FAC Explorer

Finding 512151 (2024-001)

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Requirement
L
Questioned Costs
-
Year
2024
Accepted
2024-11-25
Audit: 329893
Organization: Casper/natrona County International Airport (WY)
Auditor: Porter Muirhead Cornia & Howard

AI Summary

  • Core Issue: Casper/Natrona County International Airport reported financial data inaccurately on FAA Form 5100-127, not following the required accrual basis as per Government Accounting Standards Board Statement No. 34.
  • Impacted Requirements: The airport must provide accurate financial summaries that align with the accrual accounting standards for enterprise funds.
  • Recommended Follow-up: The airport should annually review Form 5100-127 against its accounting records to ensure compliance with the required accounting basis.

Finding Text

Program: Airport Improvement Program (AIP) Federal Assistance Listing No: 20.106 Federal Agency: U.S. Department of Transportation. Applicable Pass-through Entity: Wyoming Department of Transportation Criteria: Airport sponsors must provide requested information on FAA Form 5100-127 Operating and Financial Summary. The intent of Form 5100-127 is to provide sponsors with a simplified format for reporting how their airports collect and disburse funds. The form arranges the data in accordance with the Government Accounting Standards Board Statement No. 34. Condition: Amounts reported by Casper/Natrona County International Airport (airport) in section 9.0 Net Assets and 10.0 Capital Expenditures and Construction in Progress on Form 5100-127 where not in accordance with Government Accounting Standards Board Statement No. 34 accrual basis as required to be reported for the Airport as an enterprise fund. Cause: Due to misunderstanding of amounts to be reported in Form 5100-127 on accrual basis in accordance with Government Accounting Standards Board Statement No. 34 amounts where incorrectly reported under the airports budgetary basis. Effect or potential effect: Inaccurate Form 5100-127 reports were filed. Questioned Cost: None Context: PMCH compared amounts reported in each section of Form 5100-127 to underlying accounting records to determine amounts reported were prepared in accordance with the required accounting basis. Identification as a repeat finding: This is not a repeat finding. Recommendation: We recommend the Airport review the amounts reported annually in Form 5100-127 to the underlying accounting records to ensure they are property reported on the required accounting basis. Views of Responsible Officials: Casper/Natrona County International Airport reviewed the reports submitted and filed a corrected form with the amounts reported on the appropriate accounting basis. Airport staff will continue to enhance their understanding of the reports filed and the underlying accounting records used to support the information reported to ensure amounts reported in the future are accurate and on the correct basis of accounting as appropriate. See corrective action plan.

Corrective Action Plan

2024-001 Reporting Program Airport Improvement Program Name of Contact Person Tatum Hlavacek, Deputy Director of Finance Corrective Action Plan Casper/Natrona County International Airport reviewed the reports submitted and filed a corrected form with the amounts reported on the appropriate accounting basis. Airport staff will continue to enhance their understanding of the reports filed and the underlying accounting records used to support the information reported to ensure amounts reported in the future are accurate and on the correct basis of accounting as appropriate. Proposed Completion Date June 30, 2025

Categories

Subrecipient Monitoring Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
20.106 Airport Improvement Program, Covid-19 Airports Programs, and Infrastructure Investment and Jobs Act Programs $13,819