FAC Explorer

Audit 43496

FY End
2022-12-31
Total Expended
$5.10M
Findings
4
Programs
2
Organization: Global Foundation for Ocean Exploration (CT)
Year: 2022 Accepted: 2023-09-28
Auditor: Wollack Lewitz CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
50136 2022-001 Material Weakness - P
50137 2022-002 Material Weakness - P
626578 2022-001 Material Weakness - P
626579 2022-002 Material Weakness - P

Programs

ALN Program Spent Major Findings
11.011 Ocean Exploration $4.40M Yes 2
11.429 Marine Sanctuary Program $694,812 Yes 0

Contacts

Name Title Type
YNWFA3JD4E31 Laurie Bradt Auditee
8605727979 Joseph Wollack Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The financial statements of the Organization have beenprepared on an accrual basis of accounting. Accordingly, revenue is recorded when earnedand expenses are recorded when the obligation is incurred. Financial statement presentation is in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).Under U.S. GAAP, management for The Global Foundation For Ocean Exploration, Inc. is required to report information regarding its financial position and activities according to two classes of net assets: net assets with donor restrictions and net assets without donor restrictions. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.

Finding Details

Finding 2022-001
Condition: Approval for one out of a selection of fifteen invoices was not documented. Criteria: Invoices are to be approved by the president prior to payment. Cause: Verbal approvals were given to make payments in a timely fashion but were not followed up with written documentation of the approval. Effect: Internal control procedures for approval were not followed. Recommendation: All approvals should be in writing and the documentation kept with the invoice.
Finding 2022-002
Condition: One out of a selection of forty invoices that were submitted for grant reimbursement were not listed on the Organization?s drawdown backup. Criteria: A monthly payables list is generated by the Director of Administration and given to the President for review and approval. The amount on that list is then drawn from the grant funds. Cause: The payables listing was changed after approved by the President, but not updated. Therefore, the supporting documentation did not match the drawdown amount. Effect: Internal control procedures for drawdowns were not followed. Recommendation: The final payables listing that is approved and matches the grant drawdown amount should be retained to document proper approval
Finding 2022-001
Condition: Approval for one out of a selection of fifteen invoices was not documented. Criteria: Invoices are to be approved by the president prior to payment. Cause: Verbal approvals were given to make payments in a timely fashion but were not followed up with written documentation of the approval. Effect: Internal control procedures for approval were not followed. Recommendation: All approvals should be in writing and the documentation kept with the invoice.
Finding 2022-002
Condition: One out of a selection of forty invoices that were submitted for grant reimbursement were not listed on the Organization?s drawdown backup. Criteria: A monthly payables list is generated by the Director of Administration and given to the President for review and approval. The amount on that list is then drawn from the grant funds. Cause: The payables listing was changed after approved by the President, but not updated. Therefore, the supporting documentation did not match the drawdown amount. Effect: Internal control procedures for drawdowns were not followed. Recommendation: The final payables listing that is approved and matches the grant drawdown amount should be retained to document proper approval