FAC Explorer

Finding 1061734 (2022-003)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2024-08-28
Audit: 318055
Organization: American Association of Physics Teachers, Inc. (MD)
Auditor: Gary Staples Accounting LLC

AI Summary

  • Core Issue: Year-end schedules for federal grants and liabilities were not reconciled, leading to inaccuracies in financial statements.
  • Impacted Requirements: Non-compliance with 2 CFR 200.508 and 2 CFR 200.510 regarding proper financial management and reporting of federal awards.
  • Recommended Follow-Up: Ensure schedules are prepared and reviewed by supervisors; train the senior accountant for accurate entries and reconciliations, with completion expected by 05/01/2024.

Finding Text

Finding 2022-003: Reconciliation of Accounts Material Weakness Federal Programs: Research and Development Cluster: 47.076 Criteria or Specific Requirement (Including Statutory, Regulatory, or Other Citation): According to 2 CFR 200.508 "Auditee Responsibilities" the auditee must prepare appropriate financial statements, including the SEFA (as specifically defined under 2 CFR 200.510 "Financial statements"). Title 2 CFR 200.510 "financial statements" requires recipients of Federal funds to prepare a SEFA for the period covered by the auditee's financial statements, which must include the total Federal awards expended. In addition, as noted in 2 CFR 200.302 "Financial management", the financial management system of each non-Federal entity must provide for identification, in its accounts, of all Federal awards received and expended and the Federal programs under which they were received, and records that identify adequately the source and application of funds for federally-funded activities including expenditures. Condition: The year-end schedules for federal grants receivable, and for net assets, and for vacation payable were not reconciled and needed to be revised and updated. Cause: Errors in transferring balances between years occurred, which impacted carry-over amounts and the ending balances as of 12/31/2022. Related to vacation payables, the schedule had not been properly adjusted to account for the number of days in the last pay period. Effect or Potential Effect: Three federal grant accounts were overdrawn as of 12/31/2022, creating a liability to the federal government. The related grant receivable and liability balances were not properly stated before adjustment as a result. Questioned Costs: $115,244. Identification as a Repeat Finding, if Applicable: 2021-003 Recommendation: We recommend AAPT staff prepare schedules used to prepare entries into the accounting information system or which the information in the schedules will otherwise be used to initiate financial transactions, and the transactions and schedules be reviewed by a supervisor. Views of Responsible Officials and Planned Corrective Actions: The outstanding liability due to NSF of $115,244 will be reimbursed when AAPT files the next drawn down request. Anticipated date of drawn down will be by July 31,2024. The senior accountant will be trained to prepare entries previously prepared by the CFO The senior accountant will reconcile accounts, and provide updated current schedules. The CFO will review and approve the entries and schedules prepared by the Senior accountant. Anticipated Completion Date: 05/01/2024 Responsible Official: Michael Brosnan, CFO

Categories

Material Weakness Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 485286 2022-003
    Material Weakness Repeat
  • 485287 2022-004
    Significant Deficiency Repeat
  • 485288 2022-005
    Significant Deficiency Repeat
  • 485289 2022-003
    Material Weakness Repeat
  • 485290 2022-004
    Significant Deficiency Repeat
  • 485291 2022-005
    Significant Deficiency Repeat
  • 485292 2022-003
    Material Weakness Repeat
  • 485293 2022-004
    Significant Deficiency Repeat
  • 485294 2022-005
    Significant Deficiency Repeat
  • 485295 2022-003
    Material Weakness Repeat
  • 485296 2022-005
    Significant Deficiency Repeat
  • 485297 2022-003
    Material Weakness Repeat
  • 485298 2022-005
    Significant Deficiency Repeat
  • 485299 2022-003
    Material Weakness Repeat
  • 485300 2022-004
    Significant Deficiency Repeat
  • 485301 2022-005
    Significant Deficiency Repeat
  • 485302 2022-003
    Material Weakness Repeat
  • 485303 2022-005
    Significant Deficiency Repeat
  • 485304 2022-003
    Material Weakness Repeat
  • 485305 2022-005
    Significant Deficiency Repeat
  • 485306 2022-003
    Material Weakness Repeat
  • 485307 2022-004
    Significant Deficiency Repeat
  • 485308 2022-005
    Significant Deficiency Repeat
  • 485309 2022-003
    Material Weakness Repeat
  • 485310 2022-005
    Significant Deficiency Repeat
  • 485311 2022-003
    Material Weakness Repeat
  • 485312 2022-005
    Significant Deficiency Repeat
  • 485313 2022-003
    Material Weakness Repeat
  • 485314 2022-004
    Significant Deficiency Repeat
  • 485315 2022-005
    Significant Deficiency Repeat
  • 485316 2022-003
    Material Weakness Repeat
  • 485317 2022-004
    Significant Deficiency Repeat
  • 485318 2022-005
    Significant Deficiency Repeat
  • 485319 2022-005
    Significant Deficiency Repeat
  • 485320 2022-004
    Significant Deficiency Repeat
  • 485321 2022-005
    Significant Deficiency Repeat
  • 485322 2022-003
    Material Weakness Repeat
  • 485323 2022-005
    Significant Deficiency Repeat
  • 485324 2022-005
    Significant Deficiency Repeat
  • 485325 2022-005
    Significant Deficiency Repeat
  • 485326 2022-003
    Material Weakness Repeat
  • 485327 2022-005
    Significant Deficiency Repeat
  • 1061728 2022-003
    Material Weakness Repeat
  • 1061729 2022-004
    Significant Deficiency Repeat
  • 1061730 2022-005
    Significant Deficiency Repeat
  • 1061731 2022-003
    Material Weakness Repeat
  • 1061732 2022-004
    Significant Deficiency Repeat
  • 1061733 2022-005
    Significant Deficiency Repeat
  • 1061735 2022-004
    Significant Deficiency Repeat
  • 1061736 2022-005
    Significant Deficiency Repeat
  • 1061737 2022-003
    Material Weakness Repeat
  • 1061738 2022-005
    Significant Deficiency Repeat
  • 1061739 2022-003
    Material Weakness Repeat
  • 1061740 2022-005
    Significant Deficiency Repeat
  • 1061741 2022-003
    Material Weakness Repeat
  • 1061742 2022-004
    Significant Deficiency Repeat
  • 1061743 2022-005
    Significant Deficiency Repeat
  • 1061744 2022-003
    Material Weakness Repeat
  • 1061745 2022-005
    Significant Deficiency Repeat
  • 1061746 2022-003
    Material Weakness Repeat
  • 1061747 2022-005
    Significant Deficiency Repeat
  • 1061748 2022-003
    Material Weakness Repeat
  • 1061749 2022-004
    Significant Deficiency Repeat
  • 1061750 2022-005
    Significant Deficiency Repeat
  • 1061751 2022-003
    Material Weakness Repeat
  • 1061752 2022-005
    Significant Deficiency Repeat
  • 1061753 2022-003
    Material Weakness Repeat
  • 1061754 2022-005
    Significant Deficiency Repeat
  • 1061755 2022-003
    Material Weakness Repeat
  • 1061756 2022-004
    Significant Deficiency Repeat
  • 1061757 2022-005
    Significant Deficiency Repeat
  • 1061758 2022-003
    Material Weakness Repeat
  • 1061759 2022-004
    Significant Deficiency Repeat
  • 1061760 2022-005
    Significant Deficiency Repeat
  • 1061761 2022-005
    Significant Deficiency Repeat
  • 1061762 2022-004
    Significant Deficiency Repeat
  • 1061763 2022-005
    Significant Deficiency Repeat
  • 1061764 2022-003
    Material Weakness Repeat
  • 1061765 2022-005
    Significant Deficiency Repeat
  • 1061766 2022-005
    Significant Deficiency Repeat
  • 1061767 2022-005
    Significant Deficiency Repeat
  • 1061768 2022-003
    Material Weakness Repeat
  • 1061769 2022-005
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
47.076 Education and Human Resources $132,634
43.001 Science $31,610
47.049 Mathematical and Physical Sciences $11,303