EIN: 870678829
UEI: H2UAVNWH7WJ3
Audited by: Squire & Company, PC
Oversight agency: 11 [Department of Commerce]
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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 May 11, 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 November 11, 2026 (70 days from today).
What is a management decision? →FAC accepted this audit on May 12, 2025 — management decision was due November 12, 2025.
FAC accepted this audit on March 27, 2024 — management decision was due September 27, 2024.
FAC accepted this audit on April 18, 2023 — management decision was due October 18, 2023.
FAC accepted this audit on May 3, 2022 — management decision was due November 3, 2022.
FAC accepted this audit on April 26, 2021 — management decision was due October 26, 2021.
FAC accepted this audit on June 2, 2020 — management decision was due December 2, 2020.
1. One new loan was issued with a term of 10 years: Spa Trouve was the second loan Mountain West packaged in the transition under Mountain West. The Administrator recognized the error later and each loan since that time have been for seven (7) years or less. 2. Documentation for proof of flood insurance: This was a miss since the Administrator did take a 2nd mortgage on a personal property. Since receiving the Finding the Administrator has ordered and received a flood certification to rectify the oversight. In the future each loan will have a form from an outside source confirming whether or not the subject is in a flood plain and would require Flood Insurance. 3. Income statements and balance sheets: This item was not overlooked during the transition from Innoventures to Mountain West, but it was started too late in 2019. The 2019 process is listed below. a. The official letter from Steve Grizzell, USBLF Executive Director, announcing his retirement and introduction of Mountain West for ongoing servicing was mailed and emailed to all existing USBLF borrowers in November 2019. b. According to the January 2020 Board minutes, Robert Lund had been doing following up on income statements and balance sheets in the past and would provide the necessary training to Mountain West. The new procedure going forward would be to ask for the income and balance statements and the employment verification immediately after the past year?s tax deadline in mid-April, followed by a second request in midJuly and a third request after the tax extension had passed in mid-October. If nothing is received the request will be added to the following year?s request in mid-April but documentation would be noted at each level. 4. Documentation of site visits was not provided for seven (7) loans: Again, this fell through the cracks in the transition. Semi-annual site visits will be conducted on an ongoing basis now that the Administrator has them in their process.
Show full finding ▾Hide full finding ▴1. One new loan was issued with a term of 10 years: Spa Trouve was the second loan Mountain West packaged in the transition under Mountain West. The Administrator recognized the error later and each loan since that time have been for seven (7) years or less. 2. Documentation for proof of flood insurance: This was a miss since the Administrator did take a 2nd mortgage on a personal property. Since receiving the Finding the Administrator has ordered and received a flood certification to rectify the oversight. In the future each loan will have a form from an outside source confirming whether or not the subject is in a flood plain and would require Flood Insurance. 3. Income statements and balance sheets: This item was not overlooked during the transition from Innoventures to Mountain West, but it was started too late in 2019. The 2019 process is listed below. a. The official letter from Steve Grizzell, USBLF Executive Director, announcing his retirement and introduction of Mountain West for ongoing servicing was mailed and emailed to all existing USBLF borrowers in November 2019. b. According to the January 2020 Board minutes, Robert Lund had been doing following up on income statements and balance sheets in the past and would provide the necessary training to Mountain West. The new procedure going forward would be to ask for the income and balance statements and the employment verification immediately after the past year?s tax deadline in mid-April, followed by a second request in midJuly and a third request after the tax extension had passed in mid-October. If nothing is received the request will be added to the following year?s request in mid-April but documentation would be noted at each level. 4. Documentation of site visits was not provided for seven (7) loans: Again, this fell through the cracks in the transition. Semi-annual site visits will be conducted on an ongoing basis now that the Administrator has them in their process.
UTAH SMALL BUSINESS LOAN FUND Corrective Action Plan For the Year Ended December 31, 2019 CONTACT: Steve Suite, Executive Director, USBLF ssuite@mwsbf.com 801.910.4943 After review of the Finding and the individual circumstances described we agree that a number of these issues were missed due to the transition and change of administrators between Innoventures and Mountain West Small Business Finance (Mountain West or Administrator) beginning 01/01/2019 and ending 12/31/1019. Mountain West has the personnel, systems, and expertise to accurately package and service these loans. They have had a USDA RLF for nearly 30 years, but this is their first experience with the EDA so there is a learning curve and room for improvement going forward. Since the Findings are mostly systemic the corrective action will be ongoing effective immediately. With regard to specific responses for the five (5) Findings: 1. One new loan was issued with a term of 10 years. Spa Trouve was the first loan Mountain West packaged in the transition under Mountain West . The Administrator recognized the error later and each loan since that time have been for seven (7) years or less. Correction completed. 2. Documentation for proof of flood insurance. This was a miss since the Administrator did take a 2nd mortgage on a personal property. Since receiving the Finding the Administrator has sent a notice to the borrow to rectify the oversight. In the future each loan will have a form from an outside source confirming whether or not the subject is in a flood plain and would require Flood Insurance. Administrator?s current system has been applied to ongoing lending. Correction in process. 3. Income statements and balance sheets. This item was not overlooked during the transition from Innoventures to Mountain West, but it was started too late in 2019. The 2019 process is listed below. a. The official letter from Steve Grizzell, USBLF Executive Director, announcing his retirement and introduction of Mountain West for on-going servicing was mailed and emailed to all existing USBLF borrowers in November 2019. b. According to the January 2020 Board minutes, Robert Lund had been doing following up on income statements and balance sheets in the past and would provide the necessary training to Mountain West. The new procedure going forward would be to ask for the income and balance statements and the employment verification immediately after the past year?s tax deadline in mid-April, followed by a second request in mid-July and a third request after the tax extension had passed in mid-October. If nothing is received the request will be added to the following year?s request in mid-April but documentation would be noted at each level. Administrator?s current system has been applied to ongoing lending. Correction in process. 4. Documentation of site visits was not provided for seven (7) loans. Again, this fell through the cracks in the transition. Semi-annual site visits will be conducted on an ongoing basis now that the Administrator has them in their process. Administrator?s current system has been applied to ongoing lending. Correction in process.
FAC accepted this audit on May 19, 2019 — management decision was due November 19, 2019.
FAC accepted this audit on April 29, 2018 — management decision was due October 29, 2018.
FAC accepted this audit on May 14, 2017 — management decision was due November 14, 2017.
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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