FAC Explorer

Audit 404862

FY End
2025-09-30
Total Expended
$1.82M
Findings
1
Programs
1
Organization: Islamorada, Village of Islands (FL)
Year: 2025 Accepted: 2026-06-25
Auditor: CS&L CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1218754 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds (SLFRF) $1.82M Yes 1

Contacts

Name Title Type
QEAKVK3HNFM5 Hatti Jenkins Auditee
3056646445 Jeff Gerhard Auditor
No contacts on file

Notes to SEFA

The schedule of expenditures of federal awards and state financial assistance includes federal and state grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accounting. 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 Audits (Uniform Guidance) and the Florida State Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
The Village chose not to use the fifteen percent de minimis cost rate for the fiscal year ended September 30, 2025.
The Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2025.
The Village had the following State Revolving Fund loan balances outstanding at September 30, 2025:

Finding Details

Finding 2025-001
Material Weakness in Internal Control over Financial Reporting and the Preparation of the Schedule of Expenditures of Federal Awards and State Financial Assistance Criteria: Management is responsible for maintaining accurate accounting records and preparing financial statements and the Schedule of Expenditures of Federal Awards and State Financial Assistance (SEFA) in conformity with generally accepted accounting principles and Uniform Guidance requirements. Condition: During the audit, adjustments were posted to correct beginning net position in the Plantation Yacht Harbor Marina Fund in the amount of $1,821,000. For the year ended September 30, 2024, revenue and a related receivable were not reported to match expenditures reimbursable under a federal grant agreement. Additionally, the expenditures were not included in the SEFA. Content/Cause: Internal controls over financial reporting and the preparation of the SEFA were not sufficient to ensure all transactions were properly identified, recorded, and reported in the financial statements and related SEFA and subjected to the Single Audit. Effect: The Village reported a prior period adjustment in the Plantation Yacht Harbor Marina Fund in the amount of $1,821,000 to beginning net position. Additionally, this amount was included on the SEFA for the year ended September 30, 2025. Recommendation: We recommend management strengthen procedures for identifying and reconciling federal grant activity to the general ledger and reviewing year-end financial reporting schedules, including the SEFA. The reconciliation should ensure that reimbursable grant expenditures are properly matched to revenue and included on the SEFA, in the current period.