FAC Explorer

Audit 33522

FY End
2022-12-31
Total Expended
$3.23M
Findings
4
Programs
4
Organization: Valley Grande Institute for Academic Studies (TX)
Year: 2022 Accepted: 2023-09-28
Auditor: Acss CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
30963 2022-001 Significant Deficiency Yes L
30964 2022-001 Significant Deficiency Yes L
607405 2022-001 Significant Deficiency Yes L
607406 2022-001 Significant Deficiency Yes L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $1.54M Yes 1
84.063 Federal Pell Grant Program $1.24M Yes 1
84.425 Education Stabilization Fund $294,978 - 0
84.007 Federal Supplemental Educational Opportunity Grants $26,344 - 0

Contacts

Name Title Type
FYHJYBJJMLZ5 Anabel Cardona Auditee
9569731945 Amado Sanchez Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The Schedule of Expenditure of Federal Awards is prepared on the accrual basis of accounting and includes the federal grant activity of Valley Grande Institute for Academic Studies, Inc. 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) wherein certain types of expenditures are not allowable or are limited as to reimbursement. Valley Grande Institute for Academic Studies, Inc. has elected not to use the 7 0-percent de minimis indirect cost rate allowed under the Uniform Guidance. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
"Findings ? Financial Statement Audit Finding 2022-001 Accrual accounting records and material adjustments Condition: It was noted that the Company did not maintain accounting records on full accrual basis in accordance with GAAP. Criteria: The Company is responsible for maintaining accounting records in accordance with GAAP for financial reporting. Cause: The Company accounting records were not adjusted at year end to reflect accurate account balances. Recommendation: The Company should keep accounting records on a full accrual basis in accordance with GAAP. Views of Responsible Officials: We will review our policies and procedures and monitor out activities to make sure we maintain the necessary requirements current. "
Finding 2022-001
"Findings ? Financial Statement Audit Finding 2022-001 Accrual accounting records and material adjustments Condition: It was noted that the Company did not maintain accounting records on full accrual basis in accordance with GAAP. Criteria: The Company is responsible for maintaining accounting records in accordance with GAAP for financial reporting. Cause: The Company accounting records were not adjusted at year end to reflect accurate account balances. Recommendation: The Company should keep accounting records on a full accrual basis in accordance with GAAP. Views of Responsible Officials: We will review our policies and procedures and monitor out activities to make sure we maintain the necessary requirements current. "
Finding 2022-001
"Findings ? Financial Statement Audit Finding 2022-001 Accrual accounting records and material adjustments Condition: It was noted that the Company did not maintain accounting records on full accrual basis in accordance with GAAP. Criteria: The Company is responsible for maintaining accounting records in accordance with GAAP for financial reporting. Cause: The Company accounting records were not adjusted at year end to reflect accurate account balances. Recommendation: The Company should keep accounting records on a full accrual basis in accordance with GAAP. Views of Responsible Officials: We will review our policies and procedures and monitor out activities to make sure we maintain the necessary requirements current. "
Finding 2022-001
"Findings ? Financial Statement Audit Finding 2022-001 Accrual accounting records and material adjustments Condition: It was noted that the Company did not maintain accounting records on full accrual basis in accordance with GAAP. Criteria: The Company is responsible for maintaining accounting records in accordance with GAAP for financial reporting. Cause: The Company accounting records were not adjusted at year end to reflect accurate account balances. Recommendation: The Company should keep accounting records on a full accrual basis in accordance with GAAP. Views of Responsible Officials: We will review our policies and procedures and monitor out activities to make sure we maintain the necessary requirements current. "