FAC Explorer

Audit 21404

FY End
2022-07-31
Total Expended
$1.03M
Findings
4
Programs
1
Organization: O'Neill Airport Authority (NE)
Year: 2022 Accepted: 2023-03-13
Auditor: Dana F Cole & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
22091 2022-004 Significant Deficiency - P
22092 2022-004 Significant Deficiency - P
598533 2022-004 Significant Deficiency - P
598534 2022-004 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
20.106 Airport Improvement Program $935,304 Yes 1

Contacts

Name Title Type
NNBJM9RX8R67 Bart Becker Auditee
4023364686 Lori Olson Auditor
No contacts on file

Notes to SEFA

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of O'Neill Airport Authority, O'Neill, Nebraska, under programs of the federal government for the year ended July 31, 2022. 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 Schedule presents only a selected portion of the operations of O'Neill Airport Authority, O'Neill, Nebraska, it is not intended to and does not present the financial position, changes in net assets, or cash flows of O'Neill Airport Authority, O'Neill, Nebraska.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, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. O'Neill Airport Authority, O'Neill, Nebraska, provided no federal awards to subrecipients.
Title: SUMMARY OF SIGNIFICANT ACCCOUNTING POLICIES Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of O'Neill Airport Authority, O'Neill, Nebraska, under programs of the federal government for the year ended July 31, 2022. 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 Schedule presents only a selected portion of the operations of O'Neill Airport Authority, O'Neill, Nebraska, it is not intended to and does not present the financial position, changes in net assets, or cash flows of O'Neill Airport Authority, O'Neill, Nebraska.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, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Finding Details

Finding 2022-004
2022-004 INTERNAL CONTROL OVER SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS PREPARATION AND REVIEW Criteria As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the accrual basis of accounting. Condition Management is responsible for establishing and maintaining internal control and for the fair presentation of the schedule of expenditures of federal awards, in conformity with the accounting principles generally accepted in the United States of America. The Authority does not have a system of internal control that would provide management with reasonable assurance that the Authority's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the accrual basis of accounting. As such, management requested us to prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause Management does not prepare the schedule of expenditures of federal awards in accordance with the accrual basis of accounting. Potential Effect The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the Authority's internal control. Recommendation We recommend that the Authority review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management. Management's Response The Authority relies on the auditor to propose adjustments necessary to prepare the schedule of expenditures of federal awards including the related note disclosures. The Authority reviews schedule of expenditures of federal awards and approves all adjustments.
Finding 2022-004
2022-004 INTERNAL CONTROL OVER SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS PREPARATION AND REVIEW Criteria As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the accrual basis of accounting. Condition Management is responsible for establishing and maintaining internal control and for the fair presentation of the schedule of expenditures of federal awards, in conformity with the accounting principles generally accepted in the United States of America. The Authority does not have a system of internal control that would provide management with reasonable assurance that the Authority's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the accrual basis of accounting. As such, management requested us to prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause Management does not prepare the schedule of expenditures of federal awards in accordance with the accrual basis of accounting. Potential Effect The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the Authority's internal control. Recommendation We recommend that the Authority review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management. Management's Response The Authority relies on the auditor to propose adjustments necessary to prepare the schedule of expenditures of federal awards including the related note disclosures. The Authority reviews schedule of expenditures of federal awards and approves all adjustments.
Finding 2022-004
2022-004 INTERNAL CONTROL OVER SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS PREPARATION AND REVIEW Criteria As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the accrual basis of accounting. Condition Management is responsible for establishing and maintaining internal control and for the fair presentation of the schedule of expenditures of federal awards, in conformity with the accounting principles generally accepted in the United States of America. The Authority does not have a system of internal control that would provide management with reasonable assurance that the Authority's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the accrual basis of accounting. As such, management requested us to prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause Management does not prepare the schedule of expenditures of federal awards in accordance with the accrual basis of accounting. Potential Effect The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the Authority's internal control. Recommendation We recommend that the Authority review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management. Management's Response The Authority relies on the auditor to propose adjustments necessary to prepare the schedule of expenditures of federal awards including the related note disclosures. The Authority reviews schedule of expenditures of federal awards and approves all adjustments.
Finding 2022-004
2022-004 INTERNAL CONTROL OVER SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS PREPARATION AND REVIEW Criteria As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the accrual basis of accounting. Condition Management is responsible for establishing and maintaining internal control and for the fair presentation of the schedule of expenditures of federal awards, in conformity with the accounting principles generally accepted in the United States of America. The Authority does not have a system of internal control that would provide management with reasonable assurance that the Authority's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the accrual basis of accounting. As such, management requested us to prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause Management does not prepare the schedule of expenditures of federal awards in accordance with the accrual basis of accounting. Potential Effect The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the Authority's internal control. Recommendation We recommend that the Authority review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management. Management's Response The Authority relies on the auditor to propose adjustments necessary to prepare the schedule of expenditures of federal awards including the related note disclosures. The Authority reviews schedule of expenditures of federal awards and approves all adjustments.