FAC Explorer

Finding 509795 (2023-003)

Material Weakness
Requirement
B
Questioned Costs
-
Year
2023
Accepted
2024-11-22
Audit: 329526
Organization: Lead the Way Learning Academy (OH)
Auditor: Wells CPA LLC

AI Summary

  • Answer: We'll use time studies for indirect cost allocations to provide solid data for all functions and federal awards.
  • Trend: This approach aims for a fairer and more accurate distribution of indirect costs.
  • List: We will also revise our policy to align with these updated allocation practices.

Finding Text

We will perform our indirect cost allocations based on time studies to have supporting data behind indirect costs to all functions, including individual federal awards, and to help ensure a more appropriate and equitable allocation. In addition, we will update our policy to reflect our actual allocation practices.

Corrective Action Plan

Views of Responsible Officials and Planned Corrective Actions:

Categories

Allowable Costs / Cost Principles

Other Findings in this Audit

  • 509790 2023-003
    Significant Deficiency
  • 509791 2023-006
    Material Weakness
  • 509792 2023-007
    Significant Deficiency
  • 509793 2023-003
    Significant Deficiency
  • 509794 2023-003
    Significant Deficiency
  • 1086232 2023-003
    Significant Deficiency
  • 1086233 2023-006
    Material Weakness
  • 1086234 2023-007
    Significant Deficiency
  • 1086235 2023-003
    Significant Deficiency
  • 1086236 2023-003
    Significant Deficiency
  • 1086237 2023-003
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $578,727
17.259 Wioa Youth Activities $40,397
93.558 Temporary Assistance for Needy Families $185