FAC Explorer

Audit 399012

FY End
2024-06-30
Total Expended
$753,240
Findings
2
Programs
1
Organization: Russellville Logan County Airport Board (KY)
Year: 2024 Accepted: 2026-04-17
Auditor: ALEXANDER & COMPANY CPAS PSC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1207157 2024-004 Material Weakness Yes L
1207158 2024-005 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
20.106 AIRPORT IMPROVEMENT PROGRAM, INFRASTRUCTURE INVESTMENT AND JOBS ACT PROGRAMS, AND COVID-19 AIRPORTS PROGRAMS $61,996 Yes 0

Contacts

Name Title Type
JKLND5MK2FV7 Cassie Sobey Auditee
2707263214 Joe Keller Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Russellville-Logan County Airport Board under programs of the federal government for the year ended June 30, 2024. 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 Regulations, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Because the Schedule presents only a selected portion of the operations of the Airport, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Russellville-Logan County Airport Board.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Airport has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Airport incurred $330,495 in allowable project costs during the period that were charged to awards received in the subsequent period. These costs have been included on the accompanying schedule of expenditures of federal awards.

Finding Details

Finding 2024-004
Significant Deficiency: Condition: The Airport did not submit the data collection form to the Federal Audit Clearinghouse (FAC) timely. Context and Criteria: As required by 2 CFR section 200.512, the data collection form must be submitted to the FAC 30 calendar days after the auditee receives the auditor’s report or nine months after the end of the audit period (whichever is earlier). Cause: The Airport was unable to contract with an independent auditor in time to meet the requirement. Effect: The Airport did not comply with 2 CFR section 200.512 for timely report submission. Recommendation: Procedures should be put in place to ensure audit reports and the data collection form are submitted to the FAC timely. View of Responsible Officials and Planned Corrective Actions: Airport management will ensure audit reports and the data collection form are submitted to the FAC timely.
Finding 2024-005
Significant Deficiency: Condition: The Airport does not have written policies and procedures to implement the requirements of 2 CFR section 200 for the administration of federal awards. Context and Criteria: Entities that receive federal funds must has written policies, procedures, and standards of conduct (“policies”) as required by 2 CFR 200, Subparts D and E (2 CFR sections 200.300 and 200.400, respectively) for compliance with Uniform Guidance. Cause: The Airport did not implement formal polices specifically for the administration of federal awards during the reporting period. Effect: The Airport was not in compliance with 2 CFR section 200 for the administration of federal awards during the reporting period. Recommendation: Policies and procedures for the administration of federal awards should be written to provide guidance to all program employees concerning the administrative requirements for conformance with Uniform Guidance. View of Responsible Officials and Planned Corrective Actions: The Airport will comply with this recommendation and implement written policies and procedures for the administration of federal awards.