FAC Explorer

Audit 8152

FY End
2022-09-30
Total Expended
$1.69M
Findings
2
Programs
1
Organization: Academy for Five Elements Acupuncture, Inc. (FL)
Year: 2022 Accepted: 2023-12-21
Auditor: Moss Krusick & Associates LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
6201 2022-004 - - L
582643 2022-004 - - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loan Program $1.69M Yes 1

Contacts

Name Title Type
LXTGBN76TTX8 Rebekah Johnson Auditee
3523352332 Ed Moss Auditor
No contacts on file

Notes to SEFA

Title: Note A – Significant Accounting Policies Accounting Policies: Note A – Significant Accounting Policies, Note B – Loan Balances, Note C – Indirect Cost Rate De Minimis Rate Used: N Rate Explanation: The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance. This Schedule of Expenditures of Federal Awards includes the federal grant activity of Academy for Five Element Acupuncture, Inc. and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Title: Note B – Loan Balances Accounting Policies: Note A – Significant Accounting Policies, Note B – Loan Balances, Note C – Indirect Cost Rate De Minimis Rate Used: N Rate Explanation: The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance. The Institution does not have any outstanding loans with any federal government agency.
Title: Note C – Indirect Cost Rate Accounting Policies: Note A – Significant Accounting Policies, Note B – Loan Balances, Note C – Indirect Cost Rate De Minimis Rate Used: N Rate Explanation: The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance. The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance.

Finding Details

Finding 2022-004
Criteria: The Institution is required to file its audit report each year to the Federal Audit Clearinghouse within nine months after the end of fiscal year in accordance with 34 CFR 200.512. Condition: The Institution did not file its fiscal 2022 report to the Federal Audit Clearinghouse within nine months after the end of fiscal year. Cause: The Institution experienced employee turnover in key managerial and accounting roles causing delays in close out and completion of the audit. Effect: The Institution did not meet the submission requirements as set forth by 34 CFR 200.512. Recommendation: We recommend the Institution closely monitors this important submission requirement to avoid missing the deadline. Management’s Response: Management will take corrective action to make sure the audit report is submitted to the Federal Audit Clearinghouse in compliance with the submission requirements.
Finding 2022-004
Criteria: The Institution is required to file its audit report each year to the Federal Audit Clearinghouse within nine months after the end of fiscal year in accordance with 34 CFR 200.512. Condition: The Institution did not file its fiscal 2022 report to the Federal Audit Clearinghouse within nine months after the end of fiscal year. Cause: The Institution experienced employee turnover in key managerial and accounting roles causing delays in close out and completion of the audit. Effect: The Institution did not meet the submission requirements as set forth by 34 CFR 200.512. Recommendation: We recommend the Institution closely monitors this important submission requirement to avoid missing the deadline. Management’s Response: Management will take corrective action to make sure the audit report is submitted to the Federal Audit Clearinghouse in compliance with the submission requirements.