The audit found that The Golden L.E.A.F. (Long-term Economic Advancement Foundation), Inc. (Golden LEAF) did not design and implement procedures to ensure that COVID-19 Rapid Recovery loan recipients used funds in accordance with the 2020 COVID-19 Recovery Act (Recovery Act).  As a result, (1) there was an increased risk that loan recipients could have misused the funds without the misuse being detected and corrected in a timely manner, (2) Golden LEAF would be unable to recapture misused loan funds and provide the funds as loans to other small businesses experiencing economic hardship caused by the COVID-19 pandemic, and (3) Golden LEAF would be limited in its ability to know whether the loans were achieving legislatively intended results. Details about each item are provided in the Finding, Recommendations, and Response section of the report. Golden LEAF disagreed with the finding and recommendations in the report.  As a result, the report includes a State Auditor’s Response to ensure readers have complete and accurate information and are not misled.

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