FAC Explorer

Audit 49626

FY End
2022-06-30
Total Expended
$8.46M
Findings
2
Programs
4
Organization: American Film Institute (CA)
Year: 2022 Accepted: 2022-11-29
Auditor: Singerlewak LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
52177 2022-001 Significant Deficiency - N
628619 2022-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $8.05M Yes 1
45.149 Promotion of the Humanities_division of Preservation and Access $97,383 - 0
84.425 Education Stabilization Fund $91,000 - 0
45.024 Promotion of the Arts_grants to Organizations and Individuals $20,000 - 0

Contacts

Name Title Type
CWC8EAJ3TDR4 Lang Fredrickson Auditee
3238567600 Karen Miessner Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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. The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the American Film Institute (AFI) under programs of the federal government for the year ended June 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 AFI, it is not intended to, and does not, present the financial position, activities, or cash flows of AFI.

Finding Details

Finding 2022-001
2022-001: Direct Loan Reconciliations Finding Type: Internal control over compliance ? Significant deficiency and noncompliance Federal Program title and Assistance Listing Number: Federal Direct Student Loan (84.268). Criteria: In accordance with 34CFR ?685.300 (b)(5), a school must, on a monthly basis reconcile institutional records with Direct Loan funds received from the Department of Education and Direct Loan disbursement records submitted to the and accepted by the Department of Education. Condition: During the audit, AFI was unable to provide evidence that the reconciliations were performed on a monthly basis. Context: AFI disbursed $8,050,495 in Federal Direct Student Loans during the year. Questioned Costs: None Cause: AFI did not maintain the documentation to support compliance with 34CFR ?685.300 (b)(5). Effect: AFI was not able to demonstrate compliance with 34CFR ?685.300 (b)(5), Repeat finding: This is not a repeat finding. Recommendation: We recommend AFI implement procedures to ensure the required reconciliations performed on a monthly basis are evidenced with appropriate documentation of completion and review. Views of responsible officials and planned corrective actions: Please refer to the attached corrective action plan.
Finding 2022-001
2022-001: Direct Loan Reconciliations Finding Type: Internal control over compliance ? Significant deficiency and noncompliance Federal Program title and Assistance Listing Number: Federal Direct Student Loan (84.268). Criteria: In accordance with 34CFR ?685.300 (b)(5), a school must, on a monthly basis reconcile institutional records with Direct Loan funds received from the Department of Education and Direct Loan disbursement records submitted to the and accepted by the Department of Education. Condition: During the audit, AFI was unable to provide evidence that the reconciliations were performed on a monthly basis. Context: AFI disbursed $8,050,495 in Federal Direct Student Loans during the year. Questioned Costs: None Cause: AFI did not maintain the documentation to support compliance with 34CFR ?685.300 (b)(5). Effect: AFI was not able to demonstrate compliance with 34CFR ?685.300 (b)(5), Repeat finding: This is not a repeat finding. Recommendation: We recommend AFI implement procedures to ensure the required reconciliations performed on a monthly basis are evidenced with appropriate documentation of completion and review. Views of responsible officials and planned corrective actions: Please refer to the attached corrective action plan.