Complete Text of Report is available in PDF format (187kb). Copies can also be obtained by contacting the Office of Public Affairs at 202-619-1343.
EXECUTIVE SUMMARY:
This letter report provides the results of our audit of discretionary grant number #90EE0298/01, awarded to Impact Seven, Inc., Almena, Wisconsin. The grant provided $600,000 (Federal share) and $3,102,000 from non-Federal sources to purchase land, rehabilitate buildings, construct new retail and manufacturing facilities for expanding businesses and industry, and develop low-income housing in Ashland, Wisconsin. Although Impact Seven purchased, rehabilitated and constructed retail and business properties and low-income housing in the Ashland community, it (i) did not construct all of the retail and business properties proposed in the grant, (ii) has not met the grant employment goals, and (iii) is unable to document the percent of low-income individuals employed by the tenants benefiting from the grant.