FAC Explorer

Audit 16821

FY End
2022-06-30
Total Expended
$3.04M
Findings
4
Programs
3
Organization: Town of Taylortown (NC)
Year: 2022 Accepted: 2023-02-16
Auditor: Anderson Smith & Wike PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
12425 2022-003 Significant Deficiency - G
12426 2022-003 Significant Deficiency - G
588867 2022-003 Significant Deficiency - G
588868 2022-003 Significant Deficiency - G

Programs

ALN Program Spent Major Findings
10.760 Water and Wastewater Disposal System for Rural Communities (rus Grant) $2.06M Yes 1
10.760 Water and Wastewater Disposal System for Rural Communities (rus Loan) $963,000 Yes 1
16.738 Edward Byrne Memorial Justice Assistance Grant Program $21,900 - 0

Contacts

Name Title Type
MC7ELW711KY6 Rita Maness Auditee
9102954010 Shannon Dennison Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards , wherein certain types of expenditures are not allowable or are limited as to reimbursements De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. WATER AND WASTEWATER DISPOSAL SYSTEM FOR RURAL COMMUNITIES (RUS LOAN) (10.760) - Balances outstanding at the end of the audit period were 944000.
Title: Basis of Presentation Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expendituresare recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards , wherein certain types of expenditures are not allowable or are limited as to reimbursements De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Town of Taylortown under the programs of the federal government and the State of North Carolina for the year thenended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of the Town of Taylortown, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town of Taylortown.

Finding Details

Finding 2022-003
Finding 2022-003 NON-COMPLIANCE AND SIGNIFICANT DEFICIENCY Criteria: USDA loan documents require the Town to establish a short lived asset reserve fund. The Town is responsible for assessing facilities short lived asset needs to establish this reserve account. Condition: The Town has not assessed the short lived asset needs or established a short lived asset reserve fund. Effect: The Town is not in compliance with USDA loan requirements. Cause: Oversight. Questioned Costs: There are no questioned costs associated with this finding due to the nature of the violation. Recommendation: The Town asses short lived asset needs and establish a short lived asset reserve fund. Views of responsible officials and planned corrective actions: The Council agrees with this finding and will adhere to the corrective action plan listed in this audit report.
Finding 2022-003
Finding 2022-003 NON-COMPLIANCE AND SIGNIFICANT DEFICIENCY Criteria: USDA loan documents require the Town to establish a short lived asset reserve fund. The Town is responsible for assessing facilities short lived asset needs to establish this reserve account. Condition: The Town has not assessed the short lived asset needs or established a short lived asset reserve fund. Effect: The Town is not in compliance with USDA loan requirements. Cause: Oversight. Questioned Costs: There are no questioned costs associated with this finding due to the nature of the violation. Recommendation: The Town asses short lived asset needs and establish a short lived asset reserve fund. Views of responsible officials and planned corrective actions: The Council agrees with this finding and will adhere to the corrective action plan listed in this audit report.
Finding 2022-003
Finding 2022-003 NON-COMPLIANCE AND SIGNIFICANT DEFICIENCY Criteria: USDA loan documents require the Town to establish a short lived asset reserve fund. The Town is responsible for assessing facilities short lived asset needs to establish this reserve account. Condition: The Town has not assessed the short lived asset needs or established a short lived asset reserve fund. Effect: The Town is not in compliance with USDA loan requirements. Cause: Oversight. Questioned Costs: There are no questioned costs associated with this finding due to the nature of the violation. Recommendation: The Town asses short lived asset needs and establish a short lived asset reserve fund. Views of responsible officials and planned corrective actions: The Council agrees with this finding and will adhere to the corrective action plan listed in this audit report.
Finding 2022-003
Finding 2022-003 NON-COMPLIANCE AND SIGNIFICANT DEFICIENCY Criteria: USDA loan documents require the Town to establish a short lived asset reserve fund. The Town is responsible for assessing facilities short lived asset needs to establish this reserve account. Condition: The Town has not assessed the short lived asset needs or established a short lived asset reserve fund. Effect: The Town is not in compliance with USDA loan requirements. Cause: Oversight. Questioned Costs: There are no questioned costs associated with this finding due to the nature of the violation. Recommendation: The Town asses short lived asset needs and establish a short lived asset reserve fund. Views of responsible officials and planned corrective actions: The Council agrees with this finding and will adhere to the corrective action plan listed in this audit report.