Moore County Development, Inc.Non-Profit

2025-001 - Internal Controls surrounding Reporting compliance requirement Criteria: The Uniform Guidance requires that management of Moore County Development, Inc. (the Organization) implement a system of internal controls over compliance for the direct and material program compliance requirements. Condition and Context: During our audit, we noted that management of the Organization had not implemented a system of internal controls applicable to the Organization’s compliance with the Reporting requirement. Cause: Management of the Organization has not implemented internal controls surrounding the Organization’s compliance with reporting requirements. Effect of Potential Effect: Without implementation of a properly operating system of internal controls over compliance, the Organization could become noncompliant with grant requirements. Recommendation: We recommend management of the Organization implement a system of internal controls over compliance, to specifically include the Board of Director’s review and documentation of review of compliance reports submitted by management. Responsible Official’s Response: In progress. Management of the Organization will present compliance reports to the Board of Directors for review and approval prior to submission.

2025-002 - Internal Controls surrounding Special Tests and Provisions compliance requirement Criteria: The Uniform Guidance requires that management of Moore County Development, Inc. (the Organization) implement a system of internal controls over compliance for the direct and material program compliance requirements. Condition and Context: During our audit, we noted that management of the Organization had not implemented a system of internal controls applicable to the Organization’s compliance with the Special Tests and Provisions requirement. Cause: Management of the Organization has not implemented internal controls surrounding the Organization’s compliance with special tests and provisions requirements. Effect of Potential Effect: Without implementation of a properly operating system of internal controls over compliance, the Organization could become noncompliant with grant requirements. Recommendation: We recommend management of the Organization implement a system of internal controls over compliance, to specifically include the Board of Director’s review and documentation of review of GAAP accounting requirements for allowance for expected credit loss provisions. Responsible Official’s Response: Management of the Organization has elected not to adopt GAAP accounting requirements for allowance for expected credit loss provisions.

2025-003 - Noncompliance with Special Tests and Provisions compliance requirement Criteria: The Uniform Guidance requires that management of Moore County Development, Inc. (the Organization) to follow compliance requirements for GAAP accounting, including specific requirements for accounting for credit loss provisions. Condition and Context: During our audit, we noted that management of the Organization had not adopted GAAP accounting requirements for credit loss provisions. Cause: Management of the Organization has not adopted GAAP accounting requirements for credit loss provisions. Effect of Potential Effect: The Organization is not following GAAP accounting requirements for credit loss provisions. Recommendation: We recommend management of the Organization evaluate the GAAP requirements for accounting for credit loss provisions. Responsible Official’s Response: Management of the Organization has elected not to adopt GAAP accounting requirements for allowance for credit loss provisions.