FAC Explorer

Audit 319737

FY End
2023-12-31
Total Expended
$6.81M
Findings
4
Programs
1
Organization: Deerfield Valley Communications Union District (VT)
Year: 2023 Accepted: 2024-09-17
Auditor: Berry Dunn McNeil & Parker LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496984 2023-002 Material Weakness - P
496985 2023-002 Material Weakness - P
1073426 2023-002 Material Weakness - P
1073427 2023-002 Material Weakness - P

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $4.95M Yes 1

Contacts

Name Title Type
TSUWBCD2DVC4 Denise Sullivan Auditee
8022095100 Julie Keim 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. The amounts shown as current year expenditures represent only the federal grant portion of the program costs. De Minimis Rate Used: N Rate Explanation: Deerfield Valley Communications Union District d/b/a DVFiber has not elected to use the 10% de minimis indirect cost rate. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Deerfield Valley Communications Union District d/b/a DVFiber during 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 portion of the operations of Deerfield Valley Communications Union District d/b/a DVFiber, it is not intended to, and does not, present the net position, changes in net position or cash flows of Deerfield Valley Communications Union District d/b/a DVFiber.

Finding Details

Finding 2023-002
Finding Number: 2023-002 - Preparation of the Schedule of Expenditures of Federal Awards Criteria: The District should be reporting federal grant expenditures on an accrual basis of accounting in order to be consistent with the District's financial statements. Condition Found: The District is currently reporting grant expenditures on a cash basis which is not consistent with the financial statements prepared using the accrual basis of accounting as a result grant expenditures could be reported in improper periods. Cause and Effect: Having to adjust for accrual account balances resulted in errors that an ongoing accrual accounting process would have helped prevent or detect and correct timely. As a result of this condition, the District reported grant expenditures that had been accrued and reported in the prior year's Schedule of Expenditures of Federal Awards. Recommendation: It was recommended that the District implement policies and procedures to report grant expenditures on the accrual basis of accounting throughout the year. Identification as a Repeat Finding, if applicable: Not applicable Management response: Management agrees with the findings and recommendations.
Finding 2023-002
Finding Number: 2023-002 - Preparation of the Schedule of Expenditures of Federal Awards Criteria: The District should be reporting federal grant expenditures on an accrual basis of accounting in order to be consistent with the District's financial statements. Condition Found: The District is currently reporting grant expenditures on a cash basis which is not consistent with the financial statements prepared using the accrual basis of accounting as a result grant expenditures could be reported in improper periods. Cause and Effect: Having to adjust for accrual account balances resulted in errors that an ongoing accrual accounting process would have helped prevent or detect and correct timely. As a result of this condition, the District reported grant expenditures that had been accrued and reported in the prior year's Schedule of Expenditures of Federal Awards. Recommendation: It was recommended that the District implement policies and procedures to report grant expenditures on the accrual basis of accounting throughout the year. Identification as a Repeat Finding, if applicable: Not applicable Management response: Management agrees with the findings and recommendations.
Finding 2023-002
Finding Number: 2023-002 - Preparation of the Schedule of Expenditures of Federal Awards Criteria: The District should be reporting federal grant expenditures on an accrual basis of accounting in order to be consistent with the District's financial statements. Condition Found: The District is currently reporting grant expenditures on a cash basis which is not consistent with the financial statements prepared using the accrual basis of accounting as a result grant expenditures could be reported in improper periods. Cause and Effect: Having to adjust for accrual account balances resulted in errors that an ongoing accrual accounting process would have helped prevent or detect and correct timely. As a result of this condition, the District reported grant expenditures that had been accrued and reported in the prior year's Schedule of Expenditures of Federal Awards. Recommendation: It was recommended that the District implement policies and procedures to report grant expenditures on the accrual basis of accounting throughout the year. Identification as a Repeat Finding, if applicable: Not applicable Management response: Management agrees with the findings and recommendations.
Finding 2023-002
Finding Number: 2023-002 - Preparation of the Schedule of Expenditures of Federal Awards Criteria: The District should be reporting federal grant expenditures on an accrual basis of accounting in order to be consistent with the District's financial statements. Condition Found: The District is currently reporting grant expenditures on a cash basis which is not consistent with the financial statements prepared using the accrual basis of accounting as a result grant expenditures could be reported in improper periods. Cause and Effect: Having to adjust for accrual account balances resulted in errors that an ongoing accrual accounting process would have helped prevent or detect and correct timely. As a result of this condition, the District reported grant expenditures that had been accrued and reported in the prior year's Schedule of Expenditures of Federal Awards. Recommendation: It was recommended that the District implement policies and procedures to report grant expenditures on the accrual basis of accounting throughout the year. Identification as a Repeat Finding, if applicable: Not applicable Management response: Management agrees with the findings and recommendations.