FAC Explorer

Audit 400919

FY End
2025-04-30
Total Expended
$1.44M
Findings
6
Programs
3
Organization: Village of Kincaid (IL)
Year: 2025 Accepted: 2026-05-08
Auditor: MCGUIRE YUHAS HUFFMAN & BUCKLEY

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214191 2025-003 Material Weakness Yes L
1214192 2025-004 Material Weakness Yes L
1214193 2025-003 Material Weakness Yes L
1214194 2025-004 Material Weakness Yes L
1214195 2025-003 Material Weakness Yes L
1214196 2025-004 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
66.468 DRINKING WATER STATE REVOLVING FUND $1.07M Yes 2
66.458 CLEAN WATER STATE REVOLVING FUND $362,010 Yes 2
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $6,527 Yes 2

Contacts

Name Title Type
F2FSFVZ5E241 Cassandra Dees Auditee
2172374713 Kevin Buckley Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal award programs of the Village of Kincaid for the year ended April 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). The Village financial reporting entity, as defined in Note 1 to the financial statements, consists of the activities of the Village of Kincaid, which has no component units. The Schedule includes all federal awards received directly from federal agencies as well as federal financial awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of the Village of Kincaid, it is not intended to and does not present the financial position, changes in financial position or cash flows of the Village of Kincaid.
Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The underlying accounting records for grant programs are maintained on the modified cash basis of accounting. Accordingly, revenues are recognized and recorded in the programs when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash.
The Village has elected to use the de minimis 10% indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards reflects federal expenditures for all individual grants which were active during the year. The categorization of expenditures by program included in the schedule is based on the Assistance Listing Numbers. Changes in the categorization of expenditures occur based on revisions to the assistance listing. When preparing the Schedule of Expenditures of Federal Awards, the Village uses the most current information available from grantors and pass-through entities to determine whether funding is state or federal.
The Village owed $616,547 to the IEPA as of April 30, 2025. The Village received $1,431,923 in loan forgiveness from IEPA in fiscal year 2025.

Finding Details

Finding 2025-003
Criteria: Maintain adequate internal controls, including segregation of duties, in order to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Condition: Lack of segregation of duties. Cause: Due to the size of the organization, there is a limited number of accounting staff. Effect: Could adversely affect the Village’s ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Recommendation: Segregation of duties needs to be increased whenever possible with the personnel available. Response: The Village has segregated as many duties as possible given the small accounting staff.
Finding 2025-004
Criteria: Compliance with required financial reporting and disclosures. Condition: Lack of adequate internal control over financial reporting. Cause: Due to the size of the organization, there is no staff with sufficient expertise to ensure compliance with all required financial reporting and disclosures. Effect: Could adversely affect the Village’s assurance that financial reporting including the preparation of the Schedule of Expenditures of Federal Awards, is in accordance with the modified cash basis of accounting. Recommendation: Obtain necessary expertise. Response: It is not cost effective to do so.