Audit 28616

FY End

2022-12-31

Total Expended

$2.43M

Findings

2

Programs

2

Organization: Bay Minette Rotary Village, Inc. (AL)

Year: 2022 Accepted: 2023-03-27

Auditor: Lecroy Richardson PC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
34039	2022-001	Material Weakness	Yes	L
610481	2022-001	Material Weakness	Yes	L

ALN	Program	Spent	Major	Findings
14.182	Section 8 New Construction and Substantial Rehabilitation	$2.37M	Yes	0
14.157	Supportive Housing for the Elderly	$56,549	-	1

Contacts

Name	Title	Type
E1XQCK1C4JX5	John Napper	Auditee
2516941999	Ryan Alexander	Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Bay Minette Rotary Village, Inc., under programs of the federal government for the year ended December 31, 2022. 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 Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. The Organization has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SECTION 8 NEW CONSTRUCTION AND SUBSTANTIAL REHABILITATION (14.182) - Balances outstanding at the end of the audit period were 2369000.

Finding Details

Finding 2022-001

2022-001 Fair Presentation of Financial Statements Criteria: Management is responsible for performing adjustments to the general ledger in order to be in conformity with generally accepted accounting principles. Condition: Material adjusting entries were prepared to ensure the financial statements were presented fairly. Cause: The Entity lacks the training to apply generally accepted accounting principles in recording the transactions to the general ledger. Effect: The possibility exists that the general ledger does not reflect generally accepted accounting principles.

Finding 2022-001

2022-001 Fair Presentation of Financial Statements Criteria: Management is responsible for performing adjustments to the general ledger in order to be in conformity with generally accepted accounting principles. Condition: Material adjusting entries were prepared to ensure the financial statements were presented fairly. Cause: The Entity lacks the training to apply generally accepted accounting principles in recording the transactions to the general ledger. Effect: The possibility exists that the general ledger does not reflect generally accepted accounting principles.