FAC Explorer

Audit 343316

FY End
2023-09-30
Total Expended
$40.61M
Findings
6
Programs
3
Organization: Bioindustrial Manufacturing and Design Ecosystem, Inc. (CA)
Year: 2023 Accepted: 2025-02-20
Auditor: Baker Tilly US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
524111 2023-001 Material Weakness - P
524112 2023-001 Material Weakness - P
524113 2023-001 Material Weakness - P
1100553 2023-001 Material Weakness - P
1100554 2023-001 Material Weakness - P
1100555 2023-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
12.800 Air Force Defense Research Sciences Program $35.61M Yes 1
11.619 Arrangements for Interdisciplinary Research Infrastructure $4.77M Yes 1
47.076 Stem Education (formerly Education and Human Resources) $228,045 Yes 1

Contacts

Name Title Type
FL9NQMBGDQK1 David Weil Auditee
6518676588 Matthew Kalil Auditor
No contacts on file

Notes to SEFA

Title: Note 1 - Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Bioindustrial Manufacturing and Design Ecosystem, Inc. d/b/a BioMADE (the Organization) under programs ofthe federal government for the year ended September 30, 2023. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, representadjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance. Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Bioindustrial Manufacturing and Design Ecosystem, Inc. d/b/a BioMADE (the Organization) under programs ofthe federal government for the year ended September 30, 2023. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, representadjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.Pass-through entity identifying numbers are presented where available.
Title: Note 2 - Summary of Significant Accounting Policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Bioindustrial Manufacturing and Design Ecosystem, Inc. d/b/a BioMADE (the Organization) under programs ofthe federal government for the year ended September 30, 2023. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, representadjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Title: Note 3 - Indirect Costs Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof Bioindustrial Manufacturing and Design Ecosystem, Inc. d/b/a BioMADE (the Organization) under programs ofthe federal government for the year ended September 30, 2023. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, representadjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance. The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.

Finding Details

Finding 2023-001
Condition: Several material audit adjustments were required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of intenal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: See management's attached corrective action plan.
Finding 2023-001
Condition: Several material audit adjustments were required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of intenal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: See management's attached corrective action plan.
Finding 2023-001
Condition: Several material audit adjustments were required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of intenal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: See management's attached corrective action plan.
Finding 2023-001
Condition: Several material audit adjustments were required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of intenal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: See management's attached corrective action plan.
Finding 2023-001
Condition: Several material audit adjustments were required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of intenal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: See management's attached corrective action plan.
Finding 2023-001
Condition: Several material audit adjustments were required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of intenal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: See management's attached corrective action plan.