FAC Explorer

Audit 328831

FY End
2024-06-30
Total Expended
$1.20M
Findings
4
Programs
8
Organization: Higher Institute of Arts and Technology, Inc. (IN)
Year: 2024 Accepted: 2024-11-18
Auditor: Donovan PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
508286 2024-001 Significant Deficiency - F
508287 2024-001 Significant Deficiency - F
1084728 2024-001 Significant Deficiency - F
1084729 2024-001 Significant Deficiency - F

Programs

ALN Program Spent Major Findings
84.010 Title I Grants to Local Educational Agencies $199,235 - 0
10.555 National School Lunch Program $132,590 - 0
84.282 Charter Schools $78,811 - 0
10.553 School Breakfast Program $61,365 - 0
84.424 Student Support and Academic Enrichment Program $14,522 - 0
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $6,430 - 0
84.027 Special Education Grants to States $5,558 - 0
84.425 Education Stabilization Fund $2,155 Yes 1

Contacts

Name Title Type
NMY5R7FYEH83 Eva Spilker Auditee
4105983087 Jason Schultz Auditor
No contacts on file

Notes to SEFA

Title: Note 1 – 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: The School 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 Higher Institute of Arts and Technology, Inc. (the School) under programs of the federal government for the year ended June 30, 2024. 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 the School, it is not intended to and does not present the financial position, changes in net deficit, functional expenses, or cash flows of the School.
Title: Note 2 – Summary of significant Accounting Policies 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: The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. 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.
Title: Note 3 – Indirect Cost Rate 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: The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001
FINDING 2024-001 EQUIPMENT AND REAL PROPERTY MANAGEMENT SIGNIFICANT DEFICIENCY Federal Program: Education Stabilization Fund Assistance Listing Number: 84.425 Criteria 2 CFR 200.313(d) contains equipment management requirements which dictate property records entities must maintain and the need for procedures to adequately safeguard and maintain assets acquired with federal funding. Condition A physical inventory of the property must be conducted, and the results must be reconciled with the property records at least once every two years. A physical inventory was completed, however, there is no record this inventory was reconciled with the property records. Cause The School does not have internal controls and procedures in place to ensure the physical inventory is reconciled to the property records. Effect Failing to complete the reconciliation could result in inaccurate records of assets. Recommendation We recommend the School develop internal controls to ensure an inventory reconciliation with property records is completed at least every two years. Views of Responsible Officials The School’s Corrective Action Plan is included on pages 22.
Finding 2024-001
FINDING 2024-001 EQUIPMENT AND REAL PROPERTY MANAGEMENT SIGNIFICANT DEFICIENCY Federal Program: Education Stabilization Fund Assistance Listing Number: 84.425 Criteria 2 CFR 200.313(d) contains equipment management requirements which dictate property records entities must maintain and the need for procedures to adequately safeguard and maintain assets acquired with federal funding. Condition A physical inventory of the property must be conducted, and the results must be reconciled with the property records at least once every two years. A physical inventory was completed, however, there is no record this inventory was reconciled with the property records. Cause The School does not have internal controls and procedures in place to ensure the physical inventory is reconciled to the property records. Effect Failing to complete the reconciliation could result in inaccurate records of assets. Recommendation We recommend the School develop internal controls to ensure an inventory reconciliation with property records is completed at least every two years. Views of Responsible Officials The School’s Corrective Action Plan is included on pages 22.
Finding 2024-001
FINDING 2024-001 EQUIPMENT AND REAL PROPERTY MANAGEMENT SIGNIFICANT DEFICIENCY Federal Program: Education Stabilization Fund Assistance Listing Number: 84.425 Criteria 2 CFR 200.313(d) contains equipment management requirements which dictate property records entities must maintain and the need for procedures to adequately safeguard and maintain assets acquired with federal funding. Condition A physical inventory of the property must be conducted, and the results must be reconciled with the property records at least once every two years. A physical inventory was completed, however, there is no record this inventory was reconciled with the property records. Cause The School does not have internal controls and procedures in place to ensure the physical inventory is reconciled to the property records. Effect Failing to complete the reconciliation could result in inaccurate records of assets. Recommendation We recommend the School develop internal controls to ensure an inventory reconciliation with property records is completed at least every two years. Views of Responsible Officials The School’s Corrective Action Plan is included on pages 22.
Finding 2024-001
FINDING 2024-001 EQUIPMENT AND REAL PROPERTY MANAGEMENT SIGNIFICANT DEFICIENCY Federal Program: Education Stabilization Fund Assistance Listing Number: 84.425 Criteria 2 CFR 200.313(d) contains equipment management requirements which dictate property records entities must maintain and the need for procedures to adequately safeguard and maintain assets acquired with federal funding. Condition A physical inventory of the property must be conducted, and the results must be reconciled with the property records at least once every two years. A physical inventory was completed, however, there is no record this inventory was reconciled with the property records. Cause The School does not have internal controls and procedures in place to ensure the physical inventory is reconciled to the property records. Effect Failing to complete the reconciliation could result in inaccurate records of assets. Recommendation We recommend the School develop internal controls to ensure an inventory reconciliation with property records is completed at least every two years. Views of Responsible Officials The School’s Corrective Action Plan is included on pages 22.