FAC Explorer

Audit 10474

FY End
2022-06-30
Total Expended
$1.10M
Findings
2
Programs
1
Organization: Rhode Island Philharmonic Orchestra and Music School (RI)
Year: 2022 Accepted: 2024-01-09
Auditor: Kahn Litwin Renza & CO LTD

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
8005 2022-001 Significant Deficiency - P
584447 2022-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
59.075 Shuttered Venue Operators Grant Program $1.10M Yes 1

Contacts

Name Title Type
FWJJUN4CTKZ6 David Beauchesne Auditee
4012487024 Sandy Ross Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: The Philharmonic does not have a federally approved negotiated indirect cost rate agreement and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Rhode Island Philharmonic Orchestra & Music School (the Philharmonic) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Philharmonic, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Philharmonic.

Finding Details

Finding 2022-001
Federal Agency: Small Business Administration Statement of Condition: The June 30, 2022, audited financial statements and data collection form for the Philharmonic were not filed within the time required by Uniform Guidance. Criteria: Uniform Guidance requires that non-federal entities that expend more than $750,000 or more in a year in federal awards shall have a single audit conducted and section .320 requires that the audit shall be completed and the data collection form and reporting package shall be submitted within the earlier of 30 days after receipt of the auditors’ report or nine months after the end of the audit period. Cause: The Philharmonic’s filing process to ensure timely filing of the data collection form and of the financial statements was attributed to the delay of the audit due to the turnover of staff, thus causing a delay in the submission of the required reports. Effect: Late filing of the data collection form and reporting package will cause an auditee to be determined a “high-risk auditee” and could affect future federal grant funding. Recommendation: We recommend the Philharmonic improve their year-end closing processes in order to meet all filing requirements. Management Response: The Philharmonic has implemented new procedures to ensure the reporting will be done timely in future periods.
Finding 2022-001
Federal Agency: Small Business Administration Statement of Condition: The June 30, 2022, audited financial statements and data collection form for the Philharmonic were not filed within the time required by Uniform Guidance. Criteria: Uniform Guidance requires that non-federal entities that expend more than $750,000 or more in a year in federal awards shall have a single audit conducted and section .320 requires that the audit shall be completed and the data collection form and reporting package shall be submitted within the earlier of 30 days after receipt of the auditors’ report or nine months after the end of the audit period. Cause: The Philharmonic’s filing process to ensure timely filing of the data collection form and of the financial statements was attributed to the delay of the audit due to the turnover of staff, thus causing a delay in the submission of the required reports. Effect: Late filing of the data collection form and reporting package will cause an auditee to be determined a “high-risk auditee” and could affect future federal grant funding. Recommendation: We recommend the Philharmonic improve their year-end closing processes in order to meet all filing requirements. Management Response: The Philharmonic has implemented new procedures to ensure the reporting will be done timely in future periods.