Audit 308446

FY End
2023-09-30
Total Expended
$1.03M
Findings
20
Programs
6
Year: 2023 Accepted: 2024-06-10

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
400393 2023-001 Material Weakness - P
400394 2023-001 Material Weakness - P
400395 2023-001 Material Weakness - P
400396 2023-001 Material Weakness - P
400397 2023-001 Material Weakness - P
400398 2023-001 Material Weakness - P
400399 2023-001 Material Weakness - P
400400 2023-001 Material Weakness - P
400401 2023-001 Material Weakness - P
400402 2023-001 Material Weakness - P
976835 2023-001 Material Weakness - P
976836 2023-001 Material Weakness - P
976837 2023-001 Material Weakness - P
976838 2023-001 Material Weakness - P
976839 2023-001 Material Weakness - P
976840 2023-001 Material Weakness - P
976841 2023-001 Material Weakness - P
976842 2023-001 Material Weakness - P
976843 2023-001 Material Weakness - P
976844 2023-001 Material Weakness - P

Contacts

Name Title Type
ZRUAD2ZU47Z5 Joseph Cardone Auditee
2039325711 Jay Broderick 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. De Minimis Rate Used: N Rate Explanation: For the year ended September 30, 2023, the Organization has a negotiated indirect cost rate of 20.6%. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of VA Connecticut Research and Education Foundation, Inc. (Organization), under programs of the federal government for the year ended September 30, 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.

Finding Details

Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Criteria: The Organization should have internal controls in place to ensure that all transactions are recorded in the proper period in accordance with accounting principles generally accepted in the United States of America. Condition: The financial statements required material adjustments to be in accordance with generally accepted accounting principles that were identified by our audit procedures. Context: There was turnover in the Executive Director position at the Organization halfway through the year. While the new Executive Director is extremely knowledgeable, he is still obtaining an understanding of all of the different grants held by the Organization. Effect: There were material adjustments required to correct the financial statements. Recommendation: We recommend that the Organization implement controls to ensure that revenues and receivables are recorded in the correct period in accordance with generally accepted accounting principles as well as their grant agreements. Responsible Official’s Response: Management agrees and will implement procedures to ensure that the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.