FAC Explorer

Audit 389544

FY End
2024-12-31
Total Expended
$3.25M
Findings
1
Programs
1
Organization: Russell Innovation Center for Entrepreneurs, Inc (GA)
Year: 2024 Accepted: 2026-02-27
Auditor: MARSHALL JONES

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1175687 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $3.25M Yes 1

Contacts

Name Title Type
LKJ7D19L2JP1 Shawn M. Graham Auditee
6782172663 Randy Shrum Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (“ SEFA”) presents the activity of all federal financial awards programs received by Russell Innovation Center for Entrepreneurs, Inc. (“the Organization”). All federal awards received directly from federal agencies, and federal awards passed through other government agencies, are included on the schedule.
The accompanying SEFA is presented on the accrual basis of accounting. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures also include a portion of costs associated with general activities of the Organization, which are allocated to awards under negotiated formulas commonly referred to as indirect cost rates. The information in this schedule 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
The Organization’s de minimis indirect cost rate was 10% prior to October 1, 2024, and was 15% thereafter.

Finding Details

Finding 2024-001
Internal Control Impact: Material Weakness Repeat Finding: No Questioned Costs: None Internal Control Impact: Significant deficiency Criteria: Under Uniform Guidance 2 CFR Section 210.507(c), the audit shall be completed and submitted within the earlier of 30 days after receipt of the auditors’ reports, or nine (9) months after the end of the audit period, whichever is earlier. Condition: The Organization’s audit for the year ended December 31, 2024 was not able to be completed and submitted within nine (9) months after the end of the audit period. Cause: The start of the Organization’s audit was delayed due to delays in closing the books. Effect: Failure to complete and submit the audit could result in a failure to meet the requirements imposed by Federal grantor agencies and by the Uniform Guidance. Recommendation: Marshall Jones recommends that the Organization establish a process to ensure that the SEFA is prepared timely to allow for audit completion prior to the deadline. Views of Responsible Officials: Management of the Organization concurs with the finding. Please refer to the Corrective Action Plan.