FAC Explorer

Audit 2850

FY End
2021-06-30
Total Expended
$1.77M
Findings
4
Programs
1
Organization: Laramie Regional Airport (WY)
Year: 2021 Accepted: 2023-11-10
Auditor: Carver Florek & James Cpa's

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1608 2021-006 Material Weakness Yes L
1609 2021-007 Material Weakness - P
578050 2021-006 Material Weakness Yes L
578051 2021-007 Material Weakness - P

Programs

ALN Program Spent Major Findings
20.106 Airport Improvement Program $1.77M Yes 2

Contacts

Name Title Type
EJ3NJN38Z951 Tamie Wick Auditee
3072190793 Jason Lund Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation 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: N Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity fo the Laramie Regional Airport Board (the Board) under programs of the federal government for the year ended June 30, 2021. The information in this 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 Requirement for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the finanical position, changes in net position, or cash flows of the Board.
Title: Summary of Significant Accounting Policies 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: N Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. 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.
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 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 Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Subrecipients 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: N Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Board has no subrecipients during the year ended June 30, 2021.

Finding Details

Finding 2021-006
2021-006: Audit Completion and Submission to the State and Federal Government - Material Weakness and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.501- Audit Requirements are required to be submitted through the Federal Clearinghouse nine months from the recipient's year end. Condition: The Airport did not submit the audit report in the nine month time frame as required by the Uniform Guidance. Cause & Effect: A significant amount of turnover in the accounting department. Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2020-006 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512(a)(1). Response: Please see final page of this report for management's response as found on the Airport's letterhead.
Finding 2021-007
2021-007: Reconciliation of Grant Activity - Material Weakness Criteria: Management is responsible for reconciling grant activity and for establishing and maintaining internal controls in the financial report system in an effort to produce fairly presented finanical statements including the schedule of expenditures of federal awards in conformity with U.S. generally accepted accounting principles. Condition: Material adjustments pertaining to grants were neccessary to present the finainical statements and the schedule of expenditures of federal awards in accordance with U.S. GAAP and Uniform Guidance. These adjustments affected captial assets, receivables, payables, revenues and expenses for the fiscal years ended June 30, 2021. Management has incorprorated these adjustments into the financial statements as presented in this report. Cause: A significant amount of turnover in the accounting department. Effect: Errors or fraud may not be detected in a timely manner. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management frequently reconcile grant activity. Response: Please see final page of this report for management's response as found on the Airport's letterhead.
Finding 2021-006
2021-006: Audit Completion and Submission to the State and Federal Government - Material Weakness and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.501- Audit Requirements are required to be submitted through the Federal Clearinghouse nine months from the recipient's year end. Condition: The Airport did not submit the audit report in the nine month time frame as required by the Uniform Guidance. Cause & Effect: A significant amount of turnover in the accounting department. Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2020-006 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512(a)(1). Response: Please see final page of this report for management's response as found on the Airport's letterhead.
Finding 2021-007
2021-007: Reconciliation of Grant Activity - Material Weakness Criteria: Management is responsible for reconciling grant activity and for establishing and maintaining internal controls in the financial report system in an effort to produce fairly presented finanical statements including the schedule of expenditures of federal awards in conformity with U.S. generally accepted accounting principles. Condition: Material adjustments pertaining to grants were neccessary to present the finainical statements and the schedule of expenditures of federal awards in accordance with U.S. GAAP and Uniform Guidance. These adjustments affected captial assets, receivables, payables, revenues and expenses for the fiscal years ended June 30, 2021. Management has incorprorated these adjustments into the financial statements as presented in this report. Cause: A significant amount of turnover in the accounting department. Effect: Errors or fraud may not be detected in a timely manner. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management frequently reconcile grant activity. Response: Please see final page of this report for management's response as found on the Airport's letterhead.