FAC Explorer

Audit 15102

FY End
2023-06-30
Total Expended
$7.35M
Findings
4
Programs
8
Organization: Lafayette Charter Foundation, Inc. (FL)
Year: 2023 Accepted: 2024-02-01
Auditor: Keefe McCullough

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
11284 2023-002 Significant Deficiency Yes P
11285 2023-002 Significant Deficiency Yes P
587726 2023-002 Significant Deficiency Yes P
587727 2023-002 Significant Deficiency Yes P

Programs

ALN Program Spent Major Findings
84.425 Education Stabilization Fund $5.08M Yes 1
84.010 Title I Grants to Local Educational Agencies $968,504 Yes 1
84.027 Special Education_grants to States $558,920 - 0
10.555 National School Lunch Program $481,752 - 0
10.553 School Breakfast Program $134,323 - 0
84.367 Improving Teacher Quality State Grants $78,530 - 0
84.358 Rural Education $29,144 - 0
84.424 Student Support and Academic Enrichment Program $18,932 - 0

Contacts

Name Title Type
KPUBJN8B68D6 Mike Valdes Auditee
9543311023 Cindy Calvert Auditor
No contacts on file

Notes to SEFA

Title: Note 1 - 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No rate is applicable The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the Federal grant activity of the Foundation for the year ending 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 Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note 2 - Summary of Significant Accounting Policies 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No rate is applicable 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No rate is applicable The Foundation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Contingency 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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No rate is applicable The grants and contracts revenue received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the Foundation. In the opinion of management, all grant and contract expenditures are in compliance with the terms of the agreements and applicable Federal and state and other applicable regulations.

Finding Details

Finding 2023-002
Assistance Listing Numbers Name of Federal Program or Cluster 84.425 Education Stabilization Fund Under the Coronavirus Aid Relief and Economic Security Act 84.010 Title 1 Grants to Local Educational Agencies Questioned Costs: N/A Criteria: The Uniform Guidance Subpart F section 200.510 requires the preparation of the Schedule of Expenditures of Federal Awards (SEFA) that includes an accurate reporting of federal awards expended based on the terms and conditions of the grants. In order for the SEFA to be prepared accurately and properly report the amounts expended for federal awards, a system of controls should be in existence that includes the timely preparation and review of the amounts reported on the SEFA. Universe/Population Size: None Sample Size: None Condition: The initial SEFA prepared by the Foundation’s personnel did not reconcile the federal expenditures reported on the SEFA to the federal revenue received by granting agency. Effect: The SEFA provided to us did not contain the correct amounts of federal expenditures which is the basis used to determine the major federal programs to be audited in a fiscal year. Inaccurate reporting may result in improper auditing of the wrong federal programs in any given year and noncompliance with federal regulations. Cause: The Foundation receives multiple sources of revenues, including both federal and state, which fund the costs of the of the charter schools. The classification of program revenue and therefore federal expenditures was not accurate and not detected during internal review, which resulted in errors on the initial SEFA. This is a repeat finding from the prior year. Recommendation: The Foundation should strengthen its controls including its review and approval processes over the information and balances that is accumulated and reported on the SEFA to make sure the expenditures reported are an accurate representation of federal reimbursements.
Finding 2023-002
Assistance Listing Numbers Name of Federal Program or Cluster 84.425 Education Stabilization Fund Under the Coronavirus Aid Relief and Economic Security Act 84.010 Title 1 Grants to Local Educational Agencies Questioned Costs: N/A Criteria: The Uniform Guidance Subpart F section 200.510 requires the preparation of the Schedule of Expenditures of Federal Awards (SEFA) that includes an accurate reporting of federal awards expended based on the terms and conditions of the grants. In order for the SEFA to be prepared accurately and properly report the amounts expended for federal awards, a system of controls should be in existence that includes the timely preparation and review of the amounts reported on the SEFA. Universe/Population Size: None Sample Size: None Condition: The initial SEFA prepared by the Foundation’s personnel did not reconcile the federal expenditures reported on the SEFA to the federal revenue received by granting agency. Effect: The SEFA provided to us did not contain the correct amounts of federal expenditures which is the basis used to determine the major federal programs to be audited in a fiscal year. Inaccurate reporting may result in improper auditing of the wrong federal programs in any given year and noncompliance with federal regulations. Cause: The Foundation receives multiple sources of revenues, including both federal and state, which fund the costs of the of the charter schools. The classification of program revenue and therefore federal expenditures was not accurate and not detected during internal review, which resulted in errors on the initial SEFA. This is a repeat finding from the prior year. Recommendation: The Foundation should strengthen its controls including its review and approval processes over the information and balances that is accumulated and reported on the SEFA to make sure the expenditures reported are an accurate representation of federal reimbursements.
Finding 2023-002
Assistance Listing Numbers Name of Federal Program or Cluster 84.425 Education Stabilization Fund Under the Coronavirus Aid Relief and Economic Security Act 84.010 Title 1 Grants to Local Educational Agencies Questioned Costs: N/A Criteria: The Uniform Guidance Subpart F section 200.510 requires the preparation of the Schedule of Expenditures of Federal Awards (SEFA) that includes an accurate reporting of federal awards expended based on the terms and conditions of the grants. In order for the SEFA to be prepared accurately and properly report the amounts expended for federal awards, a system of controls should be in existence that includes the timely preparation and review of the amounts reported on the SEFA. Universe/Population Size: None Sample Size: None Condition: The initial SEFA prepared by the Foundation’s personnel did not reconcile the federal expenditures reported on the SEFA to the federal revenue received by granting agency. Effect: The SEFA provided to us did not contain the correct amounts of federal expenditures which is the basis used to determine the major federal programs to be audited in a fiscal year. Inaccurate reporting may result in improper auditing of the wrong federal programs in any given year and noncompliance with federal regulations. Cause: The Foundation receives multiple sources of revenues, including both federal and state, which fund the costs of the of the charter schools. The classification of program revenue and therefore federal expenditures was not accurate and not detected during internal review, which resulted in errors on the initial SEFA. This is a repeat finding from the prior year. Recommendation: The Foundation should strengthen its controls including its review and approval processes over the information and balances that is accumulated and reported on the SEFA to make sure the expenditures reported are an accurate representation of federal reimbursements.
Finding 2023-002
Assistance Listing Numbers Name of Federal Program or Cluster 84.425 Education Stabilization Fund Under the Coronavirus Aid Relief and Economic Security Act 84.010 Title 1 Grants to Local Educational Agencies Questioned Costs: N/A Criteria: The Uniform Guidance Subpart F section 200.510 requires the preparation of the Schedule of Expenditures of Federal Awards (SEFA) that includes an accurate reporting of federal awards expended based on the terms and conditions of the grants. In order for the SEFA to be prepared accurately and properly report the amounts expended for federal awards, a system of controls should be in existence that includes the timely preparation and review of the amounts reported on the SEFA. Universe/Population Size: None Sample Size: None Condition: The initial SEFA prepared by the Foundation’s personnel did not reconcile the federal expenditures reported on the SEFA to the federal revenue received by granting agency. Effect: The SEFA provided to us did not contain the correct amounts of federal expenditures which is the basis used to determine the major federal programs to be audited in a fiscal year. Inaccurate reporting may result in improper auditing of the wrong federal programs in any given year and noncompliance with federal regulations. Cause: The Foundation receives multiple sources of revenues, including both federal and state, which fund the costs of the of the charter schools. The classification of program revenue and therefore federal expenditures was not accurate and not detected during internal review, which resulted in errors on the initial SEFA. This is a repeat finding from the prior year. Recommendation: The Foundation should strengthen its controls including its review and approval processes over the information and balances that is accumulated and reported on the SEFA to make sure the expenditures reported are an accurate representation of federal reimbursements.