FAC Explorer

Audit 290026

FY End
2023-12-31
Total Expended
$820,372
Findings
2
Programs
2
Organization: Iowa Foundaiton for Microenterprise and Community Vitality (IA)
Year: 2023 Accepted: 2024-02-12
Auditor: Houston & Seeman PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
366884 2023-001 Material Weakness Yes ABCEL
943326 2023-001 Material Weakness Yes ABCEL

Programs

ALN Program Spent Major Findings
59.046 Microloan Program $617,822 Yes 1
10.334 Enhancing Agricultural Opportunities for Military Veterans Competitive Grants Program $202,550 - 0

Contacts

Name Title Type
TBL3HJ15CDM3 Eric G Seeman Auditee
5154321176 Jeff Williams Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL LOAN PROGRAM 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: Iowa Foundation for Microenterprise and Community Vitality has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The federal loan programs listed subsequently are administered directly by Iowa Foundation for Microenterprise and Community Vitality and balances and transactions relating to the programs are included in Iowa Foundation for Microenterprise and Community Vitality's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule.

Finding Details

Finding 2023-001
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 some of the aspects of internal control are missing.
Finding 2023-001
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 some of the aspects of internal control are missing.