EIN: 816079539
UEI: NA37CLHC8VT4
Data as of August 23, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 19, 2024. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by March 19, 2025 (523 days ago).
What is a management decision? →The accounting staff tracks restricted net asset activity in the accounting system based on activity within the restricted money market account. However, a process that ensures all restricted activity is captured and reported utilizing a roll forward schedule from the beginning to the end of the accounting period has not been established, causing multiple adjustments and revisions to the net asset schedule. Criteria: Internal controls should be in place that provide reasonable assurance that the financial statements are free of material misstatements. Cause: Due to growth of the Organization over the last several years, restricted net assets have increased and a better tracking system is needed to capture increased activity. Effect: Restricted net assets may be over or understated at year end. Recommendation: Management should enhance the process for tracking restricted net assets, ensuring that all restricted activity is captured and reported utilizing a roll forward schedule from the beginning to the end of the accounting period. Views of Responsible Officials and Planned Corrective Actions: The Global Orphan Project, Inc. and Subsidiaries agrees with the finding and the auditor's recommendations have been adopted.
Show full finding ▾Hide full finding ▴Condition: The accounting staff tracks restricted net asset activity in the accounting system based on activity within the restricted money market account. However, a process that ensures all restricted activity is captured and reported utilizing a roll forward schedule from the beginning to the end of the accounting period has not been established, causing multiple adjustments and revisions to the net asset schedule. Criteria: Internal controls should be in place that provide reasonable assurance that the financial statements are free of material misstatements. Cause: Due to growth of the Organization over the last several years, restricted net assets have increased and a better tracking system is needed to capture increased activity. Effect: Restricted net assets may be over or understated at year end. Recommendation: Management should enhance the process for tracking restricted net assets, ensuring that all restricted activity is captured and reported utilizing a roll forward schedule from the beginning to the end of the accounting period. Views of Responsible Officials and Planned Corrective Actions: The Global Orphan Project, Inc. and Subsidiaries agrees with the finding and the auditor's recommendations have been adopted.
To address the finding the organization will undertake the following actions: 1)The organization will provide internal training on restricted net assets. 2)The organization will implement a process whereby monthly donations and grants are reviewed to ensure they are properly classified as restricted. 3)The organization will implement a process whereby restricted net assets are reconciled each month for all monthly activity during the accounting period as part of the month end process. The restricted net asset schedule will be reviewed and approved by an individual other than the preparer.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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