FAC Explorer

Audit 322696

FY End
2023-12-31
Total Expended
$1.66M
Findings
2
Programs
7
Organization: Maine Development Foundation (ME)
Year: 2023 Accepted: 2024-09-30
Auditor: Purdy Powers and Company

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
499845 2023-002 Significant Deficiency - L
1076287 2023-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
59.059 Congressional Grants $632,943 Yes 1
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $379,939 - 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $241,302 Yes 0
90.601 Northern Border Regional Development $106,213 - 0
15.904 Historic Preservation Fund Grants-in-Aid $95,170 - 0
47.084 Nsf Technology, Innovation, and Partnerships $36,919 - 0
11.307 Economic Adjustment Assistance $36,455 - 0

Contacts

Name Title Type
ZNUFHG7JK4V3 Rosie Vanadestine Auditee
2076226345 Maria Happnie Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. De Minimis Rate Used: Y Rate Explanation: Maine Development Foundation has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Maine Development Foundation. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the schedule. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Maine Development Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Maine Development Foundation.
Title: Summary of Significant Accounting Policies Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. De Minimis Rate Used: Y Rate Explanation: Maine Development Foundation has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Maine Development Foundation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2023-002
2023-002 Timely Filing of Required Reports: Congressional Grants – FALN 59.059 Condition and context: During the period of audit, it was noted that the two reports required by the Agreement were not submitted by the due date noted in the Agreement. Criteria: Reporting procedures are an integral part of the Compliance Requirements in accordance with the Uniform Guidance. Cause: The Organization was unable to submit reports within the required time period. Effect: Improvement is needed in order to comply with the reporting requirements of the Congressional Grants agreement. Recommendation: We recommended that the Organization review its reporting obligations and ensure that all future filings are made in a timely manner. Views of responsible Officials and Planned Corrective Action: The Organization takes reporting requirements seriously, filing reports on numerous grants, and attributes the unusual occurrence of late filings to turnover in finance staff as well as the somewhat novel timelines in the Organization’s first federal “earmark.” The Organization will review the process of submitting reports to ensure the reporting deadlines are achieved in a timely manner.
Finding 2023-002
2023-002 Timely Filing of Required Reports: Congressional Grants – FALN 59.059 Condition and context: During the period of audit, it was noted that the two reports required by the Agreement were not submitted by the due date noted in the Agreement. Criteria: Reporting procedures are an integral part of the Compliance Requirements in accordance with the Uniform Guidance. Cause: The Organization was unable to submit reports within the required time period. Effect: Improvement is needed in order to comply with the reporting requirements of the Congressional Grants agreement. Recommendation: We recommended that the Organization review its reporting obligations and ensure that all future filings are made in a timely manner. Views of responsible Officials and Planned Corrective Action: The Organization takes reporting requirements seriously, filing reports on numerous grants, and attributes the unusual occurrence of late filings to turnover in finance staff as well as the somewhat novel timelines in the Organization’s first federal “earmark.” The Organization will review the process of submitting reports to ensure the reporting deadlines are achieved in a timely manner.