FAC Explorer

Audit 306122

FY End
2022-12-31
Total Expended
$6.40M
Findings
4
Programs
3
Organization: Bioscience and Technology Business Center, Inc. D/b/a Ku Innovation Park (KS)
Year: 2022 Accepted: 2024-05-13
Auditor: Bt&co P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
396549 2022-002 Material Weakness Yes ABL
396550 2022-002 Material Weakness - ABL
972991 2022-002 Material Weakness Yes ABL
972992 2022-002 Material Weakness - ABL

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $4.22M Yes 1
21.027 Coronavirus State and Local Fiscal Recovery Funds $1.70M Yes 1
11.024 Build to Scale $472,399 - 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, 2022. 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 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 2022-002
Finding 2022-002 Material Weakness Prior Reference Number - 2021-002 Federal Programs - Economic Adjustment Assistance (Assistance Listing No. 11.307), Coronavirus State and Local Fiscal Recovery Funds (Assistance Listing No. 21.027) 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) - We agree with the finding. The Organization has designated a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission.
Finding 2022-002
Finding 2022-002 Material Weakness Prior Reference Number - 2021-002 Federal Programs - Economic Adjustment Assistance (Assistance Listing No. 11.307), Coronavirus State and Local Fiscal Recovery Funds (Assistance Listing No. 21.027) 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) - We agree with the finding. The Organization has designated a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission.
Finding 2022-002
Finding 2022-002 Material Weakness Prior Reference Number - 2021-002 Federal Programs - Economic Adjustment Assistance (Assistance Listing No. 11.307), Coronavirus State and Local Fiscal Recovery Funds (Assistance Listing No. 21.027) 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) - We agree with the finding. The Organization has designated a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission.
Finding 2022-002
Finding 2022-002 Material Weakness Prior Reference Number - 2021-002 Federal Programs - Economic Adjustment Assistance (Assistance Listing No. 11.307), Coronavirus State and Local Fiscal Recovery Funds (Assistance Listing No. 21.027) 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) - We agree with the finding. The Organization has designated a knowledgeable person separate from the preparer of the reports to review all expenditures that go into the reports prior to submission.