FAC Explorer

Audit 311523

FY End
2023-12-31
Total Expended
$1.03M
Findings
4
Programs
1
Organization: Door County Economic Development Corporation (WI)
Year: 2023 Accepted: 2024-07-02
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
405964 2023-003 Significant Deficiency Yes LP
405965 2023-003 Significant Deficiency Yes LP
982406 2023-003 Significant Deficiency Yes LP
982407 2023-003 Significant Deficiency Yes LP

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $498,390 Yes 1

Contacts

Name Title Type
ZGFJCL1NZNS1 Michelle Lawrie Auditee
9207433113 Becky Meyer, CPA 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: Door County Economic Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Door County Economic Development Corporation’s programs of the federal government for the year ended December 31, 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 Door County Economic Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Door County Economic Development Corporation.
Title: OVERSIGHT AGENCIES 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: Door County Economic Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The federal oversight agency for Door County Economic Development Corporation is as follows: Federal — U.S. Department of Commerce
Title: SUBRECIPIENT PAYMENTS 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: Door County Economic Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. No federal awards were passed through to sub recipients during the year ended December 31, 2023.

Finding Details

Finding 2023-003
Reporting Federal Agency: U.S. Department of CommerceFederal Program Title: Economic Development Administration – Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2023 – December 31, 2023 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Repeat Finding: Repeat of Finding 2022-004 Effect: The ED-209 reports may be misstated. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization’s Corrective Action Plan for more information.
Finding 2023-003
Reporting Federal Agency: U.S. Department of CommerceFederal Program Title: Economic Development Administration – Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2023 – December 31, 2023 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Repeat Finding: Repeat of Finding 2022-004 Effect: The ED-209 reports may be misstated. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization’s Corrective Action Plan for more information.
Finding 2023-003
Reporting Federal Agency: U.S. Department of CommerceFederal Program Title: Economic Development Administration – Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2023 – December 31, 2023 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Repeat Finding: Repeat of Finding 2022-004 Effect: The ED-209 reports may be misstated. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization’s Corrective Action Plan for more information.
Finding 2023-003
Reporting Federal Agency: U.S. Department of CommerceFederal Program Title: Economic Development Administration – Revolving Loan Fund Assistance Listing Number: 11.307 Federal Award Identification Numbers: 06-49-02687, 06-79-06225 Pass-Through Agency: Not Applicable Pass-Through Number: Not Applicable Award Period: January 1, 2023 – December 31, 2023 Compliance Requirement: Reporting, Special Reporting Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter Criteria or specific requirement: Line items on Form ED-209 Revolving Loan Fund Financial Report contain critical information and should reconcile with the RLF recipient's financial documents and account balances. Condition: During our testing of the ED-209 reports, we noted that some of the key line items for the reports did not tie to the Organization's supporting documentation. Questioned Costs: None Context: While performing audit procedures, it was noted that management does not have internal controls in place to document the review of the ED-209 reports to supporting documentation. Cause: The Organization had a lot of turnover in key employee positions during the audit work so some of the supporting information/original reports were not found. Repeat Finding: Repeat of Finding 2022-004 Effect: The ED-209 reports may be misstated. Recommendation: We recommend that Management create an internal monitoring system to document future review of the ED-209 reports and verify that supporting documentation is attached and retained for review during future audits. Views of responsible officials: There is no disagreement with the audit finding. Refer to the Organization’s Corrective Action Plan for more information.