FAC Explorer

Audit 365316

FY End
2024-12-31
Total Expended
$1.09M
Findings
2
Programs
4
Organization: North County Lgbtq Resource Center (CA)
Year: 2024 Accepted: 2025-08-29
Auditor: Pinnacle Accounting & Financial Services

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
575293 2024-001 Material Weakness - P
1151735 2024-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
93.788 Opioid Str $137,716 - 0
21.019 Coronavirus Relief Fund $96,500 - 0
16.575 Crime Victim Assistance $30,518 - 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $22,347 Yes 0

Contacts

Name Title Type
X4GWZ9GB6KK7 Max Disposti Auditee
7609941690 Hayley Geier Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures in 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 Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of North County LGBTQ Resource Center 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 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Sub-Recipients Accounting Policies: Expenditures in 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 Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization did not have any sub-recipients of federal awards.

Finding Details

Finding 2024-001
II. Financial Statement Findings 2024-001 Inadequate accounting and review procedures Repeat Finding: No Type of Finding: Material weakness Questioned Costs: $407,450 Criteria: Management is responsible for implementing review processes over transactions and financial statement close procedures. Condition: The Organizations’ internal controls are not adequate to ensure that accounting records, specifically related to deferred revenue, prepaid expenses, depreciation and net assets, are accurate and complete. Due to a lack of management oversight and review procedures, errors related to these areas were not identified and corrected in a timely manner. Cause: The internal controls over accounting processes and review procedures were not operating effectively. Effect: Material errors regarding deferred revenue, prepaid expenses, depreciation and net assets were not detected or corrected by management in a timely manner by management. Recommendation: We recommend that the Organization strengthen its internal control over accounting process. Management should conduct a thorough review regularly to ensure accurate reporting for deferred revenue, prepaid expenses, depreciation and net assets. Management’s Response: The Organization concurs with the finding and has begun implementing corrective action to address the identified issues, including enhancing internal controls and strengthening review procedures to ensure more accurate and timely financial reporting going forward.
Finding 2024-001
II. Financial Statement Findings 2024-001 Inadequate accounting and review procedures Repeat Finding: No Type of Finding: Material weakness Questioned Costs: $407,450 Criteria: Management is responsible for implementing review processes over transactions and financial statement close procedures. Condition: The Organizations’ internal controls are not adequate to ensure that accounting records, specifically related to deferred revenue, prepaid expenses, depreciation and net assets, are accurate and complete. Due to a lack of management oversight and review procedures, errors related to these areas were not identified and corrected in a timely manner. Cause: The internal controls over accounting processes and review procedures were not operating effectively. Effect: Material errors regarding deferred revenue, prepaid expenses, depreciation and net assets were not detected or corrected by management in a timely manner by management. Recommendation: We recommend that the Organization strengthen its internal control over accounting process. Management should conduct a thorough review regularly to ensure accurate reporting for deferred revenue, prepaid expenses, depreciation and net assets. Management’s Response: The Organization concurs with the finding and has begun implementing corrective action to address the identified issues, including enhancing internal controls and strengthening review procedures to ensure more accurate and timely financial reporting going forward.