FAC Explorer

Audit 370554

FY End
2025-06-30
Total Expended
$2.31M
Findings
1
Programs
5
Organization: Saint Joseph Abbey and Seminary College (LA)
Year: 2025 Accepted: 2025-10-08
Auditor: Paciera Gautreau & Priest LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1160184 2025-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $1.51M Yes 1
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $700,133 Yes 0
84.063 Federal Pell Grant Program $47,673 Yes 0
10.912 Environmental Quality Incentives Program $29,334 Yes 0
84.268 Federal Direct Student Loans $24,742 Yes 0

Contacts

Name Title Type
DMNPCF22J426 Jennifer Whitehouse Auditee
9858672240 Timothy Priest Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Saint Joseph Abbey and Seminary College under programs of the federal government for the year ended June 30, 2025. 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 Saint Joseph Abbey and Seminary College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Saint Joseph Abbey and Seminary College.
Expenditures reported on the schedule are reported on the cash basis of accounting. Such expenditures are recognized in the period they are reimbursed, consistent with the cost principles contained in the Uniform Guidance. Certain types of expenditures may not be allowable or may be limited as to reimbursement.
Expenditures reported on the schedule for 14.228 have the following Louisiana public assistance project numbers:708, 727, 768, 781, 792, 813, 815, 818, 824, 825, 837, 838, 839, 840, 850, 851, 855, 882, 890, 891, 894, and 916.
FEDERAL DIRECT STUDENT LOANS (84.268) - Loans are made directly to students; therefore, only the value of the loans made during the audit period are considered to be expenditures of federal awards. The value of loans made during the audit period was $24,742. The balance of loans for previous audit periods is not included as federal awards expended.
Saint Joseph Abbey and Seminary College did not elect to use the 10% de minimis indirect cost rate.

Finding Details

Finding 2025-001
Section II: Financial Statement Findings Finding 2025-001: Material Weakness in Internal Control over Financial Reporting Condition: The Abbey did not consolidate all subsidiaries in its financial statements. Criteria: U.S. Generally Accepted Accounting Principles (GAAP) require that all subsidiaries be consolidated into the parent’s financial statements. Cause: The Abbey lacked adequate internal controls to ensure all subsidiaries were identified and consolidated. Effect: The financial statements were materially misstated, as they did not include the financial position and results of operations of all subsidiaries. Recommendation: Implement procedures to ensure all subsidiaries are identified and consolidated in the financial statements. Identification of Repeat Findings: This is a repeat finding of the immediate prior audit. The prior year audit finding reference number was 2024-001. Views of Responsible Officials: We agree with the auditor’s finding that there is a material weakness in internal control over financial reporting due to the non-consolidation of subsidiaries. However, after careful consideration, management has decided not to implement the recommended procedures to consolidate the subsidiaries. Justification: Management believes that consolidating the Trusts would not accurately reflect the nature of its legal structure and operations. They will continue to monitor the situation and reassess it if necessary.