FAC Explorer

Audit 371960

FY End
2023-12-31
Total Expended
$2.04M
Findings
11
Programs
2
Organization: Atlantic County Improvement Authority (NJ)
Year: 2023 Accepted: 2025-11-10
Auditor: HOLMAN FRENIA ALLISON PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1162155 2023-003 Material Weakness Yes A
1162156 2023-003 Material Weakness Yes A
1162157 2023-003 Material Weakness Yes A
1162158 2023-003 Material Weakness Yes A
1162159 2023-003 Material Weakness Yes A
1162160 2023-003 Material Weakness Yes A
1162161 2023-003 Material Weakness Yes A
1162162 2023-003 Material Weakness Yes A
1162163 2023-003 Material Weakness Yes A
1162164 2023-003 Material Weakness Yes A
1162165 2023-003 Material Weakness Yes A

Programs

ALN Program Spent Major Findings
14.218 COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS $1.05M Yes 1
14.239 HOME INVESTMENT PARTNERSHIPS PROGRAM $30,579 Yes 0

Contacts

Name Title Type
FRMBT85J98V6 Jessica Wheeley Auditee
6093432180 Lauren Holman Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards present the activity of all federal award programs of the Authority. The Authority is defined in Note 1 of the basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies is included on the schedule of expenditures of federal awards.
The Authority provided $1,736,179 of federal assistance to sub-recipients for the year ended December 31, 2023.
The Authority does not have negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal financial reports.
As of December 31, 2023, the Authority is not the guarantor of any loans outstanding.

Finding Details

Finding 2023-003
Lateness in Submission of Single Audit Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2023, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2023, within the established deadline of September 30, 2024.