FAC Explorer

Audit 305812

FY End
2023-12-31
Total Expended
$13.04M
Findings
4
Programs
2
Organization: Woods Hole, Martha's Vineyard and Nantucket Steamship Authority (MA)
Year: 2023 Accepted: 2024-05-08
Auditor: Rsm US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
396183 2023-002 Significant Deficiency - P
396184 2023-002 Significant Deficiency - P
972625 2023-002 Significant Deficiency - P
972626 2023-002 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
20.507 Federal Transit_formula Grants $12.66M Yes 1
20.526 Buses and Bus Facilities Formula, Competitive, and Low Or No Emissions Programs $388,250 Yes 1

Contacts

Name Title Type
KT82NR5G3KP6 Mark Rozum Auditee
5085485011 Valerie Colimon Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation 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. Pass-through entity identifying numbers are presented where applicable and available. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority (the Authority) under programs of the federal government for the year ended December 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 Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Title: Summary of Significant Accounting Policies 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. Pass-through entity identifying numbers are presented where applicable and available. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable and available.
Title: Indirect Cost Rate 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. Pass-through entity identifying numbers are presented where applicable and available. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Title: Reconciliation of Federal Expenditures Reported in the Schedule to the Authority’s Basic Financial Statements 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. Pass-through entity identifying numbers are presented where applicable and available. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The following is a reconciliation of the federal expenditures reported in the Schedule to the amounts reported in the basic financial statements for the fiscal year ended December 31, 2023: See the Notes to the SEFA for chart/table The differences between the federal expenditures reported in the current year Schedule and basic financial statements primarily represent costs incurred in prior fiscal years that would have been noted in the Schedule under the accrual basis of accounting.

Finding Details

Finding 2023-002
Other Compliance Matters, Late Issuance of the 2022 Single Audit Reporting Criteria: Uniform Guidance 2 CFR 200.512(a) requires that each organization’s audit must be completed and the data collection form and reporting package should be submitted within the earlier of 30 days after receipt of the auditor’s report or nine months after the end of the audit period. Applicable to all assistance listing numbers (ALN’s) and federal agencies (and passthrough entities) included on the accompanying schedule of expenditures of federal awards for the year ended December 31, 2022. Condition: The Single Audit package for the Authority’s fiscal year ended December 31, 2022, should have been submitted to the Federal Audit Clearinghouse by June 9, 2023, but it was submitted on June 14, 2023. The Authority missed the 30-day filing deadline, making the filing for 2022 late. Cause: The original report did not have the correct required Government Auditing Standards opinion, causing a delay in the submission. The cause is a lack of effective controls over the timing of the administrative review of the submission of the data collection form. Effect: This can result in the disallowance of expenditures in the future awards by the grantor due to lack of proper reporting. In addition, late filings result in noncompliance with the requirements of the Uniform Guidance. Recommendation: We recommend the Authority evaluate the process and design internal controls over the submission of the data collection form to avoid late filing of the form. Management’s Response: The original report received did not have the correct required Government Auditing Standards opinion. We requested the updated opinion, which was provided subsequent to the filing date.
Finding 2023-002
Other Compliance Matters, Late Issuance of the 2022 Single Audit Reporting Criteria: Uniform Guidance 2 CFR 200.512(a) requires that each organization’s audit must be completed and the data collection form and reporting package should be submitted within the earlier of 30 days after receipt of the auditor’s report or nine months after the end of the audit period. Applicable to all assistance listing numbers (ALN’s) and federal agencies (and passthrough entities) included on the accompanying schedule of expenditures of federal awards for the year ended December 31, 2022. Condition: The Single Audit package for the Authority’s fiscal year ended December 31, 2022, should have been submitted to the Federal Audit Clearinghouse by June 9, 2023, but it was submitted on June 14, 2023. The Authority missed the 30-day filing deadline, making the filing for 2022 late. Cause: The original report did not have the correct required Government Auditing Standards opinion, causing a delay in the submission. The cause is a lack of effective controls over the timing of the administrative review of the submission of the data collection form. Effect: This can result in the disallowance of expenditures in the future awards by the grantor due to lack of proper reporting. In addition, late filings result in noncompliance with the requirements of the Uniform Guidance. Recommendation: We recommend the Authority evaluate the process and design internal controls over the submission of the data collection form to avoid late filing of the form. Management’s Response: The original report received did not have the correct required Government Auditing Standards opinion. We requested the updated opinion, which was provided subsequent to the filing date.
Finding 2023-002
Other Compliance Matters, Late Issuance of the 2022 Single Audit Reporting Criteria: Uniform Guidance 2 CFR 200.512(a) requires that each organization’s audit must be completed and the data collection form and reporting package should be submitted within the earlier of 30 days after receipt of the auditor’s report or nine months after the end of the audit period. Applicable to all assistance listing numbers (ALN’s) and federal agencies (and passthrough entities) included on the accompanying schedule of expenditures of federal awards for the year ended December 31, 2022. Condition: The Single Audit package for the Authority’s fiscal year ended December 31, 2022, should have been submitted to the Federal Audit Clearinghouse by June 9, 2023, but it was submitted on June 14, 2023. The Authority missed the 30-day filing deadline, making the filing for 2022 late. Cause: The original report did not have the correct required Government Auditing Standards opinion, causing a delay in the submission. The cause is a lack of effective controls over the timing of the administrative review of the submission of the data collection form. Effect: This can result in the disallowance of expenditures in the future awards by the grantor due to lack of proper reporting. In addition, late filings result in noncompliance with the requirements of the Uniform Guidance. Recommendation: We recommend the Authority evaluate the process and design internal controls over the submission of the data collection form to avoid late filing of the form. Management’s Response: The original report received did not have the correct required Government Auditing Standards opinion. We requested the updated opinion, which was provided subsequent to the filing date.
Finding 2023-002
Other Compliance Matters, Late Issuance of the 2022 Single Audit Reporting Criteria: Uniform Guidance 2 CFR 200.512(a) requires that each organization’s audit must be completed and the data collection form and reporting package should be submitted within the earlier of 30 days after receipt of the auditor’s report or nine months after the end of the audit period. Applicable to all assistance listing numbers (ALN’s) and federal agencies (and passthrough entities) included on the accompanying schedule of expenditures of federal awards for the year ended December 31, 2022. Condition: The Single Audit package for the Authority’s fiscal year ended December 31, 2022, should have been submitted to the Federal Audit Clearinghouse by June 9, 2023, but it was submitted on June 14, 2023. The Authority missed the 30-day filing deadline, making the filing for 2022 late. Cause: The original report did not have the correct required Government Auditing Standards opinion, causing a delay in the submission. The cause is a lack of effective controls over the timing of the administrative review of the submission of the data collection form. Effect: This can result in the disallowance of expenditures in the future awards by the grantor due to lack of proper reporting. In addition, late filings result in noncompliance with the requirements of the Uniform Guidance. Recommendation: We recommend the Authority evaluate the process and design internal controls over the submission of the data collection form to avoid late filing of the form. Management’s Response: The original report received did not have the correct required Government Auditing Standards opinion. We requested the updated opinion, which was provided subsequent to the filing date.