Finding 960402 (2023-001)

Material Weakness
Requirement
ABH
Questioned Costs
-
Year
2023
Accepted
2024-03-25
Audit: 296983
Organization: Corn Belt Power Cooperative (IA)
Auditor: Eide Bailly LLP

AI Summary

  • Core Issue: Lack of formal review and approval for claimed materials and transportation costs under the federal program.
  • Impacted Requirements: Failure to comply with 2 CFR 200.303(a) regarding effective internal controls over federal awards.
  • Recommended Follow-Up: The Cooperative should enhance its documentation process for reviewing and approving expenses to ensure compliance.

Finding Text

Department of Homeland Security, State of Iowa Department of Homeland Security and Emergency Management, 97.036, 4642DRIAP00000501 Disaster Grants – Public Assistance Activities Allowed or Unallowed, Allowable Costs/Cost Principles, and Period of Performance Material Weakness in Internal Control over Compliance Criteria: 2 CFR 200.303(a) establishes that the auditee must establish and maintain effective internal control over the federal award that provides assurance that the entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Condition: Materials and transportation costs were claimed for reimbursement with no documented formal review and approval. Cause: The Cooperative did not have any formally documented review and approval over the material and transportation costs claimed for reimbursement under the program. Effect: Without a formal documentation of review of expenses, demonstrating the expenditures comply with federal regulations is difficult. Questioned Costs: No questioned costs over $25,000. Context/Sampling: A nonstatistical sample of 60 transactions were selected for testing, which accounted for $963,000 of $1,310,794 of federal program expenditures. Repeat Finding form Prior Year: No Recommendation: We recommend the Cooperative review the process for documenting the review and approval over material and transportation costs. Views of Responsible Officials: Management agrees with the finding.

Categories

Allowable Costs / Cost Principles Cash Management Material Weakness Period of Performance

Other Findings in this Audit

  • 383960 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $1.31M