Finding Text
Condition - The VTAEYC Schedule of Expenditures of Federal Awards presented for audit for the year ended June 30, 2023 included State of Vermont funded expenditures totaling $137,488. The Schedule of Expenditures of Federal Awards has been corrected to account for this error. Criteria - Uniform Guidance §200.510 states that an auditee must “prepare a schedule of expenditures of Federal awards for the period covered by the auditee’s financial statements which must include the total Federal awards expended”. Cause - When preparing the Schedule of Expenditures of Federal Awards VTAEYC did not account for two grant agreements that are partially funded with State of Vermont funds. Effect - VTAEYC’s Schedule of Expenditures of Federal Awards presented for audit was overstated by $137,488.