FAC Explorer

Audit 289806

FY End
2023-09-30
Total Expended
$2.63M
Findings
2
Programs
1
Organization: Wahoo Airport Authority (NE)
Year: 2023 Accepted: 2024-02-09
Auditor: Gabriel Burger Else CPA PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
366769 2023-001 Material Weakness Yes A
943211 2023-001 Material Weakness Yes A

Programs

ALN Program Spent Major Findings
20.106 Airport Improvement Program $2.63M Yes 1

Contacts

Name Title Type
N6WCWDP9MGB3 Melissa Auditee
4028822717 Ryan Burger Auditor
No contacts on file

Notes to SEFA

Title: NOTE A: BASIS OF PRESENTATION Accounting Policies: NOTE A: BASIS OF PRESENTATION and NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES De Minimis Rate Used: Y Rate Explanation: N/a The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Airport Authority of the City of Wahoo, Nebraska (Wahoo Airport Authority) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Because the Schedule presents only a selected portion of the operations of Wahoo Airport Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Wahoo Airport Authority. The Airport has not elected to use the 10 percent de minimis cost rate. Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: NOTE A: BASIS OF PRESENTATION and NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES De Minimis Rate Used: Y Rate Explanation: N/a (1) Expenditures reported on the Schedule are reported on the accrual basis of account. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.

Finding Details

Finding 2023-001
Criteria: Good internal control over financial reporting requires entities have proper segregation of duties in the accounting function so that no one person can authorize a transaction, record the transaction in account, and be responsible for the custody of the asset resulting from the transaction. Condition: Though management demonstrates the capability of running a governmental organization, we noted a lack of segregation of duties as one person could handle all phases of a transaction from beginning to end. Effect: Without proper segregation of duties, there is an increased risk the financial statements may be materially misstated. Repeat Finding: Yes Recommendation: We recommend the Authority weigh the cost benefit of hiring personnel with accounting function capabilities in order to properly segregate duties. Response: The Authority’s Board will consider the costs benefit of hiring additional personnel. Additionally, the Board takes an active interest in the finances of the Authority and provides additional oversight. Questioned Costs: No questioned costs were identified.
Finding 2023-001
Criteria: Good internal control over financial reporting requires entities have proper segregation of duties in the accounting function so that no one person can authorize a transaction, record the transaction in account, and be responsible for the custody of the asset resulting from the transaction. Condition: Though management demonstrates the capability of running a governmental organization, we noted a lack of segregation of duties as one person could handle all phases of a transaction from beginning to end. Effect: Without proper segregation of duties, there is an increased risk the financial statements may be materially misstated. Repeat Finding: Yes Recommendation: We recommend the Authority weigh the cost benefit of hiring personnel with accounting function capabilities in order to properly segregate duties. Response: The Authority’s Board will consider the costs benefit of hiring additional personnel. Additionally, the Board takes an active interest in the finances of the Authority and provides additional oversight. Questioned Costs: No questioned costs were identified.