FAC Explorer

Audit 365110

FY End
2021-06-30
Total Expended
$1.10M
Findings
2
Programs
6
Organization: Storefront Academy Charter School Dba Storefront Academy Charter School South Bronx (NY)
Year: 2021 Accepted: 2025-08-27
Auditor: Forvis Mazars LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
574829 2021-002 Significant Deficiency - F
1151271 2021-002 Significant Deficiency - F

Programs

ALN Program Spent Major Findings
84.282 Charter Schools $478,654 Yes 1
84.010 Title I Grants to Local Educational Agencies $301,929 - 0
84.425D Education Stabilization Fund $211,170 - 0
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $48,094 - 0
84.365 English Language Acquisition State Grants $31,079 - 0
84.424 Student Support and Academic Enrichment Program $25,662 - 0

Contacts

Name Title Type
SBZ9HYRU6F65 Robert Keogh Auditee
5042503347 Joseph Blatt Auditor
No contacts on file

Notes to SEFA

Title: Note 4: Accounting Policies: Note 1: Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Storefront Academy Charter School dba Storefront Academy Charter School South Bronx (the School), under programs of the federal government for the year ended June 30, 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 School, it is not intended to and does not present the financial position, changes in net assets or cash flows of the School. Note 2: Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: Y Rate Explanation: Note 3: Indirect Cost Rate The School has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. For federal awards expended during the year ended June 30, 2021, there were no payments made to subrecipients.

Finding Details

Finding 2021-002
Program: Charter School Programs Assistance Listing Number: 84.282 Federal Agency: U.S. Department of Education Pass-Through Grantor: New York State Education Department Award Identification: C403558 Criteria: Equipment and Real Property Management – The School must perform a physical inventory of federally funded property, and the results must be reconciled with property records at least once every two years. 2 CFR Section 200.313 Condition: During the course of our audit procedures performed on equipment and real property management, it was noted that management did not perform a physical inventory of federally funded property. Questioned costs: None Context: Management was unable to provide documentation to support that a physical inventory was performed. Effect: We were unable to verify compliance with equipment and real property management requirements. Cause: The School did not have adequate controls and procedures in place related to equipment and real property management. Repeat finding: This is not a repeat finding.
Finding 2021-002
Program: Charter School Programs Assistance Listing Number: 84.282 Federal Agency: U.S. Department of Education Pass-Through Grantor: New York State Education Department Award Identification: C403558 Criteria: Equipment and Real Property Management – The School must perform a physical inventory of federally funded property, and the results must be reconciled with property records at least once every two years. 2 CFR Section 200.313 Condition: During the course of our audit procedures performed on equipment and real property management, it was noted that management did not perform a physical inventory of federally funded property. Questioned costs: None Context: Management was unable to provide documentation to support that a physical inventory was performed. Effect: We were unable to verify compliance with equipment and real property management requirements. Cause: The School did not have adequate controls and procedures in place related to equipment and real property management. Repeat finding: This is not a repeat finding.