FAC Explorer

Audit 358269

FY End
2021-12-31
Total Expended
$1.14M
Findings
4
Programs
2
Organization: Biotex,inc (TX)
Year: 2021 Accepted: 2025-06-06
Auditor: Abip PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
564130 2021-001 Significant Deficiency - L
564131 2021-001 Significant Deficiency - L
1140572 2021-001 Significant Deficiency - L
1140573 2021-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
93.865 Child Health and Human Development Extramural Research $380,696 - 0
93.837 Cardiovascular Diseases Research $187,171 Yes 1

Contacts

Name Title Type
SUH7H6LEZTS2 Susie Russell Auditee
7138820229 Eric Huddleston 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 grant activity of BIOTEX, INC. (the “Company”) under programs of the federal government for the year ended December 31, 2021. 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). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in equity, or cash flows. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for federal awards. De Minimis Rate Used: N Rate Explanation: The Company has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of BIOTEX, INC. (the “Company”) under programs of the federal government for the year ended December 31, 2021. 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). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in equity, or cash flows. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for federal awards.
Title: Indirect rate Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of BIOTEX, INC. (the “Company”) under programs of the federal government for the year ended December 31, 2021. 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). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in equity, or cash flows. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for federal awards. De Minimis Rate Used: N Rate Explanation: The Company has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The Company has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance.
Title: Subrecipients Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of BIOTEX, INC. (the “Company”) under programs of the federal government for the year ended December 31, 2021. 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). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in equity, or cash flows. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for federal awards. De Minimis Rate Used: N Rate Explanation: The Company has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The Company did not provide federal funds to subrecipients for the year ended December 31, 2021.
Title: Loan guarantee Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of BIOTEX, INC. (the “Company”) under programs of the federal government for the year ended December 31, 2021. 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). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in equity, or cash flows. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for federal awards. De Minimis Rate Used: N Rate Explanation: The Company has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The Company did not have any loans or loan guarantee programs required to be reported on the Schedule for the year ended December 31, 2021.

Finding Details

Finding 2021-001
Condition: The Company did not timely submit the Single Audit Report to the National Heart, Lung, and Blood Institute for the year ended December 31, 2021. Criteria or specific requirement: According to the Uniform Guidance, recipients must submit a Single Audit Report or other applicable report that states whether the audit or examination was completed and provide information about the auditee, its federal programs, and the results of the audit or examination submitted within the earlier of 30 days after receipt of the auditor’s report, or nine months after the end of the audit period. Effect: The delay in filing resulted in non-compliance with regulatory requirements, this could impact affect future funding from various agencies. Cause: The Company received funds in response to the Coronavirus disease pandemic. There were no proper policies and procedures in place for federal award reporting, as the Company does not regularly receive federal funding.Recommendation: We recommend that a review of grant management documentation procedures to ensure controls are in place to support proper filing and reporting procedures for federal funding. Management’s view: Management agrees with the condition described. Proposed corrective action: This is the first time the company has been required to submit an audit and was new to this reporting requirement. Once we became aware of the requirement, we quickly remedied the situation; it has been documented as an extra step in our Grant management accounting process and will be complied with going forward. Anticipated correction date: This has been implemented effective August 2024. Responsible official: Ashok Gowda
Finding 2021-001
Condition: The Company did not timely submit the Single Audit Report to the National Heart, Lung, and Blood Institute for the year ended December 31, 2021. Criteria or specific requirement: According to the Uniform Guidance, recipients must submit a Single Audit Report or other applicable report that states whether the audit or examination was completed and provide information about the auditee, its federal programs, and the results of the audit or examination submitted within the earlier of 30 days after receipt of the auditor’s report, or nine months after the end of the audit period. Effect: The delay in filing resulted in non-compliance with regulatory requirements, this could impact affect future funding from various agencies. Cause: The Company received funds in response to the Coronavirus disease pandemic. There were no proper policies and procedures in place for federal award reporting, as the Company does not regularly receive federal funding.Recommendation: We recommend that a review of grant management documentation procedures to ensure controls are in place to support proper filing and reporting procedures for federal funding. Management’s view: Management agrees with the condition described. Proposed corrective action: This is the first time the company has been required to submit an audit and was new to this reporting requirement. Once we became aware of the requirement, we quickly remedied the situation; it has been documented as an extra step in our Grant management accounting process and will be complied with going forward. Anticipated correction date: This has been implemented effective August 2024. Responsible official: Ashok Gowda
Finding 2021-001
Condition: The Company did not timely submit the Single Audit Report to the National Heart, Lung, and Blood Institute for the year ended December 31, 2021. Criteria or specific requirement: According to the Uniform Guidance, recipients must submit a Single Audit Report or other applicable report that states whether the audit or examination was completed and provide information about the auditee, its federal programs, and the results of the audit or examination submitted within the earlier of 30 days after receipt of the auditor’s report, or nine months after the end of the audit period. Effect: The delay in filing resulted in non-compliance with regulatory requirements, this could impact affect future funding from various agencies. Cause: The Company received funds in response to the Coronavirus disease pandemic. There were no proper policies and procedures in place for federal award reporting, as the Company does not regularly receive federal funding.Recommendation: We recommend that a review of grant management documentation procedures to ensure controls are in place to support proper filing and reporting procedures for federal funding. Management’s view: Management agrees with the condition described. Proposed corrective action: This is the first time the company has been required to submit an audit and was new to this reporting requirement. Once we became aware of the requirement, we quickly remedied the situation; it has been documented as an extra step in our Grant management accounting process and will be complied with going forward. Anticipated correction date: This has been implemented effective August 2024. Responsible official: Ashok Gowda
Finding 2021-001
Condition: The Company did not timely submit the Single Audit Report to the National Heart, Lung, and Blood Institute for the year ended December 31, 2021. Criteria or specific requirement: According to the Uniform Guidance, recipients must submit a Single Audit Report or other applicable report that states whether the audit or examination was completed and provide information about the auditee, its federal programs, and the results of the audit or examination submitted within the earlier of 30 days after receipt of the auditor’s report, or nine months after the end of the audit period. Effect: The delay in filing resulted in non-compliance with regulatory requirements, this could impact affect future funding from various agencies. Cause: The Company received funds in response to the Coronavirus disease pandemic. There were no proper policies and procedures in place for federal award reporting, as the Company does not regularly receive federal funding.Recommendation: We recommend that a review of grant management documentation procedures to ensure controls are in place to support proper filing and reporting procedures for federal funding. Management’s view: Management agrees with the condition described. Proposed corrective action: This is the first time the company has been required to submit an audit and was new to this reporting requirement. Once we became aware of the requirement, we quickly remedied the situation; it has been documented as an extra step in our Grant management accounting process and will be complied with going forward. Anticipated correction date: This has been implemented effective August 2024. Responsible official: Ashok Gowda