FAC Explorer

Audit 36137

FY End
2022-06-30
Total Expended
$1.30M
Findings
2
Programs
1
Organization: Stedman Volunteer Fire Department, Inc. (NC)
Year: 2022 Accepted: 2023-03-30
Auditor: Hollingsworth Avent Averre & Purvis PA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
34692 2022-001 Material Weakness - P
611134 2022-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
10.766 Community Facilities Loans and Grants $1.30M Yes 1

Contacts

Name Title Type
DKAKMZ9HV766 Justin Nobles Auditee
9103232592 Tina Purvis Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 1300000.

Finding Details

Finding 2022-001
FINDINGS ? FINANCIAL STATEMENT AUDIT MATERIAL WEAKNESS 2022-01 - Disbursements Condition: There is not adequate separation of duties between approving, initiating, and recording cash disbursements. Criteria: Internal controls should be in place to adequately segregate duties between two or more individuals. Cause of Condition: The Organization has not utilized staff and/or board members to separate duties. Effect of Condition: The lack of segregation of duties increases the risk that funds could be misappropriated and that misappropriation would not be identified quickly. Recommendation: We recommend that the Board establish adequate segregation of duties over cash disbursements. Views of Responsible Officials and Planned Corrective Actions: The Board will discuss these recommendations and consider implementing procedures to further segregate duties within our internal control system. FINDINGS AND QUESTIONED COSTS ? MAJOR FEDERAL AWARD PROGRAMS AUDIT 2022.01 - Community Facilities Loans CFDA #10.766 See Details Above
Finding 2022-001
FINDINGS ? FINANCIAL STATEMENT AUDIT MATERIAL WEAKNESS 2022-01 - Disbursements Condition: There is not adequate separation of duties between approving, initiating, and recording cash disbursements. Criteria: Internal controls should be in place to adequately segregate duties between two or more individuals. Cause of Condition: The Organization has not utilized staff and/or board members to separate duties. Effect of Condition: The lack of segregation of duties increases the risk that funds could be misappropriated and that misappropriation would not be identified quickly. Recommendation: We recommend that the Board establish adequate segregation of duties over cash disbursements. Views of Responsible Officials and Planned Corrective Actions: The Board will discuss these recommendations and consider implementing procedures to further segregate duties within our internal control system. FINDINGS AND QUESTIONED COSTS ? MAJOR FEDERAL AWARD PROGRAMS AUDIT 2022.01 - Community Facilities Loans CFDA #10.766 See Details Above