EIN: 861091967
UEI: RBHJRALA6356
Single Audit filed under EIN: 900110906
010572642, 010632628, 030415647, 030452423, 030453212, 043618570, 043746986, 050527061, 100029001, 100029501, 100054201, 100054801, 100056201, 111112140, 161756787, 201568257, 207371298, 207371762, 255910100, 264184618, 264635485, 272143094, 273003796, 273533138, 300873311, 320069194, 320170041, 320348189, 331000747, 331143971, 334372160, 362680757, 362761981, 363042127, 363422943, 363586964, 363956180, 364163567, 364165260, 366008480, 370975309, 371080429, 371254630, 371263861, 371282306, 371310988, 371320188, 371323236, 371340071, 371349602, 371354673, 371380174, 371394631, 371401971, 376001289, 376002057, 421743022, 431953208, 470865977, 500051001, 521752528, 611418754, 611604167, 611846325, 611864881, 612276047, 731641239, 743256858, 760809915, 800566965, 813360639, 841635824, 870729617, 900347365, 921705966, 931800745 · unlinked EINs have no separate FAC filing
Audited by: RSM US LLP
Oversight agency: 66 [Environmental Protection Agency]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 3, 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 September 3, 2026 (2 days from today).
What is a management decision? →Out of the 13 payroll transactions and 4 indirect cost transactions tested for allowable activities and costs, we were unable to obtain documentation to support that controls were in place to review for allowable activities and costs prior to applying to the grant for all (100%) of the transactions. The sample was not intended to be, and was not, a statistically valid sample. Criteria: Uniform Grant Guidance (2 CFR 200.303) requires nonfederal entities receiving Federal awards to establish and maintain internal controls designed to reasonably ensure compliance with Federal laws, regulations, and program compliance requirements. Cause: Authority officials indicated this issue was due to the size of the Authority, there was a lack of segregation of duties or documentation to support reviews. Effect: Without a proper internal control system to support reviews performed over allowable costs and activities, the Authority risks submitting unallowable costs, which could result in a loss of future funding. (Finding Code No. 2025-001) Recommendation: We recommend the Authority develop and document controls for ensuring expenditures applied to the grant are allowable. Authority’s Response: The Authority accepts single audit finding 2025-001 Internal Controls over Allowable Costs/Activities. The Authority has implemented a process and related internal controls and appropriate segregation of duties to ensure Authority financial transactions (i.e., expenditures applied to corresponding grants are allowable; month-end financial entries; etc.) are appropriately prepared, reviewed, authorized, and recorded.
Show full finding ▾Hide full finding ▴Federal Agency: U.S. Environmental Protection Agency Program Name: Greenhouse Gas Reduction Fund: Solar For All ALN: 66.959 Award Numbers: 84090501, Federal Award Year 2024 - 2025 Questioned Costs: None 2025-001: Finding: Internal Controls over Allowable Costs/Activities The Illinois Finance Authority (Authority) had weaknesses in its internal controls over reviews of allowable costs and activities. Condition: Out of the 13 payroll transactions and 4 indirect cost transactions tested for allowable activities and costs, we were unable to obtain documentation to support that controls were in place to review for allowable activities and costs prior to applying to the grant for all (100%) of the transactions. The sample was not intended to be, and was not, a statistically valid sample. Criteria: Uniform Grant Guidance (2 CFR 200.303) requires nonfederal entities receiving Federal awards to establish and maintain internal controls designed to reasonably ensure compliance with Federal laws, regulations, and program compliance requirements. Cause: Authority officials indicated this issue was due to the size of the Authority, there was a lack of segregation of duties or documentation to support reviews. Effect: Without a proper internal control system to support reviews performed over allowable costs and activities, the Authority risks submitting unallowable costs, which could result in a loss of future funding. (Finding Code No. 2025-001) Recommendation: We recommend the Authority develop and document controls for ensuring expenditures applied to the grant are allowable. Authority’s Response: The Authority accepts single audit finding 2025-001 Internal Controls over Allowable Costs/Activities. The Authority has implemented a process and related internal controls and appropriate segregation of duties to ensure Authority financial transactions (i.e., expenditures applied to corresponding grants are allowable; month-end financial entries; etc.) are appropriately prepared, reviewed, authorized, and recorded.
Corrective Action Plan Single Audit Finding 2025-001: Internal Controls over Allowable Costs/Activities Plan: The IFA acknowledges the importance of internal controls and appropriate segregation of duties ensuring the review and approval process for Authority financial transactions (i.e., expenditures applied to corresponding grants are allowable; month-end financial entries; etc.). With recent staff additions, IFA has enhanced its internal control environment by implementing a review/authorization process to ensure the preparation and approval of journal entries (i.e., month-end, etc.) occurs in accordance of established internal controls and appropriate segregation of duties (e.g., month-end journal entries prepared by the IFA SVP-FA are reviewed and approved by the IFA Chief Operating Officer, or appropriate designee). Since manual or adjusting journal entries are information processing activities that carry higher risk, a review of journal entries after posting serve as acceptable verification control in accordance with the United States Government Accountability Office Standards for Internal Control in the Federal Government that helps ensure transactions are appropriate. These post-entry reviews represent an acceptable form of management oversight (Principle 16) and serve as an acceptable validation check (Principle 10) to confirm that entries align with supporting documentation, reconcile with expectations, and aligned with organizational directives. Month Implemented: November 2025 IFA Contact: Ms. Ximena Granda SVP – Finance & Administration xgranda@il-fa.com Office (312) 651-1362
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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