Condition: Total federal expenditures for the year ended June 30, 2024 amounted to $1,095,663. Prior to the performance of financial statement audit procedures, the Organization had determined that federal expenditures during the year ended June 30, 2024 did not exceed the threshold of $750,000.
Re...
Condition: Total federal expenditures for the year ended June 30, 2024 amounted to $1,095,663. Prior to the performance of financial statement audit procedures, the Organization had determined that federal expenditures during the year ended June 30, 2024 did not exceed the threshold of $750,000.
Recommendation: We recommend that all funding contracts are carefully reviewed to determine whether the amounts awarded represent federal funding and whether they should be classified as contractor payments or as subrecipient payments. If there is any uncertainty, we recommend that the Organization contact the funding source for clarification. We recommend that a schedule of expenditures of federal awards is prepared on an annual basis to determine if total expenditures exceed the threshold which would require a Single Audit.
Name of Contact Person: Kristen Genovese, CEO
Phone Number: 602-652-0163
Anticipated Completion Date: June 30, 2025
Views of Responsible Officials and Corrective Actions: notMYkid, Inc. will establish procedures to review all contracts and, if necessary, to communicate with funding sources to ensure that receipts of federal funding are properly classified as subrecipient versus contractor arrangements to ensure completeness of the Schedule of Expenditures of Federal Awards. notMYkid, Inc. will also prepare the Schedule of Expenditures of Federal Awards on an annual basis to determine whether the threshold for a Single Audit is exceeded.