FAC Explorer

Audit 357563

FY End
2024-08-31
Total Expended
$916,987
Findings
6
Programs
11
Organization: Boyd County Schools (NE)
Year: 2024 Accepted: 2025-05-30
Auditor: Dana F Cole & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
561964 2024-005 Significant Deficiency - P
561965 2024-005 Significant Deficiency - P
561966 2024-005 Significant Deficiency - P
1138406 2024-005 Significant Deficiency - P
1138407 2024-005 Significant Deficiency - P
1138408 2024-005 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
84.425 Education Stabilization Fund $220,161 Yes 1
84.027 Special Education Grants to States $133,468 - 0
84.010 Title I Grants to Local Educational Agencies $97,192 - 0
10.559 Summer Food Service Program for Children $50,246 - 0
10.553 School Breakfast Program $41,930 - 0
10.555 National School Lunch Program $26,168 - 0
84.358 Rural Education $18,378 - 0
93.981 Improving Student Health and Academic Achievement Through Nutrition, Physical Activity and the Management of Chronic Conditions in Schools $9,524 - 0
84.173 Special Education Preschool Grants $5,027 - 0
84.048 Career and Technical Education -- Basic Grants to States $4,657 - 0
93.778 Medical Assistance Program $4,321 - 0

Contacts

Name Title Type
JK34L3VCW1L9 Michael, Sanne Auditee
4025891333 Dustin Kizzire Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule), includes the federal award activity of Boyd County Schools District No. 51, Spencer, Nebraska, under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 operations of Boyd County Schools District No. 51, Spencer, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Boyd County Schools District No. 51, Spencer, Nebraska. De Minimis Rate Used: N Rate Explanation: n/a The accompanying schedule of expenditures of federal awards (the Schedule), includes the federal award activity of Boyd County Schools District No. 51, Spencer, Nebraska, under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 operations of Boyd County Schools District No. 51, Spencer, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Boyd County Schools District No. 51, Spencer, Nebraska.
Title: Basis of Accounting Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule), includes the federal award activity of Boyd County Schools District No. 51, Spencer, Nebraska, under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 operations of Boyd County Schools District No. 51, Spencer, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Boyd County Schools District No. 51, Spencer, Nebraska. De Minimis Rate Used: N Rate Explanation: n/a The accompanying schedule of expenditures of federal awards is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. 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.
Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule), includes the federal award activity of Boyd County Schools District No. 51, Spencer, Nebraska, under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 operations of Boyd County Schools District No. 51, Spencer, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Boyd County Schools District No. 51, Spencer, Nebraska. De Minimis Rate Used: N Rate Explanation: n/a There are no subrecipients to the federal awards of Boyd County Schools District No. 51, Spencer, Nebraska.
Title: Food Distribution Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule), includes the federal award activity of Boyd County Schools District No. 51, Spencer, Nebraska, under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 operations of Boyd County Schools District No. 51, Spencer, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Boyd County Schools District No. 51, Spencer, Nebraska. De Minimis Rate Used: N Rate Explanation: n/a Nonmonetary assistance is reported in the schedule at fair market value of the commodities received and disbursed.
Title: Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule), includes the federal award activity of Boyd County Schools District No. 51, Spencer, Nebraska, under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 operations of Boyd County Schools District No. 51, Spencer, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Boyd County Schools District No. 51, Spencer, Nebraska. De Minimis Rate Used: N Rate Explanation: n/a The District did not elect to use the 10% de minimis cost rate.

Finding Details

Finding 2024-005
Criteria: As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the modified cash basis of accounting. Condition: The District does not have a system of internal control that would provide management with reasonable assurance that the District's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the modified cash basis of accounting. As such, management requested us to compile the trial balance from the general ledger and prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause: Management does not prepare the schedule of expenditures of federal awards in accordance with the modified cash basis of accounting. Potential Effect: The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the District's internal control. Recommendation: We recommend that the District review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management.
Finding 2024-005
Criteria: As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the modified cash basis of accounting. Condition: The District does not have a system of internal control that would provide management with reasonable assurance that the District's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the modified cash basis of accounting. As such, management requested us to compile the trial balance from the general ledger and prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause: Management does not prepare the schedule of expenditures of federal awards in accordance with the modified cash basis of accounting. Potential Effect: The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the District's internal control. Recommendation: We recommend that the District review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management.
Finding 2024-005
Criteria: As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the modified cash basis of accounting. Condition: The District does not have a system of internal control that would provide management with reasonable assurance that the District's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the modified cash basis of accounting. As such, management requested us to compile the trial balance from the general ledger and prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause: Management does not prepare the schedule of expenditures of federal awards in accordance with the modified cash basis of accounting. Potential Effect: The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the District's internal control. Recommendation: We recommend that the District review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management.
Finding 2024-005
Criteria: As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the modified cash basis of accounting. Condition: The District does not have a system of internal control that would provide management with reasonable assurance that the District's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the modified cash basis of accounting. As such, management requested us to compile the trial balance from the general ledger and prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause: Management does not prepare the schedule of expenditures of federal awards in accordance with the modified cash basis of accounting. Potential Effect: The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the District's internal control. Recommendation: We recommend that the District review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management.
Finding 2024-005
Criteria: As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the modified cash basis of accounting. Condition: The District does not have a system of internal control that would provide management with reasonable assurance that the District's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the modified cash basis of accounting. As such, management requested us to compile the trial balance from the general ledger and prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause: Management does not prepare the schedule of expenditures of federal awards in accordance with the modified cash basis of accounting. Potential Effect: The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the District's internal control. Recommendation: We recommend that the District review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management.
Finding 2024-005
Criteria: As described in our engagement letter, management is responsible for establishing and maintaining internal controls, including monitoring, and for the fair presentation of the schedule of expenditures of federal awards, including the notes to the schedule of expenditures of federal awards, in conformity with the modified cash basis of accounting. Condition: The District does not have a system of internal control that would provide management with reasonable assurance that the District's schedule of expenditures of federal awards and related disclosures are complete and presented in accordance with the modified cash basis of accounting. As such, management requested us to compile the trial balance from the general ledger and prepare a draft of the schedule of expenditures of federal awards, including the related note disclosures. Cause: Management does not prepare the schedule of expenditures of federal awards in accordance with the modified cash basis of accounting. Potential Effect: The potential exists that a material misstatement of the schedule of expenditures of federal awards could occur and not be prevented or detected by the District's internal control. Recommendation: We recommend that the District review and approve the proposed auditor adjusting entries and the adequacy of schedule of the expenditures of federal awards disclosures prepared by the auditors and apply analytic procedures to the draft financial statements, among other procedures as considered necessary by management.