FAC Explorer

Audit 361511

FY End
2024-12-31
Total Expended
$1.37M
Findings
2
Programs
7
Organization: Village of Streamwood (IL)
Year: 2024 Accepted: 2025-07-07
Auditor: Lauterbach & Amen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
570520 2024-001 Material Weakness - LM
1146962 2024-001 Material Weakness - LM

Programs

ALN Program Spent Major Findings
16.922 Equitable Sharing Program $973,012 Yes 1
14.251 Economic Development Initiative, Community Project Funding $317,089 - 0
95.001 High Intensity Drug Trafficking Areas Program $33,718 - 0
20.600 State and Community Highway Safety $30,673 - 0
97.067 Homeland Security Grant Program $6,119 - 0
16.738 Edward Byrne Memorial Justice Assistance Grant Program $5,000 - 0
16.607 Bulletproof Vest Partnership Program $850 - 0

Contacts

Name Title Type
LF9ANKJNGM83 Josh Peacock Auditee
6307363815 Don Shaw Auditor
No contacts on file

Notes to SEFA

Title: NOTE 4 – SUBRECIPIENT RELATIONSHIPS Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Village under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of the Village, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures Expenditures reported on the Schedule are reported on the accrual basis of accounting. Pass-Through Entities Pass-through entity identifying numbers are presented on the Schedule where available. De Minimis Rate Used: Y Rate Explanation: The Village has selected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414. The Village did not remit any funds to subrecipients.

Finding Details

Finding 2024-001
Restatement to Fund Balance Condition: During audit fieldwork, our testing resulted in a restatement of net position in order to correct capital assets that were improperly recorded in prior years. Criteria: A good system of internal controls would provide for accurate recording and reporting of capital assets on a regular basis in order to provide for accurate financial reporting. Cause: Year-end entries related to capital assets were required in order to accurately present the Village’s financial statements. Effect: A material adjustment to the Village’s beginning net position was required to properly state capital assets. Recommendation: We recommend that the Village implement effective internal controls in order to provide an accurate assessment of reporting requirements. This implementation of improved controls would result in the appropriate recognition of financial reporting requirements on capital assets. Corrective Action Plan: The Village and Finance Director will implement internal controls to properly record capital assets on a timely basis prior to audit fieldwork.
Finding 2024-001
Restatement to Fund Balance Condition: During audit fieldwork, our testing resulted in a restatement of net position in order to correct capital assets that were improperly recorded in prior years. Criteria: A good system of internal controls would provide for accurate recording and reporting of capital assets on a regular basis in order to provide for accurate financial reporting. Cause: Year-end entries related to capital assets were required in order to accurately present the Village’s financial statements. Effect: A material adjustment to the Village’s beginning net position was required to properly state capital assets. Recommendation: We recommend that the Village implement effective internal controls in order to provide an accurate assessment of reporting requirements. This implementation of improved controls would result in the appropriate recognition of financial reporting requirements on capital assets. Corrective Action Plan: The Village and Finance Director will implement internal controls to properly record capital assets on a timely basis prior to audit fieldwork.