LARAMIE REGIONAL AIRPORT

2024-001: Financial Reporting Requirements - Significant Deficiency Criteria: FAA Forms 5100-126 and 5100-127 should be submitted to the FAA in a timely manner. Condition: During our audit we found that the Airport had not submitted FAA Forms 5100-126 and 5100-127. After our notification of these missing reports, the Airport promptly submitted the required information. Cause: Management was not award that these reports were required to be submitted to the FAA. Effect: FAA forms 5100-126 and 5100-127 were not provided in a timely manner. Questioned Costs: None noted. Repeat Finding: No. Recommendation: We recommend that the Airport develop a process to ensure FAA forms 5100-126 and 5100-127 are filed in a timely manner. Response: Please see the following page for the written response from management.

2022-001: Audit Completion and Submission to the Federal Government - Significant Deficiency and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.512(a)(1)- Report Submission, are required to be submitted within the earlier of 30 days of the receipt of the auditor's report or nine months after the end of the audit period. Condition: The Airport did not submit the audit report in the nine month time frame as required by the Uniform Guidance. Cause: Due to delays and difficulties in obtaining a contract accountant to assist in year-end procedures for the year ended June 30, 2022, the Board was unable to comply with the timely report submission to the Federal Audit Clearinghouse. Effect: Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2021-006 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512(a)(1). Response: The Board agrees with this finding and is making progress towards completing their June 30, 2023 audit in a timely manner.

2021-006: Audit Completion and Submission to the State and Federal Government - Material Weakness and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.501- Audit Requirements are required to be submitted through the Federal Clearinghouse nine months from the recipient's year end. Condition: The Airport did not submit the audit report in the nine month time frame as required by the Uniform Guidance. Cause & Effect: A significant amount of turnover in the accounting department. Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2020-006 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512(a)(1). Response: Please see final page of this report for management's response as found on the Airport's letterhead.

2021-006: Audit Completion and Submission to the State and Federal Government ? Material Weakness and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.501? Audit Requirements are required to be submitted through the Federal Clearinghouse nine months from the recipient?s year end. The Airport must establish and maintain effective internal control over Federal awards that provides reasonable assurance the Airport is managing awards in compliance with Federal statutes, regulations, and the terms and conditions of awards. Condition: The Airport received federal funds in excess of $750,00 for 2019, 2020 and 2021 and did not complete and submit the audit report in the nine-month time frame as required by the OMB. Cause: A significant amount of turnover in the accounting department. Effect: Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2018-003 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512 and in accordance with Wyoming State Statutes. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

2021-007: Reconciliation of Grant Activity - Material Weakness Criteria: Management is responsible for reconciling grant activity and for establishing and maintaining internal controls in the financial report system in an effort to produce fairly presented finanical statements including the schedule of expenditures of federal awards in conformity with U.S. generally accepted accounting principles. Condition: Material adjustments pertaining to grants were neccessary to present the finainical statements and the schedule of expenditures of federal awards in accordance with U.S. GAAP and Uniform Guidance. These adjustments affected captial assets, receivables, payables, revenues and expenses for the fiscal years ended June 30, 2021. Management has incorprorated these adjustments into the financial statements as presented in this report. Cause: A significant amount of turnover in the accounting department. Effect: Errors or fraud may not be detected in a timely manner. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management frequently reconcile grant activity. Response: Please see final page of this report for management's response as found on the Airport's letterhead.

2021-008: Reconciliation of Grant Activity ? Material Weakness Criteria: Management is responsible for reconciling grant activity and for establishing and maintaining internal controls in the financial reporting system in an effort to produce fairly presented financial statements including the schedule of expenditures of federal awards in conformity with U.S. generally accepted accounting principles. Condition: Material adjustments pertaining to grants were necessary to present the financial statements and the schedule of expenditures of federal awards in accordance with U.S. GAAP and Uniform Guidance. These adjustments affected capital assets, receivables, payables, revenues and expenses for the fiscal years ended June 30, 2019, 2020 and 2021. Management has incorporated these adjustments into the financial statements as presented in this report. Cause: A significant amount of turnover in the accounting department. Effect: Errors or fraud may not be detected in a timely manner. Questioned Costs: None noted. Repeat Finding: No. Recommendation: We recommend that management frequently reconcile grant activity. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

2020-006: Audit Completion and Submission to the State and Federal Government ? Material Weakness and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.501? Audit Requirements are required to be submitted through the Federal Clearinghouse nine months from the recipient?s year end. The Airport must establish and maintain effective internal control over Federal awards that provides reasonable assurance the Airport is managing awards in compliance with Federal statutes, regulations, and the terms and conditions of awards. Condition: The Airport received federal funds in excess of $750,00 for 2019, 2020 and 2021 and did not complete and submit the audit report in the nine-month time frame as required by the OMB. Cause: A significant amount of turnover in the accounting department. Effect: Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2018-003 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512 and in accordance with Wyoming State Statutes. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

2020-007: Reporting ? Significant Deficiency Criteria: Federal regulations 2 CFR 200.328 states the laws, regulations, and the provisions of contract or grant agreements pertaining to the specific programs require that reports be complete, accurate, and supported by accounting records (if applicable) and be submitted in compliance with the appropriate deadlines. Condition: During our testing, we noted that the annual reports had been filed, however, these filings did not occur within the 90 days after year end as required under the grant agreement. Cause: A significant amount of turnover in the accounting department. Effect: Failure to have internal procedures and controls may result in inaccurate or late submissions of required grant reporting requirements. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management adopt a policy for completing and reviewing all required reporting requirements in a timely manner. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

2020-008: Reconciliation of Grant Activity ? Material Weakness Criteria: Management is responsible for reconciling grant activity and for establishing and maintaining internal controls in the financial reporting system in an effort to produce fairly presented financial statements including the schedule of expenditures of federal awards in conformity with U.S. generally accepted accounting principles. Condition: Material adjustments pertaining to grants were necessary to present the financial statements and the schedule of expenditures of federal awards in accordance with U.S. GAAP and Uniform Guidance. These adjustments affected capital assets, receivables, payables, revenues and expenses for the fiscal years ended June 30, 2019, 2020 and 2021. Management has incorporated these adjustments into the financial statements as presented in this report. Cause: A significant amount of turnover in the accounting department. Effect: Errors or fraud may not be detected in a timely manner. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management frequently reconcile grant activity. Response: Please see final page of

Audit Completion and Submission to the State and Federal Government ? Material Weakness and Non-Compliance Criteria: Single Audits under 2 CFR Part 200 Subpart F 200.501? Audit Requirements are required to be submitted through the Federal Clearinghouse nine months from the recipient?s year end. The Airport must establish and maintain effective internal control over Federal awards that provides reasonable assurance the Airport is managing awards in compliance with Federal statutes, regulations, and the terms and conditions of awards. Condition: The Airport received federal funds in excess of $750,00 for 2019, 2020 and 2021 and did not complete and submit the audit report in the nine-month time frame as required by the OMB. Cause: A significant amount of turnover in the accounting department. Effect: Noncompliance with the federal requirement to submit an audit report nine-months after year end. Questioned Costs: None noted. Repeat Finding: Yes 2018-003 Recommendation: We recommend that the Airport file audit reports in compliance with 2 CFR 200.512 and in accordance with Wyoming State Statutes. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

Reporting ? Significant Deficiency Criteria: Federal regulations 2 CFR 200.328 states the laws, regulations, and the provisions of contract or grant agreements pertaining to the specific programs require that reports be complete, accurate, and supported by accounting records (if applicable) and be submitted in compliance with the appropriate deadlines. Condition: During our testing, we noted that the annual reports had been filed, however, these filings did not occur within the 90 days after year end as required under the grant agreement. Cause: A significant amount of turnover in the accounting department. Effect: Failure to have internal procedures and controls may result in inaccurate or late submissions of required grant reporting requirements. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management adopt a policy for completing and reviewing all required reporting requirements in a timely manner. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

Reconciliation of Grant Activity ? Material Weakness Criteria: Management is responsible for reconciling grant activity and for establishing and maintaining internal controls in the financial reporting system in an effort to produce fairly presented financial statements including the schedule of expenditures of federal awards in conformity with U.S. generally accepted accounting principles. Condition: Material adjustments pertaining to grants were necessary to present the financial statements and the schedule of expenditures of federal awards in accordance with U.S. GAAP and Uniform Guidance. These adjustments affected capital assets, receivables, payables, revenues and expenses for the fiscal years ended June 30, 2019, 2020 and 2021. Management has incorporated these adjustments into the financial statements as presented in this report. Cause: A significant amount of turnover in the accounting department. Effect: Errors or fraud may not be detected in a timely manner. Questioned Costs: None noted. Repeat Finding: No Recommendation: We recommend that management frequently reconcile grant activity. Response: Please see final page of this report for management?s response as found on the Airport?s letterhead.

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