Finding Text
Condition: Our examination of the Foundation’s Schedule of Expenditures of Federal Awards (SEFA) found
various errors that resulted in adjustments to both direct and indirect grant revenue. We received several
iterations of the SEFA and adjustments had to be made to each version before a complete SEFA was
received that reconciled to the general ledger.
Criteria: The SEFA is used to determine the amount expended for federal grants that is reported to the
government.
Cause: There is a lack of established procedures for preparing and reviewing the SEFA.
Effect: Multiple iterations of the SEFA were received and adjustments had to be made to each version
causing a delay in finalizing our single audit procedures.
Recommendation: We recommend management implement procedures to prepare an accurate SEFA and
a second layer of review is performed before the SEFA is finalized to identify any inaccuracies or
inconsistencies with the general ledger.
Views of Responsible Officials and Planned Corrective Actions: The Foundation is strictly enforcing a policy
that AMEX receipts from staff are due three days after the statement is posted to ensure all expenditure
information is received and recorded timely for purposes of inclusion in the SEFA.