FAC Explorer

Audit 12719

FY End
2021-12-31
Total Expended
$5.83M
Findings
2
Programs
1
Organization: Gary Chicago International Airport Authority (IN)
Year: 2021 Accepted: 2024-01-22
Auditor: Rsm US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
9284 2021-005 - - L
585726 2021-005 - - L

Programs

ALN Program Spent Major Findings
20.106 Airport Improvement Program $5.83M Yes 1

Contacts

Name Title Type
LWDQEDDTPNR6 Dasha Chandler-Thompson Auditee
2199494903 William Sarb Auditor
No contacts on file

Notes to SEFA

Title: Note 1. Basis of Presentation Accounting Policies: Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the cash basis of accounting. Accordingly, the amount of federal awards expended is based on when the disbursement related to the award occurs. 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. There were no federal awards expended for non-cash assistance, insurance or any loans or loan guarantees outstanding at year-end. Of the federal expenditures presented in the Schedule, the Authority did not provide any amounts to subrecipients. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Authority under programs of the federal government for the year ended December 31, 2021. The information in the 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 SEFA presents only a select portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in financial position or cash flows of the Authority.
Title: Note 3. Indirect Cost Recovery Accounting Policies: Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the cash basis of accounting. Accordingly, the amount of federal awards expended is based on when the disbursement related to the award occurs. 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. There were no federal awards expended for non-cash assistance, insurance or any loans or loan guarantees outstanding at year-end. Of the federal expenditures presented in the Schedule, the Authority did not provide any amounts to subrecipients. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2021-005
Finding 2021-005 Late Issuance of the 2021 Single Audit Reporting Package Federal Programs All assistance living numbers (ALN’s) included on the schedule of expenditures of federal awards for the year ended December 31, 2021. Condition and Context Followed by Criteria The Authority’s submission of the 2021 single audit report package was formally due to the Federal Audit Clearinghouse by September 30, 2022, but was not submit by the due date. Under the Uniform Grant Guidance, Section 200.512, Report Submission, the audit must be completed and the data collection form must be submitted within the earlier of 30 calendar days of the auditor’s report or nine months after the end of the audit period. Questioned Costs None noted. Cause The audit of the Authority’s financial statements as of December 31, 2021 was not completed until January 2024 for multiple reasons, including multiple restatements and other audit adjustments identified by management and auditors, which delayed the timeliness of the auditors in completing and finalizing audit procedures and reviews. Effect The Federal reporting package was not received timely by the Federal Audit Clearinghouse which could impact granting agencies. Recommendation We recommend that the Authority ensure timely filing of the single audit reporting package with the Federal Audit Clearinghouse. Views of Responsible Officials The Authority accepts the finding, please refer to the Corrective Action Plan for more information.
Finding 2021-005
Finding 2021-005 Late Issuance of the 2021 Single Audit Reporting Package Federal Programs All assistance living numbers (ALN’s) included on the schedule of expenditures of federal awards for the year ended December 31, 2021. Condition and Context Followed by Criteria The Authority’s submission of the 2021 single audit report package was formally due to the Federal Audit Clearinghouse by September 30, 2022, but was not submit by the due date. Under the Uniform Grant Guidance, Section 200.512, Report Submission, the audit must be completed and the data collection form must be submitted within the earlier of 30 calendar days of the auditor’s report or nine months after the end of the audit period. Questioned Costs None noted. Cause The audit of the Authority’s financial statements as of December 31, 2021 was not completed until January 2024 for multiple reasons, including multiple restatements and other audit adjustments identified by management and auditors, which delayed the timeliness of the auditors in completing and finalizing audit procedures and reviews. Effect The Federal reporting package was not received timely by the Federal Audit Clearinghouse which could impact granting agencies. Recommendation We recommend that the Authority ensure timely filing of the single audit reporting package with the Federal Audit Clearinghouse. Views of Responsible Officials The Authority accepts the finding, please refer to the Corrective Action Plan for more information.