EIN: 980575195
UEI: ELU8GY11VVM4
Audited by: Select Accounting Reporting and Consultation LLC
Oversight agency: 19 [Department of State]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 19, 2024. 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 May 19, 2025 (481 days ago).
What is a management decision? →FAC accepted this audit on November 20, 2024 — management decision was due May 20, 2025.
FAC accepted this audit on November 21, 2022 — management decision was due May 21, 2023.
The Organization did not register its subawards in the FFATA FSRS. Cause: Due to the sensitivity around the nature of the work being performed under this program, the Organization did not apply the latest compliance supplement issued by the Office of Management and Budget regarding subaward reporting requirements, and as a result did not adhere to the guidance. Effect or Potential Effect: The Organization could inadvertently fail to ensure that subrecipients are in compliance with Federal award agency regulations. Questioned Costs: None noted. Context: The Organization did not register their subawards in excess of $30,000 with the FFATA FSRS. Identification as a Repeat Finding, if Applicable: Not applicable. Recommendation: We recommend that the Organization update its policies and procedures to ensure all first tier subawards in excess of $30,000 are accurately and timely registered with the FFATA FSRS. In addition, the Organization should ensure any subawards are reported within the required time-frame. The data elements that are required to be reporting for each subaward in excess of $30,000 include the following: Subaward Date; Subawardee DUNS #; Amount of Subaward; Subaward Obligation/Action Date; Date of Report Submission; Subaward Number.
Show full finding ▾Hide full finding ▴Finding 2022-001: Federal Funding Accountability and Transparency Act (FFATA) Subaward Reporting Federal Programs: Assistance Listing Number #19.519 Criteria: As noted in 2 CFR Part 170, recipients (i.e., direct recipients) of grants or cooperative agreements who make first tier subawards of $30,000 or more are required to register in the Federal Funding Accountability and Transparency Act (FFATA) Subaward Reporting System (FSRS) and report subaward data through FSRS. Condition: The Organization did not register its subawards in the FFATA FSRS. Cause: Due to the sensitivity around the nature of the work being performed under this program, the Organization did not apply the latest compliance supplement issued by the Office of Management and Budget regarding subaward reporting requirements, and as a result did not adhere to the guidance. Effect or Potential Effect: The Organization could inadvertently fail to ensure that subrecipients are in compliance with Federal award agency regulations. Questioned Costs: None noted. Context: The Organization did not register their subawards in excess of $30,000 with the FFATA FSRS. Identification as a Repeat Finding, if Applicable: Not applicable. Recommendation: We recommend that the Organization update its policies and procedures to ensure all first tier subawards in excess of $30,000 are accurately and timely registered with the FFATA FSRS. In addition, the Organization should ensure any subawards are reported within the required time-frame. The data elements that are required to be reporting for each subaward in excess of $30,000 include the following: Subaward Date; Subawardee DUNS #; Amount of Subaward; Subaward Obligation/Action Date; Date of Report Submission; Subaward Number.
Views of Responsible Officials and Planned Corrective Actions: We will update our policies and procedures to ensure all first tier subawards in excess of $30,000 are accurately and timely registered. We will ensure any subawards are reported within the required timeframe.
FAC accepted this audit on March 30, 2022 — management decision was due September 30, 2022.
FAC accepted this audit on September 22, 2021 — management decision was due March 22, 2022.
FAC accepted this audit on June 8, 2021 — management decision was due December 8, 2021.
We noted that fiscal year-end schedules supporting certain asset and liability accounts were incorrectly prepared and required revision, also resulting in adjustments to the general ledger balances. Cause: The Finance Department experienced turnover in the Finance Department over the last year. Additionally, the accounting system was migrated from an international platform to a U.S. based system. As a result of the changes in the department, coupled with additional funding and projects, the Finance department experienced difficulty in completing accurate reconciliations and performing thorough analyses (particularly of its liability accounts). Additionally, a proper internal controls process, which would include a supervisory review and approval process (with physical or electronic evidence of such a process), was not in place during the fiscal year under audit. Effect: Significant adjustments were proposed by management during the audit. Additionally, any internal financial statements produced by management during the year (and as of fiscal year end) were not properly stated in relation to the financial statements taken as a whole (and therefore could not be relied upon). Questioned Costs: None identified. Context: Our audit procedures consisted of an initial review of the SEFA, which resulted in multiple subsequent reviews following attempts to correct prior schedules. The condition noted is deemed to be systematic in nature. Identification as a Repeat Finding: This is not a repeat finding Recommendation: We strongly recommend that all asset and liability account reconciliations be performed on a monthly or quarterly (at a minimum) basis. In order to ensure accuracy of financial data reported externally, we also recommend that the Organization?s internal records be reconciled with financial reports submitted to the U.S. Government and other donors. Lastly, we recommend that a documented review and approval process with respect to monthly or quarterly reconciliations be retained in a physical or electronic fashion in the Organization?s accounting records.
Show full finding ▾Hide full finding ▴Finding 2019-001: Reconciliation of Accounts Information on the Federal Programs: All Federal Awards Criteria: CFR 200.303 ?Internal Controls? states that the non-Federal entity must: Establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in ?Standards for Internal Control in the Federal Government? issued by the Comptroller General of the United States or the ?Internal Control Integrated Framework?, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Additionally, management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Condition: We noted that fiscal year-end schedules supporting certain asset and liability accounts were incorrectly prepared and required revision, also resulting in adjustments to the general ledger balances. Cause: The Finance Department experienced turnover in the Finance Department over the last year. Additionally, the accounting system was migrated from an international platform to a U.S. based system. As a result of the changes in the department, coupled with additional funding and projects, the Finance department experienced difficulty in completing accurate reconciliations and performing thorough analyses (particularly of its liability accounts). Additionally, a proper internal controls process, which would include a supervisory review and approval process (with physical or electronic evidence of such a process), was not in place during the fiscal year under audit. Effect: Significant adjustments were proposed by management during the audit. Additionally, any internal financial statements produced by management during the year (and as of fiscal year end) were not properly stated in relation to the financial statements taken as a whole (and therefore could not be relied upon). Questioned Costs: None identified. Context: Our audit procedures consisted of an initial review of the SEFA, which resulted in multiple subsequent reviews following attempts to correct prior schedules. The condition noted is deemed to be systematic in nature. Identification as a Repeat Finding: This is not a repeat finding Recommendation: We strongly recommend that all asset and liability account reconciliations be performed on a monthly or quarterly (at a minimum) basis. In order to ensure accuracy of financial data reported externally, we also recommend that the Organization?s internal records be reconciled with financial reports submitted to the U.S. Government and other donors. Lastly, we recommend that a documented review and approval process with respect to monthly or quarterly reconciliations be retained in a physical or electronic fashion in the Organization?s accounting records.
Views of Responsible Officials and Planned Corrective Actions: Since the end of fiscal 2019, Building Markets has taken the following steps to address the deficiency: 1. Filled a headquarters staffing gap through the recruitment and hiring of a Senior Manager of Finance and Administration. 2. The Senior Manager of Finance and Administration now monitors and maintains asset and liability reconciliations, reviews staff entries, and ensures all appropriate coding. 3. All accounts are now reconciled on a monthly basis and signed off by the Senior Manager of Finance and Administration. 4. All asset and liability accounts have also been reconciled, and year-end adjustments were journalized to clean old errors and ensure accuracy of all financial data. 5. All financial workflows and guidance at headquarters and in our field offices has also been reviewed. 6. and updated to ensure consistency and alignment with organizational and donor policy. Responsible Official/Completion Date: Shaniqwa Chapman, Senior Manager of Finance and Administration, 03/31/2021
FAC accepted this audit on March 31, 2019 — management decision was due October 1, 2019.
GSA_MIGRATION
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GSA_MIGRATION
2016-001
GSA_MIGRATION
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GSA_MIGRATION
2016-002
GSA_MIGRATION
Show full finding ▾Hide full finding ▴FAC accepted this audit on April 8, 2018 — management decision was due October 8, 2018.
GSA_MIGRATION
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Show full finding ▾Hide full finding ▴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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