EIN: 942536140
UEI: PTVHSM3P6NY3
Audited by: HARSHWAL & COMPANY LLP
Oversight agency: 11 [Department of Commerce]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on February 19, 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 August 19, 2026 (16 days ago).
What is a management decision? →FAC accepted this audit on March 28, 2025 — management decision was due September 28, 2025.
FAC accepted this audit on March 19, 2024 — management decision was due September 19, 2024.
FAC accepted this audit on March 29, 2023 — management decision was due September 29, 2023.
FAC accepted this audit on July 10, 2022 — management decision was due January 10, 2023.
2021-001: USE OF GIFT CERTIFICATES - INTERNAL CONTROL Criteria The California Constitution prohibits the gift of public funds. The issuance of gift certificates is considered to be the same as gifting cash. Condition During our testing of accounts payable expenditures, we noted one disbursement totaling $465 which was for gift cards provided to employees. Effect The Commission improperly expended $465 for unallowable expenses. Cause The Commission staff member purchasing the gift cards was not aware that they were considered unallowable. Recommendation We recommend that the Commission inform all staff that purchases of gift cards or gift certificates is considered an unallowable gift of public funds and will not be reimbursed or paid for by the Commission. Views of Responsible Officials and Planned Corrective Action The Commission agrees and will ensure that no gift cards or gift certificates are purchased for any reason with Commission funds.
Show full finding ▾Hide full finding ▴2021-001: USE OF GIFT CERTIFICATES - INTERNAL CONTROL Criteria The California Constitution prohibits the gift of public funds. The issuance of gift certificates is considered to be the same as gifting cash. Condition During our testing of accounts payable expenditures, we noted one disbursement totaling $465 which was for gift cards provided to employees. Effect The Commission improperly expended $465 for unallowable expenses. Cause The Commission staff member purchasing the gift cards was not aware that they were considered unallowable. Recommendation We recommend that the Commission inform all staff that purchases of gift cards or gift certificates is considered an unallowable gift of public funds and will not be reimbursed or paid for by the Commission. Views of Responsible Officials and Planned Corrective Action The Commission agrees and will ensure that no gift cards or gift certificates are purchased for any reason with Commission funds.
Views of Responsible Officials and Planned Corrective Action The Commission agrees and will ensure that no gift cards or gift certificates are purchased for any reason with Commission funds.
2021-002: CONFLICTS OF INTEREST Program Affected Economic Development Administration: Economic Adjustment Assistance Program, Federal Assistance Listing Number 11.307, award number 07-19-02074 Criteria Title 13 of the Code of Federal Regulations prohibits recipients of Revolving Loan Fund ("RLF") grants from lending of RLF funds to an interested party or any former RLF board member for two years from the date that the board member last served on the RLF's board of directors. Condition During our testing of notes receivable, we noted RREDC made a loan to an entity in which a RREDC board member was an owner of the business. The loan was made for the purchase of a building held as collateral under another loan which was sold to avoid default. The loan was for $218,000 with terms of 0 percent interest for five years and 4 percent interest for the remaining 20 years. Effect The Commission improperly loaned $218,000 to an ineligible loan recipient. Questioned Costs The total questioned costs resulting from the loan transaction are $218,000. Cause The Commission was not aware that loans to interested parties were not allowed. Recommendation We recommend that the Commission establish procedures to ensure that loans to any interested parties are not made in the future. Views of Responsible Officials and Planned Corrective Action The Commission agrees and will ensure that loans to interested parties are not made in the future.
Show full finding ▾Hide full finding ▴2021-002: CONFLICTS OF INTEREST Program Affected Economic Development Administration: Economic Adjustment Assistance Program, Federal Assistance Listing Number 11.307, award number 07-19-02074 Criteria Title 13 of the Code of Federal Regulations prohibits recipients of Revolving Loan Fund ("RLF") grants from lending of RLF funds to an interested party or any former RLF board member for two years from the date that the board member last served on the RLF's board of directors. Condition During our testing of notes receivable, we noted RREDC made a loan to an entity in which a RREDC board member was an owner of the business. The loan was made for the purchase of a building held as collateral under another loan which was sold to avoid default. The loan was for $218,000 with terms of 0 percent interest for five years and 4 percent interest for the remaining 20 years. Effect The Commission improperly loaned $218,000 to an ineligible loan recipient. Questioned Costs The total questioned costs resulting from the loan transaction are $218,000. Cause The Commission was not aware that loans to interested parties were not allowed. Recommendation We recommend that the Commission establish procedures to ensure that loans to any interested parties are not made in the future. Views of Responsible Officials and Planned Corrective Action The Commission agrees and will ensure that loans to interested parties are not made in the future.
Views of Responsible Officials and Planned Corrective Action The Commission agrees and will ensure that loans to interested parties are not made in the future.
FAC accepted this audit on March 23, 2021 — management decision was due September 23, 2021.
FAC accepted this audit on March 9, 2020 — management decision was due September 9, 2020.
FAC accepted this audit on March 4, 2019 — management decision was due September 4, 2019.
FAC accepted this audit on January 31, 2018 — management decision was due July 31, 2018.
FAC accepted this audit on March 6, 2017 — management decision was due September 6, 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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