FAC Explorer

Audit 50612

FY End
2022-08-31
Total Expended
$1.35M
Findings
6
Programs
4
Organization: The Dream Program, Inc. (VT)
Year: 2022 Accepted: 2023-05-30
Auditor: McSoley McCoy & CO

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
51015 2022-002 Material Weakness Yes AB
51016 2022-002 Material Weakness Yes AB
51017 2022-002 Material Weakness Yes AB
627457 2022-002 Material Weakness Yes AB
627458 2022-002 Material Weakness Yes AB
627459 2022-002 Material Weakness Yes AB

Programs

ALN Program Spent Major Findings
94.006 Americorps $973,403 Yes 1
16.726 Juvenile Mentoring Program $237,324 Yes 1
84.425 Education Stabilization Fund $43,746 - 0
93.788 Opioid Str $3,834 - 0

Contacts

Name Title Type
CDRBWXUMFCT7 Mike Foote Auditee
8022226951 Tom Stretton Auditor
No contacts on file

Notes to SEFA

Title: Notes to Schedule of Expenditures of Federal Awards Accounting Policies: 1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of The DREAM Program, Inc. (the Organization) under programs of the federal government for the year ended August 31, 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 financialposition, changes in net assets, or cash flows for the Organization.2) Basis of AccountingExpenditures 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. 1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of The DREAM Program, Inc. (the Organization) under programs of the federal government for the year ended August 31, 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 financialposition, changes in net assets, or cash flows for the Organization.2) Basis of AccountingExpenditures 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Notes to Schedule of Expenditures of Federal Awards Accounting Policies: 1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of The DREAM Program, Inc. (the Organization) under programs of the federal government for the year ended August 31, 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 financialposition, changes in net assets, or cash flows for the Organization.2) Basis of AccountingExpenditures 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. 1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of The DREAM Program, Inc. (the Organization) under programs of the federal government for the year ended August 31, 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 financialposition, changes in net assets, or cash flows for the Organization.2) Basis of AccountingExpenditures 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization has elected to use the ten percent (10%) de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2022-002
Finding No.: 2022-002 (2021-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization?s did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and will work with the staff to educate them on the importance of a strong internal control environment.
Finding 2022-002
Finding No.: 2022-002 (2021-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization?s did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and will work with the staff to educate them on the importance of a strong internal control environment.
Finding 2022-002
Finding No.: 2022-002 (2021-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization?s did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and will work with the staff to educate them on the importance of a strong internal control environment.
Finding 2022-002
Finding No.: 2022-002 (2021-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization?s did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and will work with the staff to educate them on the importance of a strong internal control environment.
Finding 2022-002
Finding No.: 2022-002 (2021-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization?s did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and will work with the staff to educate them on the importance of a strong internal control environment.
Finding 2022-002
Finding No.: 2022-002 (2021-002) Criteria Cash disbursements should have an internal control environment that requires key controls to ensure funds are properly disbursed and reported. Conditions Found During our audit, we noted the Organization?s did not properly document approval on invoices for various expenses. Effect Without adequate controls surrounding cash disbursements, there is an opportunity for errors, or misappropriation of assets, to go undetected. The conditions found appear to be systemic in nature and is considered to be a significant deficiency in internal controls. Cause The Organization has not developed a formal documentation procedure to ensure all expenses are properly reviewed and approved. Recommendation We recommend cash disbursements be appropriately reviewed and approved to ensure the monies are accounted for. Views of Responsible Officials Management agrees with the recommendation and will work with the staff to educate them on the importance of a strong internal control environment.