FAC Explorer

Audit 49133

FY End
2022-10-31
Total Expended
$1.00M
Findings
2
Programs
1
Organization: Walworth County Agricultural Society, Inc. (WI)
Year: 2022 Accepted: 2023-07-30
Auditor: Lucida LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
49735 2022-003 Material Weakness - P
626177 2022-003 Material Weakness - P

Programs

ALN Program Spent Major Findings
59.075 Shuttered Venue Operators Grant Program $1.00M Yes 1

Contacts

Name Title Type
CZKNMHQXZ5D4 Larry Gaffey Auditee
2627233228 Kevin Gaffney Auditor
No contacts on file

Notes to SEFA

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Society under programs of the federal government for the year ended October 31, 2022. Expenditures reported on the Schedule are reported on the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recorded as liabilities when incurred. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. There were no awards passed through to subrecipients.

Finding Details

Finding 2022-003
2022-003 Lack of Written Procedures for Federal Awards Condition: The Uniform Guidance requires nonfederal entities to have specific written policies and procedures as part of the management of their federal awards to reduce the risk of fraud, waste, and abuse of federal funds. Criteria: Written policies and procedures should be developed in advance of the entity receiving federal awards to make certain the federal statutes, regulations, and terms and conditions are followed. Cause: Management and the accounting staff of the Society are inexperienced in the policies and procedures required by the Uniform Guidance. Management and accounting staff were unaware that the Uniform Guidance required such written policies or procedures before the awarding of the SVOG. Effect: The Society relied on the instructions provided after the awarding of the SVOG and while expending the grant in allowable activities, with proper cost principles, and within the defined period of performance, they have a material weakness due to the lack of written policies and procedures. Questioned Costs: There were no questioned costs associated with this finding. Recommendation: We recommend management develop written policies and procedures in accordance to the requirements of the Uniform Guidance. This will allow the Society to be compliant should they be awarded federal funds in the future. Management?s Response ? See Corrective Action Plan
Finding 2022-003
2022-003 Lack of Written Procedures for Federal Awards Condition: The Uniform Guidance requires nonfederal entities to have specific written policies and procedures as part of the management of their federal awards to reduce the risk of fraud, waste, and abuse of federal funds. Criteria: Written policies and procedures should be developed in advance of the entity receiving federal awards to make certain the federal statutes, regulations, and terms and conditions are followed. Cause: Management and the accounting staff of the Society are inexperienced in the policies and procedures required by the Uniform Guidance. Management and accounting staff were unaware that the Uniform Guidance required such written policies or procedures before the awarding of the SVOG. Effect: The Society relied on the instructions provided after the awarding of the SVOG and while expending the grant in allowable activities, with proper cost principles, and within the defined period of performance, they have a material weakness due to the lack of written policies and procedures. Questioned Costs: There were no questioned costs associated with this finding. Recommendation: We recommend management develop written policies and procedures in accordance to the requirements of the Uniform Guidance. This will allow the Society to be compliant should they be awarded federal funds in the future. Management?s Response ? See Corrective Action Plan