reporting that is being done timely going forward. We also recommend that policies and procedures in place be reviewed and updated to ensure that this issue doesn’t recur in the future. Views of responsible officials and planned corrective actions: The Foundation agrees with this finding and will implement a corrective action plan based on this recommendation.
Show full finding ▾Hide full finding ▴Research and Development Cluster Criteria: Principal Investigators did not receive timely financial information for most of 2025 and to date in 2026. Condition: The Foundation’s financial team was behind in processing invoices and disbursements. The financial team is currently working to get caught up. Effect: The Principal Investigators did not have sufficient financial information to properly budget and plan ahead for their projects. Cause: This condition was due to ineffective procedures and reporting from management that were not monitored by the Board for their effectiveness in quarterly board meetings. Recommendation: We recommend that the Foundation get caught up and hold meetings with each Principal Investigator to answer any questions they have. The goal would be to make sure they are comfortable with the reporting that is being done timely going forward. We also recommend that policies and procedures in place be reviewed and updated to ensure that this issue doesn’t recur in the future. Views of responsible officials and planned corrective actions: The Foundation agrees with this finding and will implement a corrective action plan based on this recommendation.
Recommendation: We recommend that the Foundation get caught up and hold meetings with each Principal Investigator to answer any questions they have. The goal would be to make sure they are comfortable with the reporting that is being done timely going forward. We also recommend that policies and procedures in place be reviewed and updated to ensure that this issue doesn’t recur in the future. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: 1. The ongoing comprehensive financial review of Principal Investigator (PI) projects will be completed to ensure all project accounts are current and accurate. As PI account reconciliation is completed, PIs will be offered the opportunity to meet with members of the accounting team to review their project financial statements. 2. A Project Financial Reporting policy will be developed for Board approval which will dictate the required frequency and format of financial reports, and which will comply with applicable policies. Templates for PI financial reporting will be improved to provide accurate, easily comprehensible and actionable information to enable PIs to make informed financial management decisions. The Finance Committee will monitor the timeliness of statement delivery. Name(s) of the contact person(s) for corrective action: Alicia Swan, Board Chair Completion date for corrective action plan: 12/31/26
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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