FAC Explorer

Audit 350435

FY End
2024-09-30
Total Expended
$2.39M
Findings
2
Programs
4
Organization: Biomedical Research Foundation of Northwest Louisiana (LA)
Year: 2024 Accepted: 2025-03-30
Auditor: Eisneramper LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
540745 2024-001 Significant Deficiency - L
1117187 2024-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
93.493 Congressional Directives $2.00M Yes 1
11.024 Build to Scale $287,620 - 0
84.268 Federal Direct Student Loans $73,349 - 0
84.063 Federal Pell Grant Program $27,660 - 0

Contacts

Name Title Type
QVNDEMJQ3GD5 Michael Mazur Auditee
3187164102 Candace Wright Auditor
No contacts on file

Notes to SEFA

Title: NOTE A – BASIS OF PRESENTATION Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of BRF, LLC and is presented on the modified 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 Administrative Requirements, 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, the basic financial statements. As revenues for federal programs are recognized to the extent expenditures are incurred, expenditures are reported as Government grants and contracts on the consolidated statements of activities and changes in net assets. De Minimis Rate Used: N Rate Explanation: BRF has not negotiated an indirect cost rate. Also, BRF elected not to use the 10% de minimis cost rate as allowed by 2 CFR 200.414 Indirect (F&A) costs. The accompanying schedule of expenditures of federal awards includes the federal grant activity of BRF, LLC and is presented on the modified 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 Administrative Requirements, 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, the basic financial statements.
Title: NOTE B – INDIRECT COST RATE Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of BRF, LLC and is presented on the modified 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 Administrative Requirements, 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, the basic financial statements. As revenues for federal programs are recognized to the extent expenditures are incurred, expenditures are reported as Government grants and contracts on the consolidated statements of activities and changes in net assets. De Minimis Rate Used: N Rate Explanation: BRF has not negotiated an indirect cost rate. Also, BRF elected not to use the 10% de minimis cost rate as allowed by 2 CFR 200.414 Indirect (F&A) costs. BRF has not negotiated an indirect cost rate. Also, BRF elected not to use the 10% de minimis cost rate as allowed by 2 CFR 200.414 Indirect (F&A) costs.
Title: NOTE C – RECONCILIATION TO THE BASIC FINANCIAL STATEMENT Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of BRF, LLC and is presented on the modified 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 Administrative Requirements, 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, the basic financial statements. As revenues for federal programs are recognized to the extent expenditures are incurred, expenditures are reported as Government grants and contracts on the consolidated statements of activities and changes in net assets. De Minimis Rate Used: N Rate Explanation: BRF has not negotiated an indirect cost rate. Also, BRF elected not to use the 10% de minimis cost rate as allowed by 2 CFR 200.414 Indirect (F&A) costs. As revenues for federal programs are recognized to the extent expenditures are incurred, expenditures are reported as Government grants and contracts on the consolidated statements of activities and changes in net assets.

Finding Details

Finding 2024-001
Criteria: Department of Health and Human Services set the criteria for annual Federal Financial Reports (FFR). These reports are due annually or upon the completion of the project. The annual FFR reports must be submitted and reviewed within a 90-day period based upon the end of the Entity’s reporting period. Reports should be supported by applicable accounting and performance records. Universe/Population: The total population was the annual Federal Financial Report (FFR) covering the consecutive 12-month budget period, required to be reported through the Payment Management System (PMS). EisnerAmper selected the one annual FFR report for testing of compliance requirements applicable to the program. Condition: BRF did not submit the annual FFR report covering the period October 1, 2023 – September 30, 2024 by the submission deadline. The annual FFR had a submission deadline of December 28, 2024 (90 days after end of the reporting period). Cause: BRF lacks an established control monitoring timely submission of annual FFR reports. Effect: Failure to comply with the reporting requirement may result in: deferral or additional restriction of future funding decisions, restrictions being placed on the Entity’s PMS account, or denial of future funding by the Department of Health and Human Services. Questions Costs: None. Identification of a Repeat Finding: This is not a repeat finding. Recommendation: The Entity should establish a formalized control to monitor timely submission of reports. Management’s Response: BRF concurs with the observation and will implement procedures on new grants in the future.
Finding 2024-001
Criteria: Department of Health and Human Services set the criteria for annual Federal Financial Reports (FFR). These reports are due annually or upon the completion of the project. The annual FFR reports must be submitted and reviewed within a 90-day period based upon the end of the Entity’s reporting period. Reports should be supported by applicable accounting and performance records. Universe/Population: The total population was the annual Federal Financial Report (FFR) covering the consecutive 12-month budget period, required to be reported through the Payment Management System (PMS). EisnerAmper selected the one annual FFR report for testing of compliance requirements applicable to the program. Condition: BRF did not submit the annual FFR report covering the period October 1, 2023 – September 30, 2024 by the submission deadline. The annual FFR had a submission deadline of December 28, 2024 (90 days after end of the reporting period). Cause: BRF lacks an established control monitoring timely submission of annual FFR reports. Effect: Failure to comply with the reporting requirement may result in: deferral or additional restriction of future funding decisions, restrictions being placed on the Entity’s PMS account, or denial of future funding by the Department of Health and Human Services. Questions Costs: None. Identification of a Repeat Finding: This is not a repeat finding. Recommendation: The Entity should establish a formalized control to monitor timely submission of reports. Management’s Response: BRF concurs with the observation and will implement procedures on new grants in the future.