EIN: 840960926
UEI: CVTCSSF7N1B4
Data as of August 26, 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 (155 days from today).
What is a management decision? →Type of Finding: Material Weakness in Internal Control over Financial Reporting Criteria or Specific Requirement: To align with the Authority’s policy of accounting for expenditure-driven grants, as well as to comply with generally accepted accounting principles, revenue should be recognized when the qualified expenditure has been incurred and all other grant requirements are met. Conditions: The Authority did not accrue revenue totaling $1,092,801 to match corresponding reimbursement grant expenditures incurred in 2025. Causes: The Authority received major capital grants from both the FAA and from state sources in 2025 for construction projects. Tracking the capital projects and related grant requests presented a significant challenge for the Authority’s small finance team, who needed to manage and track all grant activity on top of managing daily operations. Because of this, the Authority was delayed in submitting reimbursement requests for FAA grants and did not accrue revenue for expenditures incurred in 2025 but not submitted for reimbursement until 2026. Repeat Findings: Not applicable Recommendations: Auditor recommends that the Authority’s finance staff closely review ongoing grant projects which include reimbursable funding to ensure grant expenditures are reviewed at year-end to determine if grant revenue should be accrued to match expenditures. Auditor additionally recommends that the Authority’s finance staff implement procedures to submit grant reimbursement requests in a timely manner. View of Responsible Officials: There is no disagreement with the audit finding.
Show full finding ▾Hide full finding ▴Type of Finding: Material Weakness in Internal Control over Financial Reporting Criteria or Specific Requirement: To align with the Authority’s policy of accounting for expenditure-driven grants, as well as to comply with generally accepted accounting principles, revenue should be recognized when the qualified expenditure has been incurred and all other grant requirements are met. Conditions: The Authority did not accrue revenue totaling $1,092,801 to match corresponding reimbursement grant expenditures incurred in 2025. Causes: The Authority received major capital grants from both the FAA and from state sources in 2025 for construction projects. Tracking the capital projects and related grant requests presented a significant challenge for the Authority’s small finance team, who needed to manage and track all grant activity on top of managing daily operations. Because of this, the Authority was delayed in submitting reimbursement requests for FAA grants and did not accrue revenue for expenditures incurred in 2025 but not submitted for reimbursement until 2026. Repeat Findings: Not applicable Recommendations: Auditor recommends that the Authority’s finance staff closely review ongoing grant projects which include reimbursable funding to ensure grant expenditures are reviewed at year-end to determine if grant revenue should be accrued to match expenditures. Auditor additionally recommends that the Authority’s finance staff implement procedures to submit grant reimbursement requests in a timely manner. View of Responsible Officials: There is no disagreement with the audit finding.
Telluride Regional Airport Authority (“TRAA”) respectfully submits the following corrective action plan for the year ended December 31, 2025. Reference Number: 2025-001 Finding: TRAA’s 2025 Single Audit brought forth finding(s) which required a corrective action letter or Plan. The following item related to the Airport’s federal grant reimbursements: - Program 20.106 revenues were underreported by $1,092,801 in 2025. This underreporting stems from expenditures being incurred in 2025 but the corresponding reimbursement request, and revenue recognition, was not recorded until 2026, partially attributed to delays in submitting reimbursement requests. Corrective Action: TRAA agrees that the finding is correct. Moving forward, management will review grant expenditures at year-end to verify that the related revenues have been accrued, and management will work to file reimbursement requests for outstanding grants on a more timely basis. Personnel Responsible for Corrective Action: Linda Soucie, Business Manager Anticipated Completion Date: December 31, 2026 for fiscal year 2026
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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