FAC Explorer

Audit 308532

FY End
2023-09-30
Total Expended
$9.58M
Findings
2
Programs
1
Organization: Panama City Port Authority (FL)
Year: 2023 Accepted: 2024-06-11
Auditor: Tipton Marler Garner & Chastain

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
400528 2023-003 - - L
976970 2023-003 - - L

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $9.58M Yes 1

Contacts

Name Title Type
PTTMJ8JVTCB9 John Miller Auditee
8507673220 Jennifer Davidson 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 and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Panama City Port Authority's general ledger. For purposes of the Schedule, federal awards and state projects include all grants, contracts, similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CFSA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients. De Minimis Rate Used: N Rate Explanation: The Panama City Port Authority did not use an indirect cost rate for the federal award with the EDA. The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal award and state project activity of the Panama City Port Authority under programs of the federal government and state departments 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) and Chapter 10.550, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Panama City Port Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Panama City Port Authority.
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 and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Panama City Port Authority's general ledger. For purposes of the Schedule, federal awards and state projects include all grants, contracts, similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CFSA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients. De Minimis Rate Used: N Rate Explanation: The Panama City Port Authority did not use an indirect cost rate for the federal award with the EDA. 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 and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Panama City Port Authority's general ledger. For purposes of the Schedule, federal awards and state projects include all grants, contracts, similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CFSA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients.

Finding Details

Finding 2023-003
Condition: The fiscal year ended September 30, 2022 federal data collection form was not submitted with the required timeframe. Criteria: Audited compliance package and completion of the federal single audit is required to be submitted timely to the Federal Audit Clearinghouse (the FAC). The package must be electronically submitted through the FAC website within the earlier of 30 days after receipt of the auditors' report or nine months after the end of the audit period. Cause: The current year audit disclosed prior year expenditures that should have been included on the prior year schedule of expenditures of federal awards and state financial assistance, which, when combined with prior year federal expenditures properly reported brought the total of federal expenditures over the federal single audit threshold. Effect: The Port Authority can be found to be out of compliance by individual granting agencies. As a result, the federal or state awarding agency could potentially withhold funds until the deficiency is remedied, completely suspend or terminate the award, or withhold further awards for the program. Recommendation: We recommend that the Port Authority remedy audit findings reported during the course of the audit and timely prepare expenditure reports and support for purposes of being subject to a single audit. Views of Responsible Officials and Planned Corrective Actions: The Port Authority agrees with the auditor's recommendations. See attached, Management's Corrective Action Plan.
Finding 2023-003
Condition: The fiscal year ended September 30, 2022 federal data collection form was not submitted with the required timeframe. Criteria: Audited compliance package and completion of the federal single audit is required to be submitted timely to the Federal Audit Clearinghouse (the FAC). The package must be electronically submitted through the FAC website within the earlier of 30 days after receipt of the auditors' report or nine months after the end of the audit period. Cause: The current year audit disclosed prior year expenditures that should have been included on the prior year schedule of expenditures of federal awards and state financial assistance, which, when combined with prior year federal expenditures properly reported brought the total of federal expenditures over the federal single audit threshold. Effect: The Port Authority can be found to be out of compliance by individual granting agencies. As a result, the federal or state awarding agency could potentially withhold funds until the deficiency is remedied, completely suspend or terminate the award, or withhold further awards for the program. Recommendation: We recommend that the Port Authority remedy audit findings reported during the course of the audit and timely prepare expenditure reports and support for purposes of being subject to a single audit. Views of Responsible Officials and Planned Corrective Actions: The Port Authority agrees with the auditor's recommendations. See attached, Management's Corrective Action Plan.