FAC Explorer

Audit 323322

FY End
2023-12-31
Total Expended
$907,268
Findings
6
Programs
3
Organization: Transtimulation Inc. (OK)
Year: 2023 Accepted: 2024-09-30
Auditor: The Armstrong Group PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
501059 2023-002 - - P
501060 2023-002 - - P
501061 2023-002 - - P
1077501 2023-002 - - P
1077502 2023-002 - - P
1077503 2023-002 - - P

Programs

ALN Program Spent Major Findings
93.853 Extramural Research Programs in the Neurosciences and Neurological Disorders $423,523 Yes 1
93.213 Research and Training in Complementary and Integrative Health $352,345 Yes 1
93.279 Drug Abuse and Addiction Research Programs $131,400 Yes 1

Contacts

Name Title Type
DLBFL8DKL6Z3 Jieuyun Yin Auditee
8322027068 Robert Armstrong 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. When applicable, 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. No federal financial assistance has been provided to a subrecipient. De Minimis Rate Used: N Rate Explanation: The Company did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance since it either charges indirect cost specifically approved in a grant award document or, when allowed, allocates indirect cost rate previously approved from its cognizant agency. These rates determine the recovery of indirect costs incurred from the delivery of federal funded programs of the Company. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Transtimulation Research, Inc. (“the Company”) under programs of the federal government for the year ended December 31, 2023. The information 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 Company, it is not intended to and does not present the balance sheet, statements of operations, changes in equity and cash flows of the Company.
Title: Significant Accounting Policies Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. De Minimis Rate Used: N Rate Explanation: The Company did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance since it either charges indirect cost specifically approved in a grant award document or, when allowed, allocates indirect cost rate previously approved from its cognizant agency. These rates determine the recovery of indirect costs incurred from the delivery of federal funded programs of the Company. Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
Title: Indirect Cost Rate Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. De Minimis Rate Used: N Rate Explanation: The Company did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance since it either charges indirect cost specifically approved in a grant award document or, when allowed, allocates indirect cost rate previously approved from its cognizant agency. These rates determine the recovery of indirect costs incurred from the delivery of federal funded programs of the Company. The Company did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance since it either charges indirect cost specifically approved in a grant award document or, when allowed, allocates indirect cost rate previously approved from its cognizant agency. These rates determine the recovery of indirect costs incurred from the delivery of federal funded programs of the Company.

Finding Details

Finding 2023-002
Condition-Prior to drawing down funds for this award from the Payment Management System, the company did not have formally documented policies and procedures for financial and business management systems. Criteria As indicated in the grant document prior to drawing down funds for this award from the Payment Management System, the company was required to have in place written policies and procedures for financial and business management systems that comply with the standards and requirements set forth in 45 CFR 75.302, as applicable, and must follow those policies and procedures for the duration of the project. Perspective Information – Subsequent to the year ended December 31, 2023, the Company obtained the services of a third-party consultant to formally document policies and procedures for financial and business management systems. These policies and procedures were completed and provided to the auditor at the beginning of the audit. Cause – Due to the company’s size and limited number of resources (3 employees) the initial policy that was created was limited and not sufficient to meet audit requirements. Effect or Potential Effect – The Company was not in compliance with the terms of the grant agreement.
Finding 2023-002
Condition-Prior to drawing down funds for this award from the Payment Management System, the company did not have formally documented policies and procedures for financial and business management systems. Criteria As indicated in the grant document prior to drawing down funds for this award from the Payment Management System, the company was required to have in place written policies and procedures for financial and business management systems that comply with the standards and requirements set forth in 45 CFR 75.302, as applicable, and must follow those policies and procedures for the duration of the project. Perspective Information – Subsequent to the year ended December 31, 2023, the Company obtained the services of a third-party consultant to formally document policies and procedures for financial and business management systems. These policies and procedures were completed and provided to the auditor at the beginning of the audit. Cause – Due to the company’s size and limited number of resources (3 employees) the initial policy that was created was limited and not sufficient to meet audit requirements. Effect or Potential Effect – The Company was not in compliance with the terms of the grant agreement.
Finding 2023-002
Condition-Prior to drawing down funds for this award from the Payment Management System, the company did not have formally documented policies and procedures for financial and business management systems. Criteria As indicated in the grant document prior to drawing down funds for this award from the Payment Management System, the company was required to have in place written policies and procedures for financial and business management systems that comply with the standards and requirements set forth in 45 CFR 75.302, as applicable, and must follow those policies and procedures for the duration of the project. Perspective Information – Subsequent to the year ended December 31, 2023, the Company obtained the services of a third-party consultant to formally document policies and procedures for financial and business management systems. These policies and procedures were completed and provided to the auditor at the beginning of the audit. Cause – Due to the company’s size and limited number of resources (3 employees) the initial policy that was created was limited and not sufficient to meet audit requirements. Effect or Potential Effect – The Company was not in compliance with the terms of the grant agreement.
Finding 2023-002
Condition-Prior to drawing down funds for this award from the Payment Management System, the company did not have formally documented policies and procedures for financial and business management systems. Criteria As indicated in the grant document prior to drawing down funds for this award from the Payment Management System, the company was required to have in place written policies and procedures for financial and business management systems that comply with the standards and requirements set forth in 45 CFR 75.302, as applicable, and must follow those policies and procedures for the duration of the project. Perspective Information – Subsequent to the year ended December 31, 2023, the Company obtained the services of a third-party consultant to formally document policies and procedures for financial and business management systems. These policies and procedures were completed and provided to the auditor at the beginning of the audit. Cause – Due to the company’s size and limited number of resources (3 employees) the initial policy that was created was limited and not sufficient to meet audit requirements. Effect or Potential Effect – The Company was not in compliance with the terms of the grant agreement.
Finding 2023-002
Condition-Prior to drawing down funds for this award from the Payment Management System, the company did not have formally documented policies and procedures for financial and business management systems. Criteria As indicated in the grant document prior to drawing down funds for this award from the Payment Management System, the company was required to have in place written policies and procedures for financial and business management systems that comply with the standards and requirements set forth in 45 CFR 75.302, as applicable, and must follow those policies and procedures for the duration of the project. Perspective Information – Subsequent to the year ended December 31, 2023, the Company obtained the services of a third-party consultant to formally document policies and procedures for financial and business management systems. These policies and procedures were completed and provided to the auditor at the beginning of the audit. Cause – Due to the company’s size and limited number of resources (3 employees) the initial policy that was created was limited and not sufficient to meet audit requirements. Effect or Potential Effect – The Company was not in compliance with the terms of the grant agreement.
Finding 2023-002
Condition-Prior to drawing down funds for this award from the Payment Management System, the company did not have formally documented policies and procedures for financial and business management systems. Criteria As indicated in the grant document prior to drawing down funds for this award from the Payment Management System, the company was required to have in place written policies and procedures for financial and business management systems that comply with the standards and requirements set forth in 45 CFR 75.302, as applicable, and must follow those policies and procedures for the duration of the project. Perspective Information – Subsequent to the year ended December 31, 2023, the Company obtained the services of a third-party consultant to formally document policies and procedures for financial and business management systems. These policies and procedures were completed and provided to the auditor at the beginning of the audit. Cause – Due to the company’s size and limited number of resources (3 employees) the initial policy that was created was limited and not sufficient to meet audit requirements. Effect or Potential Effect – The Company was not in compliance with the terms of the grant agreement.