FAC Explorer

Audit 343307

FY End
2024-06-30
Total Expended
$955,201
Findings
6
Programs
1
Organization: Solano Economic Devco Corporation (CA)
Year: 2024 Accepted: 2025-02-20
Auditor: Mun CPAS LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
524103 2024-001 - - I
524104 2024-001 - - I
524105 2024-001 - - I
1100545 2024-001 - - I
1100546 2024-001 - - I
1100547 2024-001 - - I

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $28,837 Yes 1

Contacts

Name Title Type
LZGJN3HMJ5K8 Chris Rico Auditee
7078641855 Brad Bartells Auditor
No contacts on file

Notes to SEFA

Title: General Accounting Policies: The accompanying shedule of expenses of federal awards of Solano EDC is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200. Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: Y Rate Explanation: Solano EDC has elected to use the 10% minimus indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Solano EDC.
Title: Basis of Accounting Accounting Policies: The accompanying shedule of expenses of federal awards of Solano EDC is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200. Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: Y Rate Explanation: Solano EDC has elected to use the 10% minimus indirect cost rate allowed under the Uniform Guidance. The accompanying shedule of expenses of federal awards of Solano EDC is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200. Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Claims Accounting Policies: The accompanying shedule of expenses of federal awards of Solano EDC is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200. Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: Y Rate Explanation: Solano EDC has elected to use the 10% minimus indirect cost rate allowed under the Uniform Guidance. Solano EDC has received federal grants for specific purposes that are subject to review and audit by the Federal Government. Although such audits could result in expenditure disallowance under grant terms, any required reimbursements are not expected to be material which have not already been recorded.
Title: Loans Outstanding Accounting Policies: The accompanying shedule of expenses of federal awards of Solano EDC is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200. Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: Y Rate Explanation: Solano EDC has elected to use the 10% minimus indirect cost rate allowed under the Uniform Guidance. The programs listed below had the following aggregate federally funded loans outstanding at June 30, 2024: Federal AL Number Amount Program Title Outstanding 21.027 Coronavirus State and Local Fiscal Recovery Funds $926,364 Total Loans Outstanding $926,364
Title: Indirect Costs Accounting Policies: The accompanying shedule of expenses of federal awards of Solano EDC is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200. Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: Y Rate Explanation: Solano EDC has elected to use the 10% minimus indirect cost rate allowed under the Uniform Guidance. Solano EDC has elected to use the 10% minimus indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001
Finding 2024-001 Procurement Policy (Uniform Guidance Compliance) Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires nonfederal entities to have a procurement policy in accordance with the Uniform Guidance requirements. Condition The Organization does not have a documented procurement policy as required by the Uniform Guidance. Cause Management was not adequately informed of the Uniform Guidance requirements. Effect The Organization's procurement policies and procedures are not in compliance with the Uniform Guidance. Recommendation We recommend that the Organization review the Uniform Guidance procurement requirements and update the Federal Grant Procedures manual for compliance with the Uniform Guidance.
Finding 2024-001
Finding 2024-001 Procurement Policy (Uniform Guidance Compliance) Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires nonfederal entities to have a procurement policy in accordance with the Uniform Guidance requirements. Condition The Organization does not have a documented procurement policy as required by the Uniform Guidance. Cause Management was not adequately informed of the Uniform Guidance requirements. Effect The Organization's procurement policies and procedures are not in compliance with the Uniform Guidance. Recommendation We recommend that the Organization review the Uniform Guidance procurement requirements and update the Federal Grant Procedures manual for compliance with the Uniform Guidance.
Finding 2024-001
Finding 2024-001 Procurement Policy (Uniform Guidance Compliance) Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires nonfederal entities to have a procurement policy in accordance with the Uniform Guidance requirements. Condition The Organization does not have a documented procurement policy as required by the Uniform Guidance. Cause Management was not adequately informed of the Uniform Guidance requirements. Effect The Organization's procurement policies and procedures are not in compliance with the Uniform Guidance. Recommendation We recommend that the Organization review the Uniform Guidance procurement requirements and update the Federal Grant Procedures manual for compliance with the Uniform Guidance.
Finding 2024-001
Finding 2024-001 Procurement Policy (Uniform Guidance Compliance) Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires nonfederal entities to have a procurement policy in accordance with the Uniform Guidance requirements. Condition The Organization does not have a documented procurement policy as required by the Uniform Guidance. Cause Management was not adequately informed of the Uniform Guidance requirements. Effect The Organization's procurement policies and procedures are not in compliance with the Uniform Guidance. Recommendation We recommend that the Organization review the Uniform Guidance procurement requirements and update the Federal Grant Procedures manual for compliance with the Uniform Guidance.
Finding 2024-001
Finding 2024-001 Procurement Policy (Uniform Guidance Compliance) Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires nonfederal entities to have a procurement policy in accordance with the Uniform Guidance requirements. Condition The Organization does not have a documented procurement policy as required by the Uniform Guidance. Cause Management was not adequately informed of the Uniform Guidance requirements. Effect The Organization's procurement policies and procedures are not in compliance with the Uniform Guidance. Recommendation We recommend that the Organization review the Uniform Guidance procurement requirements and update the Federal Grant Procedures manual for compliance with the Uniform Guidance.
Finding 2024-001
Finding 2024-001 Procurement Policy (Uniform Guidance Compliance) Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires nonfederal entities to have a procurement policy in accordance with the Uniform Guidance requirements. Condition The Organization does not have a documented procurement policy as required by the Uniform Guidance. Cause Management was not adequately informed of the Uniform Guidance requirements. Effect The Organization's procurement policies and procedures are not in compliance with the Uniform Guidance. Recommendation We recommend that the Organization review the Uniform Guidance procurement requirements and update the Federal Grant Procedures manual for compliance with the Uniform Guidance.