FAC Explorer

Audit 368267

FY End
2024-12-31
Total Expended
$4.11M
Findings
9
Programs
6
Organization: The Youngstown Edison Incubator Corp. Dba Youngstown Business Incubator (OH)
Year: 2024 Accepted: 2025-09-29
Auditor: Maloney + Novotny LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1155879 2024-002 Material Weakness Yes L
1155880 2024-002 Material Weakness Yes L
1155881 2024-002 Material Weakness Yes L
1155882 2024-002 Material Weakness Yes L
1155883 2024-002 Material Weakness Yes L
1155884 2024-002 Material Weakness Yes L
1155885 2024-002 Material Weakness Yes L
1155886 2024-002 Material Weakness Yes L
1155887 2024-002 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
11.307 Economic Adjustment Assistance $1.87M Yes 1
12.800 Air Force Defense Research Sciences Program $647,116 Yes 1
12.300 Basic and Applied Scientific Research $421,616 Yes 1
59.059 Congressional Grants $255,372 Yes 1
14.218 Community Development Block Grants/entitlement Grants $44,077 Yes 1
23.002 Appalachian Area Development $21,505 Yes 1

Contacts

Name Title Type
E38PN6F4AVU3 Barb Ewing Auditee
3307465003 Mike Mullee Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Youngstown Edison Incubator Corporation dba Youngstown Business Incubator (the "Organization") 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 (the "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.
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 in reimbursement. The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-002
Finding 2024-002 Late Single Audit Submission Condition: The Organization has not timely submitted the Single Audit Reporting Packages for the year ended December 31, 2023. Criteria: 2 CFR 200.512(a)(1) states that the audit, the data collection form, and the reporting package must be submitted within 30 calendar days after the auditee receives the auditor's report or nine months after the end of the audit period (whichever is earlier). Cause: Due to delays in the audit process, the December 31, 2023 audit was not completed until after the submission deadline. Effect: Financial statement amounts could be materially misstated. Repeat finding: This is not a repeat finding. Questioned costs: N/A Recommendation: We recommend that the audit and submission of the data collection form be completed in a timely manner. Views of responsible officials: Management concurs with this recommendation. See also corrective action plan.