FAC Explorer

Audit 5752

FY End
2021-12-31
Total Expended
$795,485
Findings
2
Programs
4
Organization: Alice Ferguson Foundation, Inc. (MD)
Year: 2021 Accepted: 2023-12-07
Auditor: Rogers and Company PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
3679 2021-001 Significant Deficiency - L
580121 2021-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
15.944 Natural Resource Stewardship $297,000 - 0
66.466 Chesapeake Bay Program-Overnight Meaningful Watershed Education Experiences for Fifth Grade Students $296,607 Yes 1
15.946 Cultural Resources Management $195,000 - 0
11.999 Marine Debris Program $6,878 - 0

Contacts

Name Title Type
HE5JKNUKCVN7 Theresa Cullen Auditee
2409888476 Marina Polyakova Auditor
No contacts on file

Notes to SEFA

Title: 1. Basis of Presenation Accounting Policies: Expenditures reported on the SEFA 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 Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Foundation under the programs of the federal government for the year ended December 31, 2021. The information in the SEFA 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 SEFA presents only a selected portion of the operations of the Foundation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Foundation.
Title: 2. Summary of Significant Accounting Policies Accounting Policies: Expenditures reported on the SEFA 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 Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported on the SEFA 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.
Title: 3. Indirect Cost Rate Accounting Policies: Expenditures reported on the SEFA 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 Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2021-001
The Uniform Guidance requires that entities that expense $750,000 or more in a year in Federal awards must submit their audited annual financial reports and data collection form to the Federal Audit Clearinghouse within thirty (30) days after receipt of the auditor’s report, or nine (9) months of the close of the auditee’s fiscal year. The fiscal year 2021 audit work did not commence until August 2023. Several issues impacted the late submission of the audit including internal senior accounting staff turnover, a change in external accounting firms, and unforeseeable delays with the previous audit firm, causing 2020 audit fieldwork delay. All of these issues were affected and compounded by the COVID-19 pandemic. We recommend the Foundation complete all reports required under the Federal award document and submit the reports in a timely manner. The Foundation should improve financial close-out procedures and obtain the audit required under the Uniform Guidance within nine (9) months of the fiscal year end.
Finding 2021-001
The Uniform Guidance requires that entities that expense $750,000 or more in a year in Federal awards must submit their audited annual financial reports and data collection form to the Federal Audit Clearinghouse within thirty (30) days after receipt of the auditor’s report, or nine (9) months of the close of the auditee’s fiscal year. The fiscal year 2021 audit work did not commence until August 2023. Several issues impacted the late submission of the audit including internal senior accounting staff turnover, a change in external accounting firms, and unforeseeable delays with the previous audit firm, causing 2020 audit fieldwork delay. All of these issues were affected and compounded by the COVID-19 pandemic. We recommend the Foundation complete all reports required under the Federal award document and submit the reports in a timely manner. The Foundation should improve financial close-out procedures and obtain the audit required under the Uniform Guidance within nine (9) months of the fiscal year end.