FAC Explorer

Audit 311662

FY End
2023-09-30
Total Expended
$785,068
Findings
2
Programs
2
Organization: Resources for Independent Living, Inc. (NJ)
Year: 2023 Accepted: 2024-07-03
Auditor: Bkc CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
406490 2023-001 Significant Deficiency - P
982932 2023-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
93.432 Acl Centers for Independent Living $715,739 Yes 1
93.433 Acl National Institute on Disability, Independent Living, and Rehabilitation Research $69,329 - 0

Contacts

Name Title Type
LYK4D8B4NR21 Amy Kiger Auditee
8566789400 Michael Holk Auditor
No contacts on file

Notes to SEFA

Title: Basis of accounting Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State and County Financial Assistance include the federal, state and county grant activity of Resources for Independent Living, Inc. under programs of the federal, state and county governments for the year ended September 30, 2023. The information in the Schedules are 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 schedules present only a selected portion of the operations of Resources for Independent Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Resources for Independent Living. (1) Expenditures reported on the Schedules 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. (2) Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: n/a The accompanying Schedules of Expenditures of Federal Awards and State and County Financial Assistance include the federal, state and county grant activity of Resources for Independent Living, Inc. under programs of the federal, state and county governments for the year ended September 30, 2023. The information in the Schedules are 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 schedules present only a selected portion of the operations of Resources for Independent Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Resources for Independent Living.
Title: Summary of signficant accounting policies Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State and County Financial Assistance include the federal, state and county grant activity of Resources for Independent Living, Inc. under programs of the federal, state and county governments for the year ended September 30, 2023. The information in the Schedules are 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 schedules present only a selected portion of the operations of Resources for Independent Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Resources for Independent Living. (1) Expenditures reported on the Schedules 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. (2) Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: n/a Expenditures reported on the Schedules 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. Pass-through entity identifying numbers are presented where available.
Title: Indirect cost rate Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards and State and County Financial Assistance include the federal, state and county grant activity of Resources for Independent Living, Inc. under programs of the federal, state and county governments for the year ended September 30, 2023. The information in the Schedules are 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 schedules present only a selected portion of the operations of Resources for Independent Living, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Resources for Independent Living. (1) Expenditures reported on the Schedules 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. (2) Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: n/a The Organization has elected not to use the 10% de minimis indirect cost rate allowed under uniform guidance.

Finding Details

Finding 2023-001
Condition: The Organization’s general ledger did not accurately reflect the account balances as of the year end. Criteria: The Organization should verify that all closing adjustments have been posted to accurately reflect the financial position and results of activities. Cause: The Organization does not verify that the ending balances are accurately reflected as of the year end. Effect: A significant number of audit adjustments were required to ensure that the correct ending balances were reflected in the Organization’s financial statements. Recommendation: Procedures should be implemented, and a formal closing process should occur where all year end balances are verified and reconciled to the supporting documentation and all necessary closing adjustments are recorded. Views of Responsible Official and Planned Corrective Actions: The Organization will implement procedures to ensure that upon acceptance of the annual audit, all audit adjustments are promptly posted to the Organization’s internal accounting software and all balances are reconciled to the final audit report. Additional procedures will be implemented whereas throughout the fiscal year and at the year end, the Associated Director of Finance will review the internal financials in detail to determine if any adjustments are necessary in order for the Organization’s financials to be accurately stated.
Finding 2023-001
Condition: The Organization’s general ledger did not accurately reflect the account balances as of the year end. Criteria: The Organization should verify that all closing adjustments have been posted to accurately reflect the financial position and results of activities. Cause: The Organization does not verify that the ending balances are accurately reflected as of the year end. Effect: A significant number of audit adjustments were required to ensure that the correct ending balances were reflected in the Organization’s financial statements. Recommendation: Procedures should be implemented, and a formal closing process should occur where all year end balances are verified and reconciled to the supporting documentation and all necessary closing adjustments are recorded. Views of Responsible Official and Planned Corrective Actions: The Organization will implement procedures to ensure that upon acceptance of the annual audit, all audit adjustments are promptly posted to the Organization’s internal accounting software and all balances are reconciled to the final audit report. Additional procedures will be implemented whereas throughout the fiscal year and at the year end, the Associated Director of Finance will review the internal financials in detail to determine if any adjustments are necessary in order for the Organization’s financials to be accurately stated.