FAC Explorer

Audit 18194

FY End
2022-06-30
Total Expended
$2.17M
Findings
4
Programs
2
Organization: Regional Transit Authority (a.r.t.) (IA)
Year: 2022 Accepted: 2023-02-21
Auditor: Williams & Company PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
12697 2022-003 Significant Deficiency - AB
12698 2022-003 Significant Deficiency - AB
589139 2022-003 Significant Deficiency - AB
589140 2022-003 Significant Deficiency - AB

Programs

ALN Program Spent Major Findings
20.509 Formula Grants for Rural Areas and Tribal Transit Program $958,220 Yes 1
20.526 Buses and Bus Facilities Formula, Competitive, and Low Or No Emissions Programs $257,437 Yes 0

Contacts

Name Title Type
FKVEJ2FSNDD8 Hugh Lively Auditee
7122627920 Sherry Titterington Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Basis of Presentation - The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Regional Transit Authority (Region III) under programs of the federal government for the year ended June 30, 2022. The information on this Schedule is presented in accordance with the requirements of the Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirement, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Regional Transit Authority (Region III), it is not intended to and does not present the financial position, changes in financial position or cash flows of Regional Transit Authority (Region III). Summary of Significant Accounting Policies - Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or 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: N Rate Explanation: Regional Transit Authority (Region III) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2022-003
SIGNIFICANT DEFICIENCY: 2022-003 In-Kind Procedures: Criteria ? The Authority is responsible for establishing and maintaining internal controls for recording in-kind revenues & expenses. Condition ? During the performance of our audit, it was determined that the review procedures for in-kind revenues and expenses were not adequate for identifying if improper amounts were recorded. Cause ? The Authority has not designed adequate procedures for reviewing in-kind revenues and expenses. Effect ? As a result of these inadequate procedures, there is a higher threat that errors or improper amounts could be recorded as in-kind revenues and expenses. Recommendation ?The Authority should review and revise procedures to ensure in-kind revenues and expenses are being properly recorded and reviewed. Client?s Response ? We will review our current procedures to ensure in-kind revenues and expenses are properly reviewed and recorded in the financial statements in the future.
Finding 2022-003
SIGNIFICANT DEFICIENCY: 2022-003 In-Kind Procedures: Criteria ? The Authority is responsible for establishing and maintaining internal controls for recording in-kind revenues & expenses. Condition ? During the performance of our audit, it was determined that the review procedures for in-kind revenues and expenses were not adequate for identifying if improper amounts were recorded. Cause ? The Authority has not designed adequate procedures for reviewing in-kind revenues and expenses. Effect ? As a result of these inadequate procedures, there is a higher threat that errors or improper amounts could be recorded as in-kind revenues and expenses. Recommendation ?The Authority should review and revise procedures to ensure in-kind revenues and expenses are being properly recorded and reviewed. Client?s Response ? We will review our current procedures to ensure in-kind revenues and expenses are properly reviewed and recorded in the financial statements in the future.
Finding 2022-003
SIGNIFICANT DEFICIENCY: 2022-003 In-Kind Procedures: Criteria ? The Authority is responsible for establishing and maintaining internal controls for recording in-kind revenues & expenses. Condition ? During the performance of our audit, it was determined that the review procedures for in-kind revenues and expenses were not adequate for identifying if improper amounts were recorded. Cause ? The Authority has not designed adequate procedures for reviewing in-kind revenues and expenses. Effect ? As a result of these inadequate procedures, there is a higher threat that errors or improper amounts could be recorded as in-kind revenues and expenses. Recommendation ?The Authority should review and revise procedures to ensure in-kind revenues and expenses are being properly recorded and reviewed. Client?s Response ? We will review our current procedures to ensure in-kind revenues and expenses are properly reviewed and recorded in the financial statements in the future.
Finding 2022-003
SIGNIFICANT DEFICIENCY: 2022-003 In-Kind Procedures: Criteria ? The Authority is responsible for establishing and maintaining internal controls for recording in-kind revenues & expenses. Condition ? During the performance of our audit, it was determined that the review procedures for in-kind revenues and expenses were not adequate for identifying if improper amounts were recorded. Cause ? The Authority has not designed adequate procedures for reviewing in-kind revenues and expenses. Effect ? As a result of these inadequate procedures, there is a higher threat that errors or improper amounts could be recorded as in-kind revenues and expenses. Recommendation ?The Authority should review and revise procedures to ensure in-kind revenues and expenses are being properly recorded and reviewed. Client?s Response ? We will review our current procedures to ensure in-kind revenues and expenses are properly reviewed and recorded in the financial statements in the future.