FAC Explorer

Audit 383476

FY End
2025-06-30
Total Expended
$1.94M
Findings
3
Programs
12
Organization: Spearfish School District No. 40-2 (SD)
Year: 2025 Accepted: 2026-01-23
Auditor: KETEL THORSTENSON LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1170366 2025-001 Material Weakness Yes L
1170367 2025-001 Material Weakness Yes L
1170368 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
84.027 SPECIAL EDUCATION GRANTS TO STATES $534,026 Yes 1
84.010 TITLE I GRANTS TO LOCAL EDUCATIONAL AGENCIES $499,237 Yes 0
84.425 EDUCATION STABILIZATION FUND $242,159 Yes 1
84.367 SUPPORTING EFFECTIVE INSTRUCTION STATE GRANTS (FORMERLY IMPROVING TEACHER QUALITY STATE GRANTS) $152,516 Yes 0
84.424 STUDENT SUPPORT AND ACADEMIC ENRICHMENT PROGRAM $66,400 Yes 0
10.553 SCHOOL BREAKFAST PROGRAM $39,661 Yes 0
84.048 CAREER AND TECHNICAL EDUCATION -- BASIC GRANTS TO STATES $26,686 Yes 0
10.665 SCHOOLS AND ROADS - GRANTS TO STATES $25,397 Yes 0
84.173 SPECIAL EDUCATION PRESCHOOL GRANTS $20,151 Yes 1
10.555 NATIONAL SCHOOL LUNCH PROGRAM $15,322 Yes 0
15.227 DISTRIBUTION OF RECEIPTS TO STATE AND LOCAL GOVERNMENTS $12 Yes 0
84.181 SPECIAL EDUCATION-GRANTS FOR INFANTS AND FAMILIES $9 Yes 0

Contacts

Name Title Type
E6TRA2KCS6E7 Craig Crosswait Auditee
6057171201 Jeff Yennie 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 District 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 District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. 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 as to reimbursement.
The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
These amounts reflect cash received. Federal reimbursements are based on approved rates for services provided rather than reimbursement for specific expenditures.
These amounts include non-monetary assistance which is reported at fair market value of the commodities received and disbursed.

Finding Details

Finding 2025-001
#2025-001: Financial Statement and Schedule of Expenditures of Federal Awards (SEFA) Preparation Federal Program Affected: All Compliance Requirement: Reporting Questioned Costs: None Condition and Cause: As a matter of practicality and efficiency, we have assisted in drafting the financial statements and SEFA, in both form and content, based on information provided by management during the audit. Criteria and Effect: Management and those charged with governance are ultimately responsible for preparing and presenting the financial statements and SEFA in accordance with the applicable financial reporting framework. The auditor’s responsibility for the financial statements and SEFA is to express an opinion on them based on the audit evidence obtained. Repeat Finding from Prior Year: Yes, prior year finding #2024-001. Recommendation: Management should review the financial statements and SEFA for accuracy of account balances and context of note disclosures. Management and governance should inquire of the auditors about any balances or disclosures which management does not understand or cannot reconcile to internal records prior to signing the management representation letter. Response/Corrective Action Plan: The School agrees with the above Finding. See Corrective Action Plan.