FAC Explorer

Audit 359885

FY End
2024-09-30
Total Expended
$6.86M
Findings
2
Programs
2
Organization: The Trust for Tomorrow (NC)
Year: 2024 Accepted: 2025-06-25
Auditor: Langdon & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
567007 2024-001 Significant Deficiency Yes P
1143449 2024-001 Significant Deficiency Yes P

Programs

ALN Program Spent Major Findings
10.931 Agricultural Conservation Easement Program $6.38M Yes 1
10.072 Wetlands Reserve Program $484,235 - 0

Contacts

Name Title Type
K75DNB6UAMW8 April Temple Auditee
2323375475 Karen Stanley Auditor
No contacts on file

Notes to SEFA

Accounting Policies: This schedule includes the Federal grant activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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. The Organization has elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee did use the de minimis cost rate.

Finding Details

Finding 2024-001
Limited number of staff prevents separation of functions necessary to assure adequate internal control structure. Over the past few years, management has implemented several compensating controls to limit the severity of the deficiency, including: hiring an outsourced accountant who performs quarterly reviews, implementing a director-level review of expense reimbursements and purchase requests prior to disbursement, and hiring a Director of Financial Operations,. However, the Executive Director remains responsible for performing substantially all bookkeeping and accounting functions, including having the ability to print and sign checks.
Finding 2024-001
Limited number of staff prevents separation of functions necessary to assure adequate internal control structure. Over the past few years, management has implemented several compensating controls to limit the severity of the deficiency, including: hiring an outsourced accountant who performs quarterly reviews, implementing a director-level review of expense reimbursements and purchase requests prior to disbursement, and hiring a Director of Financial Operations,. However, the Executive Director remains responsible for performing substantially all bookkeeping and accounting functions, including having the ability to print and sign checks.