FAC Explorer

Audit 40787

FY End
2022-09-30
Total Expended
$756,148
Findings
6
Programs
3
Organization: The Science Center of Iowa (IA)
Year: 2022 Accepted: 2023-06-28
Auditor: Denman & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
51752 2022-001 Material Weakness Yes P
51753 2022-001 Material Weakness Yes P
51754 2022-001 Material Weakness Yes P
628194 2022-001 Material Weakness Yes P
628195 2022-001 Material Weakness Yes P
628196 2022-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
59.075 Shuttered Venue Operators Grant Program $553,377 Yes 1
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $182,771 - 1
43.008 Education $20,000 - 1

Contacts

Name Title Type
FLGNNNJMLC33 Ann Shelton Auditee
5152746868 Robert Endriss Auditor
No contacts on file

Notes to SEFA

Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of The Science Center of Iowa (the Organization) under programs of the federal government for the year ended September 30, 2022. 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, change in net assets, or cash flows of the Organization.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
Criteria The Organization?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes, in accordance with generally accepted accounting principles (U.S. GAAP). Condition During the course of the financial statement audit, numerous audit adjustments were necessary to ensure the financial statements are fairly presented in accordance with generally accepted accounting principles. Cause Internally prepared financial statements do not conform with generally accepted accounting principles. In certain instances, information necessary to migrate the Organization?s financial statements to U.S. GAAP is not being retained by staff on an ongoing basis. Effect The Organization?s internally prepared financial statements did not conform with U.S. GAAP. Material adjustments were required as part of the audit process. Recommendation We recommend management develop and implement a plan to migrate the Organization?s internal financial statements to U.S. GAAP.
Finding 2022-001
Criteria The Organization?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes, in accordance with generally accepted accounting principles (U.S. GAAP). Condition During the course of the financial statement audit, numerous audit adjustments were necessary to ensure the financial statements are fairly presented in accordance with generally accepted accounting principles. Cause Internally prepared financial statements do not conform with generally accepted accounting principles. In certain instances, information necessary to migrate the Organization?s financial statements to U.S. GAAP is not being retained by staff on an ongoing basis. Effect The Organization?s internally prepared financial statements did not conform with U.S. GAAP. Material adjustments were required as part of the audit process. Recommendation We recommend management develop and implement a plan to migrate the Organization?s internal financial statements to U.S. GAAP.
Finding 2022-001
Criteria The Organization?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes, in accordance with generally accepted accounting principles (U.S. GAAP). Condition During the course of the financial statement audit, numerous audit adjustments were necessary to ensure the financial statements are fairly presented in accordance with generally accepted accounting principles. Cause Internally prepared financial statements do not conform with generally accepted accounting principles. In certain instances, information necessary to migrate the Organization?s financial statements to U.S. GAAP is not being retained by staff on an ongoing basis. Effect The Organization?s internally prepared financial statements did not conform with U.S. GAAP. Material adjustments were required as part of the audit process. Recommendation We recommend management develop and implement a plan to migrate the Organization?s internal financial statements to U.S. GAAP.
Finding 2022-001
Criteria The Organization?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes, in accordance with generally accepted accounting principles (U.S. GAAP). Condition During the course of the financial statement audit, numerous audit adjustments were necessary to ensure the financial statements are fairly presented in accordance with generally accepted accounting principles. Cause Internally prepared financial statements do not conform with generally accepted accounting principles. In certain instances, information necessary to migrate the Organization?s financial statements to U.S. GAAP is not being retained by staff on an ongoing basis. Effect The Organization?s internally prepared financial statements did not conform with U.S. GAAP. Material adjustments were required as part of the audit process. Recommendation We recommend management develop and implement a plan to migrate the Organization?s internal financial statements to U.S. GAAP.
Finding 2022-001
Criteria The Organization?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes, in accordance with generally accepted accounting principles (U.S. GAAP). Condition During the course of the financial statement audit, numerous audit adjustments were necessary to ensure the financial statements are fairly presented in accordance with generally accepted accounting principles. Cause Internally prepared financial statements do not conform with generally accepted accounting principles. In certain instances, information necessary to migrate the Organization?s financial statements to U.S. GAAP is not being retained by staff on an ongoing basis. Effect The Organization?s internally prepared financial statements did not conform with U.S. GAAP. Material adjustments were required as part of the audit process. Recommendation We recommend management develop and implement a plan to migrate the Organization?s internal financial statements to U.S. GAAP.
Finding 2022-001
Criteria The Organization?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes, in accordance with generally accepted accounting principles (U.S. GAAP). Condition During the course of the financial statement audit, numerous audit adjustments were necessary to ensure the financial statements are fairly presented in accordance with generally accepted accounting principles. Cause Internally prepared financial statements do not conform with generally accepted accounting principles. In certain instances, information necessary to migrate the Organization?s financial statements to U.S. GAAP is not being retained by staff on an ongoing basis. Effect The Organization?s internally prepared financial statements did not conform with U.S. GAAP. Material adjustments were required as part of the audit process. Recommendation We recommend management develop and implement a plan to migrate the Organization?s internal financial statements to U.S. GAAP.