FAC Explorer

Audit 309088

FY End
2022-09-30
Total Expended
$1.05M
Findings
6
Programs
1
Organization: Institute for Future Intelligence, Inc. (RI)
Year: 2022 Accepted: 2024-06-18
Auditor: Citrin Cooperman & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
401071 2022-002 - - P
401072 2022-002 - - P
401073 2022-002 - - P
977513 2022-002 - - P
977514 2022-002 - - P
977515 2022-002 - - P

Programs

ALN Program Spent Major Findings
47.046 Stem Education (formerly Education and Human Resources) $22,445 Yes 1

Contacts

Name Title Type
T8LKNJC8D5R3 Charles Xie Auditee
5083977021 Amber Bichun Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Institute for Future Intelligence, Inc. (a Nonprofit Organization) (the "Organization") under programs of the federal government for the year ended September 30, 2022. 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. De Minimis Rate Used: Y Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Finding Details

Finding 2022-002
Finding 2022-002: Late Audit Reporting Condition: The Organization did not complete and submit its federal single audit of its federal award from National Science Foundation ("NSF"), or their designee, by the due date of June 30, 2023. Criteria: 45 CFR §75.501 requires organizations that complete a Generally Accepted Government Auditing Standards Financial Audit under 45 CFR §75.216 to submit a financial related audit in accordance with Government Auditing Standards by the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: The federal audit was not completed until June 2024 as management did not timely engage an audit firm to meet filing requirements. Effect: May impact future funding from NSF. Recommendation: We recommend the Organization continue to review policies and procedures over financial reporting in order to ensure future audits are filed timely with NSF, or its designee. Questioned costs: None Views of responsible officials: Management of the Organization agrees with the finding. The Organization will ensure future audits are filed timely with NSF, or its designee. The Organization's corrective action plan is included at the end of this report.
Finding 2022-002
Finding 2022-002: Late Audit Reporting Condition: The Organization did not complete and submit its federal single audit of its federal award from National Science Foundation ("NSF"), or their designee, by the due date of June 30, 2023. Criteria: 45 CFR §75.501 requires organizations that complete a Generally Accepted Government Auditing Standards Financial Audit under 45 CFR §75.216 to submit a financial related audit in accordance with Government Auditing Standards by the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: The federal audit was not completed until June 2024 as management did not timely engage an audit firm to meet filing requirements. Effect: May impact future funding from NSF. Recommendation: We recommend the Organization continue to review policies and procedures over financial reporting in order to ensure future audits are filed timely with NSF, or its designee. Questioned costs: None Views of responsible officials: Management of the Organization agrees with the finding. The Organization will ensure future audits are filed timely with NSF, or its designee. The Organization's corrective action plan is included at the end of this report.
Finding 2022-002
Finding 2022-002: Late Audit Reporting Condition: The Organization did not complete and submit its federal single audit of its federal award from National Science Foundation ("NSF"), or their designee, by the due date of June 30, 2023. Criteria: 45 CFR §75.501 requires organizations that complete a Generally Accepted Government Auditing Standards Financial Audit under 45 CFR §75.216 to submit a financial related audit in accordance with Government Auditing Standards by the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: The federal audit was not completed until June 2024 as management did not timely engage an audit firm to meet filing requirements. Effect: May impact future funding from NSF. Recommendation: We recommend the Organization continue to review policies and procedures over financial reporting in order to ensure future audits are filed timely with NSF, or its designee. Questioned costs: None Views of responsible officials: Management of the Organization agrees with the finding. The Organization will ensure future audits are filed timely with NSF, or its designee. The Organization's corrective action plan is included at the end of this report.
Finding 2022-002
Finding 2022-002: Late Audit Reporting Condition: The Organization did not complete and submit its federal single audit of its federal award from National Science Foundation ("NSF"), or their designee, by the due date of June 30, 2023. Criteria: 45 CFR §75.501 requires organizations that complete a Generally Accepted Government Auditing Standards Financial Audit under 45 CFR §75.216 to submit a financial related audit in accordance with Government Auditing Standards by the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: The federal audit was not completed until June 2024 as management did not timely engage an audit firm to meet filing requirements. Effect: May impact future funding from NSF. Recommendation: We recommend the Organization continue to review policies and procedures over financial reporting in order to ensure future audits are filed timely with NSF, or its designee. Questioned costs: None Views of responsible officials: Management of the Organization agrees with the finding. The Organization will ensure future audits are filed timely with NSF, or its designee. The Organization's corrective action plan is included at the end of this report.
Finding 2022-002
Finding 2022-002: Late Audit Reporting Condition: The Organization did not complete and submit its federal single audit of its federal award from National Science Foundation ("NSF"), or their designee, by the due date of June 30, 2023. Criteria: 45 CFR §75.501 requires organizations that complete a Generally Accepted Government Auditing Standards Financial Audit under 45 CFR §75.216 to submit a financial related audit in accordance with Government Auditing Standards by the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: The federal audit was not completed until June 2024 as management did not timely engage an audit firm to meet filing requirements. Effect: May impact future funding from NSF. Recommendation: We recommend the Organization continue to review policies and procedures over financial reporting in order to ensure future audits are filed timely with NSF, or its designee. Questioned costs: None Views of responsible officials: Management of the Organization agrees with the finding. The Organization will ensure future audits are filed timely with NSF, or its designee. The Organization's corrective action plan is included at the end of this report.
Finding 2022-002
Finding 2022-002: Late Audit Reporting Condition: The Organization did not complete and submit its federal single audit of its federal award from National Science Foundation ("NSF"), or their designee, by the due date of June 30, 2023. Criteria: 45 CFR §75.501 requires organizations that complete a Generally Accepted Government Auditing Standards Financial Audit under 45 CFR §75.216 to submit a financial related audit in accordance with Government Auditing Standards by the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period. Cause: The federal audit was not completed until June 2024 as management did not timely engage an audit firm to meet filing requirements. Effect: May impact future funding from NSF. Recommendation: We recommend the Organization continue to review policies and procedures over financial reporting in order to ensure future audits are filed timely with NSF, or its designee. Questioned costs: None Views of responsible officials: Management of the Organization agrees with the finding. The Organization will ensure future audits are filed timely with NSF, or its designee. The Organization's corrective action plan is included at the end of this report.