FAC Explorer

Audit 386815

FY End
2025-09-30
Total Expended
$1.14M
Findings
1
Programs
1
Organization: Black Hills Community Economic Development, Inc. (SD)
Year: 2025 Accepted: 2026-02-11
Auditor: KETEL THORSTONSON LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1173281 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $1.14M Yes 1

Contacts

Name Title Type
EU6BZNJ5VJK5 Fran White Auditee
6057160012 Jean Schroeder Auditor
No contacts on file

Notes to SEFA

Note 1 – Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization under programs of the federal government for the year ended September 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 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 and based on grant guidance (see Note 3). 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.
Note 2 – Indirect Cost Rate The Organization has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Note 3 – Federal Expenditure Calculation: RLF Principal Outstanding $ 7 76,406 Cash in RLF 3 19,130 Administrative Expenses 4 0,216 1 ,135,752 Federal Share 100.00% $ 1 ,135,752

Finding Details

Finding 2025-001
#2025-001 FINDING: Financial Statement and Schedule of Expenditures of Federal Awards (SEFA) Preparation Federal Program Affected: Economic Adjustment Assistance – 2021 CARES Act RLF, Assistance Listing #11.307. 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. We also assisted with the analysis of credit losses under Accounting Standards Update (ASU) 2016-13. Criteria and Effect: Management and the Board of Directors are ultimately responsible for preparing and presenting the financial statements in accordance with generally accepted accounting principles. The auditor’s responsibility for the financial statements 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 and the Board of Directors should review the financial statements for accuracy of account balances and context of note disclosures. Prior to signing the management representation letter, they should inquire about any balances or disclosures that are not understood or can’t be reconciled to internal records. Additionally, we recommend management prepare the credit loss calculation in accordance with ASU 2016-13 going forward. Views of Responsible Officials Corrective Action Plan: See Organization’s Corrective Action Plan