FAC Explorer

Audit 27309

FY End
2022-06-30
Total Expended
$1.17M
Findings
2
Programs
1
Organization: South Carolina Universities Research and Education Foundation (SC)
Year: 2022 Accepted: 2023-08-29
Auditor: The Hobbs Group

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
35995 2022-002 - - L
612437 2022-002 - - L

Programs

ALN Program Spent Major Findings
81.121 Nuclear Energy Research, Development and Demonstration $1.17M Yes 1

Contacts

Name Title Type
Z4SVTHE1ZWU1 Ladonna Hall Auditee
8036424187 Mark Hobbs Auditor
No contacts on file

Notes to SEFA

Title: 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 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. Starting in December 2021, the Foundation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NONCASH AWARDS 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 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. The Foundation did not receive any noncash federal awards during the year ended June 30, 2022.

Finding Details

Finding 2022-002
Finding 2022-002 Information on the Federal Program: Assistance Listing Number 81.121 ? Nuclear Energy Research, Development and Demonstration, United States Department of Energy. Compliance Requirement: Reporting. Type of Finding: Noncompliance Criteria: The regulations 45 CFR Part 75, Subpart F, requires a non-federal entity that spends $750,000 or more in Federal awards during their fiscal year to complete an audit under Uniform Guidance and submit related reports to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor?s report or nine months after the end of the audit period. Condition: For the years ended June 30, 2022 and 2021, the Foundation expended more than $750,000 in federal awards and did not submit their single audit and related reports to the Federal Audit Clearinghouse by their respective due dates of March 31, 2023 and 2022. Cause: Audits were not conducted timely in order for the information to be submitted on time. Effect or Potential Effect: Potential to not be eligible to receive federal assistance in the future.Context: The Foundation did not complete and submit their single audit to the Federal Audit Clearinghouse in a timely manner for each of the fiscal years ended June 30, 2022 or 2021. Recommendation: The Foundation should implement proper accounting policies and procedures to help facilitate the timely completion of the single audit and submission of related reports.
Finding 2022-002
Finding 2022-002 Information on the Federal Program: Assistance Listing Number 81.121 ? Nuclear Energy Research, Development and Demonstration, United States Department of Energy. Compliance Requirement: Reporting. Type of Finding: Noncompliance Criteria: The regulations 45 CFR Part 75, Subpart F, requires a non-federal entity that spends $750,000 or more in Federal awards during their fiscal year to complete an audit under Uniform Guidance and submit related reports to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor?s report or nine months after the end of the audit period. Condition: For the years ended June 30, 2022 and 2021, the Foundation expended more than $750,000 in federal awards and did not submit their single audit and related reports to the Federal Audit Clearinghouse by their respective due dates of March 31, 2023 and 2022. Cause: Audits were not conducted timely in order for the information to be submitted on time. Effect or Potential Effect: Potential to not be eligible to receive federal assistance in the future.Context: The Foundation did not complete and submit their single audit to the Federal Audit Clearinghouse in a timely manner for each of the fiscal years ended June 30, 2022 or 2021. Recommendation: The Foundation should implement proper accounting policies and procedures to help facilitate the timely completion of the single audit and submission of related reports.