Audit 306121

FY End

2021-12-31

Total Expended

$3.14M

Findings

2

Programs

2

Organization: Bioscience and Technology Business Center, Inc. D/b/a Ku Innovation Park (KS)

Year: 2021 Accepted: 2024-05-13

Auditor: Bt&co P A

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
396548	2021-002	Material Weakness	-	ABL
972990	2021-002	Material Weakness	-	ABL

ALN	Program	Spent	Major	Findings
11.307	Economic Adjustment Assistance	$3.09M	Yes	1
59.065	Growth Accelerator Fund Competition	$50,000	-	0

Contacts

Name	Title	Type
NN3HQKQMJCY3	Adam Courtney	Auditee
7858322110	Stacey Hammond	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 reimbursements. the Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10-percent 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 Bioscience and Technology Business Center, Inc. (the Organization) under programs of the federal government for the year ended December 31, 2021. The information in the 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 of the Organization.

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 reimbursements. the Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate 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, wherein certain types of expenditures are not allowable or are limited as to reimbursements. the Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2021-002

Prior Reference Number - None Federal Program - Economic Adjustment Assistance (Assistance Listing No. 11.307) Federal Program - Economic Adjustment Assistance (Assistance Listing No. 11.307) Condition - Expenditures submitted in grant reports lack a detailed review by someone other than the preparer of the Federal reports. Criteria - All expenditures submitted on federal grant reports should be reviewed by a person knowledgeable about the requirements for activities allowed or unallowed for the grant. As such, the Organization’s internal control over this process should ensure all expenditures are reviewed by a person with such knowledge. Cause - Controls in place are not sufficient to ensure completeness and accuracy of the reports submitted to granting agencies. Effect - Without proper controls in place, expenditures may not be complete, accurate or allowable under grant requirements and could result in unallowable federal expenditures reported. Recommendation - We recommend the Organization designate a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission. Management’s Response/Corrective Action Plan (unaudited) - Management agrees with the finding. The Organization will designate a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission.

Finding 2021-002

Prior Reference Number - None Federal Program - Economic Adjustment Assistance (Assistance Listing No. 11.307) Federal Program - Economic Adjustment Assistance (Assistance Listing No. 11.307) Condition - Expenditures submitted in grant reports lack a detailed review by someone other than the preparer of the Federal reports. Criteria - All expenditures submitted on federal grant reports should be reviewed by a person knowledgeable about the requirements for activities allowed or unallowed for the grant. As such, the Organization’s internal control over this process should ensure all expenditures are reviewed by a person with such knowledge. Cause - Controls in place are not sufficient to ensure completeness and accuracy of the reports submitted to granting agencies. Effect - Without proper controls in place, expenditures may not be complete, accurate or allowable under grant requirements and could result in unallowable federal expenditures reported. Recommendation - We recommend the Organization designate a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission. Management’s Response/Corrective Action Plan (unaudited) - Management agrees with the finding. The Organization will designate a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission.