FAC Explorer

Audit 291035

FY End
2023-06-30
Total Expended
$1.31M
Findings
2
Programs
1
Organization: Wyoming Stock Growers Land Trust (WY)
Year: 2023 Accepted: 2024-02-19
Auditor: Ketel Thorstenson LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
369657 2023-004 Significant Deficiency - ABI
946099 2023-004 Significant Deficiency - ABI

Programs

ALN Program Spent Major Findings
10.931 Agricultural Conservation Easement Program $1.31M Yes 1

Contacts

Name Title Type
YB7DEJHVANK5 Jessica Crowder Auditee
3077728751 Jeff Yennie Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation And Summary of Significant Accounting Policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Wyoming Stock Growers Land Trust (the “Trust”) under programs of the federal government for the year ended June 30, 2023. 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 Trust, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Trust. 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 Trust has not elected 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 of the Wyoming Stock Growers Land Trust (the “Trust”) under programs of the federal government for the year ended June 30, 2023. 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 Trust, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Trust. 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: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Wyoming Stock Growers Land Trust (the “Trust”) under programs of the federal government for the year ended June 30, 2023. 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 Trust, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Trust. 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 Trust has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Trust has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2023-004
Federal Programs Affected: Agricultural Conservation Easement Program AL#10.931 Compliance Requirements: Activities Allowed or Unallowed, Allowable Costs/Cost Principles, and Procurement and Suspension and Debarment. Questioned Costs: None Condition and Cause: The Trust does not have written policies for allowable costs and procurement as required by the Uniform Guidance. Criteria and Effect: The Uniform Guidance specifically requires entities to maintain a written policy for allowable costs and procurement. Not properly maintaining such policies leads to noncompliance with the Uniform Guidance. Repeat Finding from Prior Year: No Recommendation: We recommend the Trust develop written policies in accordance with the Uniform Guidance. Response/Correction Action Plan: Management is in agreement with the finding. See Correction Action Plan.
Finding 2023-004
Federal Programs Affected: Agricultural Conservation Easement Program AL#10.931 Compliance Requirements: Activities Allowed or Unallowed, Allowable Costs/Cost Principles, and Procurement and Suspension and Debarment. Questioned Costs: None Condition and Cause: The Trust does not have written policies for allowable costs and procurement as required by the Uniform Guidance. Criteria and Effect: The Uniform Guidance specifically requires entities to maintain a written policy for allowable costs and procurement. Not properly maintaining such policies leads to noncompliance with the Uniform Guidance. Repeat Finding from Prior Year: No Recommendation: We recommend the Trust develop written policies in accordance with the Uniform Guidance. Response/Correction Action Plan: Management is in agreement with the finding. See Correction Action Plan.