FAC Explorer

Audit 11638

FY End
2023-06-30
Total Expended
$838,772
Findings
2
Programs
4
Organization: Cincinnati Foundation for Mortuary Education and Affiliate (OH)
Year: 2023 Accepted: 2024-01-16
Auditor: Brady Ware & Schoenfeld

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
8599 2022-001 Material Weakness - A
585041 2022-001 Material Weakness - A

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loan Program $701,118 Yes 0
84.063 Federal Pell Grant Program $123,517 Yes 1
84.007 Federal Supplemental Education Opportunity Grant $7,672 Yes 0
84.033 Federal Work Study $6,465 Yes 0

Contacts

Name Title Type
Y6QFLTDM5335 Jack Lechner Auditee
5136181923 Melessa Behymer 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 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: N Rate Explanation: N/A The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2023. 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 Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization.
Title: Subrecipients Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: N Rate Explanation: N/A The Organization provided no federal awards to subrecipients.
Title: Processed Loans Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: N Rate Explanation: N/A Federal PLUS Loans. Federal statute requires that proceeds from Federal Direct Loans be disbursed to the Organization to be directly applied to students’ accounts. New loans processed for students during the year ended June 30, 2023 were as follows: Program Title Subsidized $ 286,145 Unsubsidized 333,284 PLUS 81,689 $ 701,118

Finding Details

Finding 2022-001
2023-001: Prior Period Restatement Condition: During our audit it was noted that the Organization had HEERF accounts receivable and revenue amount recorded incorrectly. Management determined this amount was not a valid accounts receivable and a prior period adjustment was required. Criteria: The Organization should maintain adequate internal controls to ensure accounts receivables and revenue represent valid claims for the Organization. Cause: The Organization had outsource bookkeeping company that did not understand the HEERF funding model. Effect: Prior period accounts receivables and revenue were overstated by $180,430. Recommendation: We recommend that the Organization assess the internal controls over accounts receivable and revenue to ensure valid claims. Views of Responsible Officials and Corrective Action: See Corrective Action Plan.
Finding 2022-001
2023-001: Prior Period Restatement Condition: During our audit it was noted that the Organization had HEERF accounts receivable and revenue amount recorded incorrectly. Management determined this amount was not a valid accounts receivable and a prior period adjustment was required. Criteria: The Organization should maintain adequate internal controls to ensure accounts receivables and revenue represent valid claims for the Organization. Cause: The Organization had outsource bookkeeping company that did not understand the HEERF funding model. Effect: Prior period accounts receivables and revenue were overstated by $180,430. Recommendation: We recommend that the Organization assess the internal controls over accounts receivable and revenue to ensure valid claims. Views of Responsible Officials and Corrective Action: See Corrective Action Plan.