FAC Explorer

Audit 345224

FY End
2024-06-30
Total Expended
$3.27M
Findings
4
Programs
2
Organization: Isle of Palms Water & Sewer Commission (SC)
Year: 2024 Accepted: 2025-03-07
Auditor: Hrg CPAS LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
526313 2024-001 Significant Deficiency - J
526314 2024-001 Significant Deficiency - J
1102755 2024-001 Significant Deficiency - J
1102756 2024-001 Significant Deficiency - J

Programs

ALN Program Spent Major Findings
97.039 Hazard Mitigation Grant $3.22M Yes 1
21.027 Coronavirus State and Local Fiscal Recovery Funds $46,989 Yes 1

Contacts

Name Title Type
JWPZBJ3AZSX6 Helena Stickles Auditee
8438866148 James R Swindal III Auditor
No contacts on file

Notes to SEFA

Title: Significant Accounting Policies Accounting Policies: Modified accrual basis De Minimis Rate Used: N Rate Explanation: The Commission has elected not to use the 15% de minimus indirect cost rate allowed under Uniform Guidance. Expenditures repo1ted on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: Indirect Cost Rate Accounting Policies: Modified accrual basis De Minimis Rate Used: N Rate Explanation: The Commission has elected not to use the 15% de minimus indirect cost rate allowed under Uniform Guidance. The Commission has elected not to use the 15% de minimus indirect cost rate allowed under Uniform Guidance.

Finding Details

Finding 2024-001
3. Recording a prior period adjustment to opening retstricted net assets and grant receivable for $4,357,500 from FEMA, and $4,576,256 from SCIIP grant.
Finding 2024-001
3. Recording a prior period adjustment to opening retstricted net assets and grant receivable for $4,357,500 from FEMA, and $4,576,256 from SCIIP grant.
Finding 2024-001
3. Recording a prior period adjustment to opening retstricted net assets and grant receivable for $4,357,500 from FEMA, and $4,576,256 from SCIIP grant.
Finding 2024-001
3. Recording a prior period adjustment to opening retstricted net assets and grant receivable for $4,357,500 from FEMA, and $4,576,256 from SCIIP grant.