FAC Explorer

Audit 362616

FY End
2024-09-30
Total Expended
$6.32M
Findings
2
Programs
3
Organization: Illinois Manufacturing Excellence Center (IL)
Year: 2024 Accepted: 2025-07-21
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
571678 2024-001 Material Weakness - P
1148120 2024-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
11.611 Manufacturing Extension Partnership $107,340 Yes 0
12.600 Community Investment $56,179 - 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $1,983 - 0

Contacts

Name Title Type
KLS2DPG83BR8 Daniel Hofmann Auditee
3096774625 Amanda Campbell Auditor
No contacts on file

Notes to SEFA

Title: NONCASH ASSISTANCE AND INSURANCE Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--- Expenditures for federal programs are recognized as incurred using the accrual basis of accounting and the cost of accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. ---BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Illinois Manufacturing Excellence Center (IMEC) under programs of the federal government for the fiscal year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 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 IMEC, it is not intended to and does not present the financial position, or the changes in net assets and cash flows of IMEC. De Minimis Rate Used: N Rate Explanation: IMEC elected to not use the de minimis rate as allowed under the Uniform Guidance. IMEC did not receive or consume any noncash assistance or insurance in effect during the fiscal year ended September 30, 2024.
Title: LOANS OUTSTANDING Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--- Expenditures for federal programs are recognized as incurred using the accrual basis of accounting and the cost of accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. ---BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Illinois Manufacturing Excellence Center (IMEC) under programs of the federal government for the fiscal year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 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 IMEC, it is not intended to and does not present the financial position, or the changes in net assets and cash flows of IMEC. De Minimis Rate Used: N Rate Explanation: IMEC elected to not use the de minimis rate as allowed under the Uniform Guidance. IMEC did not have any loan balances outstanding at September 30, 2024 related to any of the programs included in the federal expenditures presented in the schedule of federal expenditures of federal awards.

Finding Details

Finding 2024-001
2024-001 - Lack of Proper Review of the Financial Statements Resulting in Incorrect Allocation Methodology Used on the Statement of Functional Expenses Type of Finding: • Material Weakness in Internal Control over Financial Reporting Condition: Subsequent to the original issuance of the audited financial statements on April 30, 2025, IMEC management identified that the methodology used to allocate expenses on these statement of functional expenses was incorrect. Criteria or Specific Requirement: Per 2 CFR Part 200, Subpart F-Audit Requirements and Generally Accepted Accounting Principles (GAAP), nonprofit organizations are required to present expenses by both natural and functional classification in a manner that accurately reflects IMEC's operations. Additionally, internal control standards under GAGAS require that financial statements be subject to adequate review to ensure accuracy and compliance with applicable standards prior to issuance. Cause: The error occurred due to a lack of sufficient internal controls over the financial statement review process. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Repeat Finding: No Recommendation: Management should implement a formalized financial statement review process
Finding 2024-001
2024-001 - Lack of Proper Review of the Financial Statements Resulting in Incorrect Allocation Methodology Used on the Statement of Functional Expenses Type of Finding: • Material Weakness in Internal Control over Financial Reporting Condition: Subsequent to the original issuance of the audited financial statements on April 30, 2025, IMEC management identified that the methodology used to allocate expenses on these statement of functional expenses was incorrect. Criteria or Specific Requirement: Per 2 CFR Part 200, Subpart F-Audit Requirements and Generally Accepted Accounting Principles (GAAP), nonprofit organizations are required to present expenses by both natural and functional classification in a manner that accurately reflects IMEC's operations. Additionally, internal control standards under GAGAS require that financial statements be subject to adequate review to ensure accuracy and compliance with applicable standards prior to issuance. Cause: The error occurred due to a lack of sufficient internal controls over the financial statement review process. Effect: This increases the risk of material omissions or other errors in financial statements and accompanying disclosures. Repeat Finding: No Recommendation: Management should implement a formalized financial statement review process