2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.
2023-1 - Timely Bank Reconciliations
Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval.
Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022.
Questioned Costs: None.
Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis.
Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely.
Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month.
Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024.
Section III – Federal Award Findings and Questioned Costs
No matters were reported.