FAC Explorer

Audit 371822

FY End
2024-05-31
Total Expended
$1.61M
Findings
1
Programs
2
Organization: VILLAGE OF CUBA, NEW YORK (NY)
Year: 2024 Accepted: 2025-11-05
Auditor: LUMSDEN & MCCORMICK LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161928 2024-002 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
10.766 COMMUNITY FACILITIES LOANS AND GRANTS $1.55M Yes 1
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $25,000 Yes 0

Contacts

Name Title Type
N8NMZJCMDXL5 Corine Bump Auditee
5859681560 Seth Hennard Auditor
No contacts on file

Notes to SEFA

Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Village of Cuba, New York (the Village), an entity as defined in Note 1 to the Village’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Village uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Village’s financial reporting system. Indirect Costs The Village does not use the de minimis indirect cost rate permitted by the Uniform Guidance.

Finding Details

Finding 2024-002
Criteria 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(s) or nine months after the end of the audit period (whichever is earlier). 2 CFR 200.512 Condition The Village did not have an audit completed within nine months after year end. Cause The Village has not previously prepared financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). Therefore, the Village required additional time to prepare its accounting records and have the independent audit performed. Effect The Village’s financial statements were not completed, nor were the financial statement audit or compliance audit completed before the nine month due date. Auditors’ Recommendation We recommend that the Village have its audit completed timely and file the data collection by the required deadline. Management’s Response The Village will seek additional accounting assistance in order to complete its accounting records and related financial statements in a more timely manner.