FAC Explorer

Audit 347333

FY End
2024-06-30
Total Expended
$1.00M
Findings
2
Programs
9
Organization: City of Newport, Vermont (VT)
Year: 2024 Accepted: 2025-03-21
Auditor: Kittell Branagan and Sargtent

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
529307 2024-001 Significant Deficiency - B
1105749 2024-001 Significant Deficiency - B

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $725,968 Yes 1
97.067 Homeland Security Grant Program $92,242 - 0
14.218 Community Development Block Grants/entitlement Grants $29,909 - 0
16.922 Equitable Sharing Program $17,371 - 0
90.601 Northern Border Regional Development $12,722 - 0
10.780 Community Facilities Loan and Grants $7,365 - 0
20.600 State and Community Highway Safety $4,520 - 0
16.607 Bulletproof Vest Partnership Program $4,377 - 0
21.016 Equitable Sharing $2,343 - 0

Contacts

Name Title Type
WKJYAVU7J481 Frank Cheney Auditee
8023346992 Bill F. Keyser 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 and costs contract activity of the City of Newport, Vermont and is presented 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 City of Newport has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal award activity of the City of Newport, Vermont 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 2 CFR 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 operation of the City of Newport, Vermont, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Newport, Vermont.

Finding Details

Finding 2024-001
Multiple material changes to year end numbers as a result of audit procedures- During the course of our audit multiple areas required a significant number of journal entries to correct balances, of which several were material to the financial statements as a whole that having not been made would have resulted in the financial statements not being in accordance with Generally Accepted Accounting Procedures. Criteria: Management should verify all accounts are reconciled on an ongoing basis throughout the year and accurately reflected prior to the audit and that accurate cutoff at year end is achieved. Cause: Policies that need updating and staff turnover Effect: Unrecorded activity and inaccurate balances were noted Recommendation: All balance sheet accounts should be reconciled timely to ensure balances reflected properly and cutoff procedures performed to ensure activity is recorded in the proper period Management Response: Management will reconcile all balance sheet accounts timely and properly reflected at year end and that proper cutoff procedures are done to ensure recording activity to the proper period
Finding 2024-001
Multiple material changes to year end numbers as a result of audit procedures- During the course of our audit multiple areas required a significant number of journal entries to correct balances, of which several were material to the financial statements as a whole that having not been made would have resulted in the financial statements not being in accordance with Generally Accepted Accounting Procedures. Criteria: Management should verify all accounts are reconciled on an ongoing basis throughout the year and accurately reflected prior to the audit and that accurate cutoff at year end is achieved. Cause: Policies that need updating and staff turnover Effect: Unrecorded activity and inaccurate balances were noted Recommendation: All balance sheet accounts should be reconciled timely to ensure balances reflected properly and cutoff procedures performed to ensure activity is recorded in the proper period Management Response: Management will reconcile all balance sheet accounts timely and properly reflected at year end and that proper cutoff procedures are done to ensure recording activity to the proper period