Audit 306523

FY End

2022-09-30

Total Expended

$1.61M

Findings

2

Programs

1

Organization: Glimmerglass Opera Theatre INC (NY)

Year: 2022 Accepted: 2024-05-17

Auditor: Grossman St Amour CPAS

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
397169	2021-001	Significant Deficiency	-	L
973611	2021-001	Significant Deficiency	-	L

ALN	Program	Spent	Major	Findings
59.075	Shuttered Venue Operators Grant Program	$1.61M	Yes	1

Contacts

Name	Title	Type
FPS6NHSLMDE9	Karen Flanagan	Auditee
3157334931	Christina Ondrako	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. The Schedule presents the activity of all Federal awards administered by the Glimmerglass Opera Theatre, Inc. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies are included in the schedule. 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. De Minimis Rate Used: N Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data provided. The Glimmerglass Opera Theatre, Inc. 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 includes the federal award activity of the Glimmerglass Opera Theatre, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. CFDA numbers and pass-through numbers are provided, when available.

Finding Details

Finding 2021-001

Criteria: Effective segregations and oversight should be present to ensure proper recordkeeping and reporting. Condition: Certain duties within significant financial cycles were not adequately segregated. Further, this contributed to inadequate review and oversight to properly present certain account balances within the financial statements and certain supporting reconciliations and support. Cause: During the year, the Finance department operates with a limited number of personnel. The overall lack of segregation requires that management and the board remain attentive and build in additional oversight functions, especially with respect to cash receipt, disbursement and payroll cycles, including the associated supporting records. This revenue and oversight is important in proper classification of account balances including investment revenue and release of net assets with donor restrictions. Effect: The lack of segregation leave the organization and their financial records vulnerable. The lack of oversight led to significant reclassifications within revenue accounts to present classifications in accordance with GAAP.

Finding 2021-001

Criteria: Effective segregations and oversight should be present to ensure proper recordkeeping and reporting. Condition: Certain duties within significant financial cycles were not adequately segregated. Further, this contributed to inadequate review and oversight to properly present certain account balances within the financial statements and certain supporting reconciliations and support. Cause: During the year, the Finance department operates with a limited number of personnel. The overall lack of segregation requires that management and the board remain attentive and build in additional oversight functions, especially with respect to cash receipt, disbursement and payroll cycles, including the associated supporting records. This revenue and oversight is important in proper classification of account balances including investment revenue and release of net assets with donor restrictions. Effect: The lack of segregation leave the organization and their financial records vulnerable. The lack of oversight led to significant reclassifications within revenue accounts to present classifications in accordance with GAAP.