FAC Explorer

Audit 303991

FY End
2023-08-31
Total Expended
$1.61M
Findings
6
Programs
4
Organization: The Dream Program, Inc. (VT)
Year: 2023 Accepted: 2024-04-19
Auditor: McSoley McCoy & CO

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
393807 2023-001 Material Weakness Yes AB
393808 2023-001 Material Weakness Yes AB
393809 2023-001 Material Weakness Yes AB
970249 2023-001 Material Weakness Yes AB
970250 2023-001 Material Weakness Yes AB
970251 2023-001 Material Weakness Yes AB

Programs

ALN Program Spent Major Findings
94.006 Americorps $1.00M Yes 1
16.726 Juvenile Mentoring Program $74,633 Yes 1
94.021 Volunteer Generation Fund $21,844 - 0
84.425 Education Stabilization Fund $20,000 - 0

Contacts

Name Title Type
CDRBWXUMFCT7 Mike Foote Auditee
8022226951 Tom Stretton Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: 1) Basis of Presentation The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of The DREAM Program, Inc. (the “Organization”) under programs of the federal government for the year ended August 31, 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows for the Organization. 2) Basis of Accounting 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance. The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of The DREAM Program, Inc. (the “Organization”) under programs of the federal government for the year ended August 31, 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows for the Organization.
Title: Basis of Accounting Accounting Policies: 1) Basis of Presentation The schedule of expenditures of Federal awards (the “Schedule”) includes the federal award activity of The DREAM Program, Inc. (the “Organization”) under programs of the federal government for the year ended August 31, 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows for the Organization. 2) Basis of Accounting 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance. 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Finding No.: 2023-001 (2022-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and currently implementing written procedures.
Finding 2023-001
Finding No.: 2023-001 (2022-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and currently implementing written procedures.
Finding 2023-001
Finding No.: 2023-001 (2022-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and currently implementing written procedures.
Finding 2023-001
Finding No.: 2023-001 (2022-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and currently implementing written procedures.
Finding 2023-001
Finding No.: 2023-001 (2022-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and currently implementing written procedures.
Finding 2023-001
Finding No.: 2023-001 (2022-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and currently implementing written procedures.