FAC Explorer

Audit 303623

FY End
2023-09-30
Total Expended
$1.25M
Findings
8
Programs
1
Organization: Cable Telecommunications Association of New York, Inc. (NY)
Year: 2023 Accepted: 2024-04-16
Auditor: Cusack & Company Cpa's

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
393340 2023-001 Material Weakness Yes P
393341 2023-002 Material Weakness Yes P
393342 2023-003 Material Weakness Yes P
393343 2023-004 Material Weakness - P
969782 2023-001 Material Weakness Yes P
969783 2023-002 Material Weakness Yes P
969784 2023-003 Material Weakness Yes P
969785 2023-004 Material Weakness - P

Programs

ALN Program Spent Major Findings
20.600 National Priority Safety Program, Ctany 2023 Multi-Media Statewide Awareness Campaign $1.25M Yes 4

Contacts

Name Title Type
D5QEWCTM4HA9 Shannon McMahon Auditee
6462240063 Jason Marra Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Cable Telecommunications Association of New York, Inc. (CTANY), which is described in Note 1 to CTANY=s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Association under programs of the federal government for the year ended September 30, 2023. This 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 of Federal Awards (Uniform Guidance). Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles 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 Association has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance. Current federal grants do not include indirect costs rates as part of the budget

Finding Details

Finding 2023-001
During the audit there were material audit adjustments we proposed to correct accounts receivable and related grant revenue. Phase 3 of the grant was not recorded as of 9/30/23. We proposed adjustments to accounts receivable for approximately $452,000 to correct the balance.
Finding 2023-002
During the audit there were material audit adjustments we proposed to correct accounts payable and related grant expenses. Checks were posted offsetting accounts payable but an initial bill was never recorded to the appropriate expense account. We proposed adjustments to accounts payable for approximately $138,000 to correct the balance.
Finding 2023-003
During the audit, the starting balance of net assets, when compared to last years ending balance, was off by approximately $269,000. We proposed adjustments to the net asset balance for approximately $269,000 with the offset correction to expenses related to the Legislative Channel. A discrepancy in net assets generally means the books and records of the prior closed audit year were edited/changed in some manner.
Finding 2023-004
Bank cash transfers are performed by the Treasurer. Currently there is not a formal review and/or approval process by the appropriate personnel related to cash transfers.
Finding 2023-001
During the audit there were material audit adjustments we proposed to correct accounts receivable and related grant revenue. Phase 3 of the grant was not recorded as of 9/30/23. We proposed adjustments to accounts receivable for approximately $452,000 to correct the balance.
Finding 2023-002
During the audit there were material audit adjustments we proposed to correct accounts payable and related grant expenses. Checks were posted offsetting accounts payable but an initial bill was never recorded to the appropriate expense account. We proposed adjustments to accounts payable for approximately $138,000 to correct the balance.
Finding 2023-003
During the audit, the starting balance of net assets, when compared to last years ending balance, was off by approximately $269,000. We proposed adjustments to the net asset balance for approximately $269,000 with the offset correction to expenses related to the Legislative Channel. A discrepancy in net assets generally means the books and records of the prior closed audit year were edited/changed in some manner.
Finding 2023-004
Bank cash transfers are performed by the Treasurer. Currently there is not a formal review and/or approval process by the appropriate personnel related to cash transfers.