Audit 26648

FY End

2022-12-31

Total Expended

$917,819

Findings

2

Programs

2

Organization: Iowa Foundaiton for Microenterprise and Community Vitality (IA)

Year: 2022 Accepted: 2023-07-24

Auditor: Houston & Seeman PC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
21906	2022-001	Material Weakness	Yes	ABCEL
598348	2022-001	Material Weakness	Yes	ABCEL

ALN	Program	Spent	Major	Findings
59.046	Microloan Program	$719,237	Yes	1
10.334	Enhancing Agricultural Opportunities for Military Veterans Competitive Grants Program	$198,582	-	0

Contacts

Name	Title	Type
TBL3HJ15CDM3	Craig Downs	Auditee
5152120182	Eric Seeman	Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 558318.

Finding Details

Finding 2022-001

Segregation of Duties - One important aspect of internal control is the segregation of duties among employees to prevent an individual employee from handling duties which are incompatible. The Iowa Foundation for Microenterprise and Community Vitality has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result of the aspects of internal control are missing.

Finding 2022-001

Segregation of Duties - One important aspect of internal control is the segregation of duties among employees to prevent an individual employee from handling duties which are incompatible. The Iowa Foundation for Microenterprise and Community Vitality has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result of the aspects of internal control are missing.