FAC Explorer

Audit 307127

FY End
2022-12-31
Total Expended
$1.47M
Findings
2
Programs
2
Organization: Aloun Foundation Inc. (HI)
Year: 2022 Accepted: 2024-05-23
Auditor: Propp Christensen Caniglia LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
398434 2022-001 Significant Deficiency Yes L
974876 2022-001 Significant Deficiency Yes L

Programs

ALN Program Spent Major Findings
10.415 Rural Rental Housing Loans $1.24M Yes 1
10.427 Rural Rental Assistance Payments $231,825 - 0

Contacts

Name Title Type
VAL4HB1M9PN1 Craig Watase Auditee
8087359099 Debbi Christensen Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE B - SUMMARY OF SIGNIFICANT 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. NOTE C - INDIRECT COST REIMBURSEMENTS The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Aloun Foundation Inc. has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period was 1180526.

Finding Details

Finding 2022-001
Criteria Uniform Guidance 2 CFR 200.512(a) requires that financial audits are completed and submitted to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Condition The Project's December 31, 2021 financial statement audit was not submitted to the Federal Audit Clearinghouse within 30 calendar days after the receipt of the auditor's report. Cause Management within the Project erroneously did not authorize submission of the financial statements to the Federal Audit Clearinghouse, thus the financial statements were not submitted to the Federal Audit Clearinghouse within the nine-month or 30-day window. Effect of Condition The Project is out of compliance with the reporting requirements detailed in the Uniform Guidance. Recommendation We recommend that policies and procedures be implemented to ensure the financial statement audit is submitted to the Federal Audit Clearinghouse within the required timeframe. Management's Response Management agrees with the recommendation and will work with the auditor to ensure the financial audit is submitted to the Federal Audit Clearinghouse within the required timeframe. Management has taken substantial steps to prevent this from happening in the future, including but not limited to an internal review of all accounting policies and procedures, a review of methodologies and tools used to track accounting deadlines and commitments.
Finding 2022-001
Criteria Uniform Guidance 2 CFR 200.512(a) requires that financial audits are completed and submitted to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Condition The Project's December 31, 2021 financial statement audit was not submitted to the Federal Audit Clearinghouse within 30 calendar days after the receipt of the auditor's report. Cause Management within the Project erroneously did not authorize submission of the financial statements to the Federal Audit Clearinghouse, thus the financial statements were not submitted to the Federal Audit Clearinghouse within the nine-month or 30-day window. Effect of Condition The Project is out of compliance with the reporting requirements detailed in the Uniform Guidance. Recommendation We recommend that policies and procedures be implemented to ensure the financial statement audit is submitted to the Federal Audit Clearinghouse within the required timeframe. Management's Response Management agrees with the recommendation and will work with the auditor to ensure the financial audit is submitted to the Federal Audit Clearinghouse within the required timeframe. Management has taken substantial steps to prevent this from happening in the future, including but not limited to an internal review of all accounting policies and procedures, a review of methodologies and tools used to track accounting deadlines and commitments.