The District is required to complete accurate and timely bank reconciliations. The District lacks adequate procedures for monthly bank reconciliations within their general ledger system and between the bookkeeper's cash reports and the treasurer's reports.
The District is responsible for preparation of accurate financial statements. Material audit adjustments were identified during the fiscal year 2023 financial audit. Several adjustments were needed in order to properly report certain items of revenue and expense in accordance with the provisions of the Illinois School Code and Illinois Program Accounting Manual (IPAM).
One or more custodians of funds failed to comply with the bonding requirements of the Illinois School Code. The treasurer's bond in force was not sufficeint to meet the bonding requirement for at least one month during fiscal year 2023. The Illinois School Code requires the activity fund custodian to be bonded for at least 25% of the total funds in his or her custody.
Expenditure reports are required to be submitted to ISBE on a timely basis each quarter. The 9/30/22 Title I- Low Income, Title IV, IDEA Pre-K, IDEA Flow Through, and Title II expenditure reports and the 6/30/23 Title I - Low Income and Title IV expenditure reports were not filed within the required timeframe. In addition, the grant year 2022, 9/30/22 for Other State - AD, Title I - School Improvement & Accountability, Title IV, IDEA Flow Through, ARP IDEA Preschool, McKinney Vento Homeless, ESSER I, Digital Equity II and ESSER III expenditure reports were filed late.
The District is required to file an accurate expenditure report. The final Title I - School Improvement and Title I - Low Income expenditure reports reflect expenditures that were not supported by the District's documentation of the programs for fiscal year 2023.
Interfund loans must be properly approved by the Board of Education. A deficit cash position in the Transportation Fund resulted in an unauthorized interfund loan at year end in the District's commingled bank account.
The District is required to complete accurate and timely bank reconciliations. The District lacks adequate procedures for monthly bank reconciliations within their general ledger system and between the bookkeeper's cash reports and the treasurer's reports.
The District is responsible for preparation of accurate financial statements. Material audit adjustments were identified during the fiscal year 2023 financial audit. Several adjustments were needed in order to properly report certain items of revenue and expense in accordance with the provisions of the Illinois School Code and Illinois Program Accounting Manual (IPAM).
One or more custodians of funds failed to comply with the bonding requirements of the Illinois School Code. The treasurer's bond in force was not sufficeint to meet the bonding requirement for at least one month during fiscal year 2023. The Illinois School Code requires the activity fund custodian to be bonded for at least 25% of the total funds in his or her custody.
Expenditure reports are required to be submitted to ISBE on a timely basis each quarter. The 9/30/22 Title I- Low Income, Title IV, IDEA Pre-K, IDEA Flow Through, and Title II expenditure reports and the 6/30/23 Title I - Low Income and Title IV expenditure reports were not filed within the required timeframe. In addition, the grant year 2022, 9/30/22 for Other State - AD, Title I - School Improvement & Accountability, Title IV, IDEA Flow Through, ARP IDEA Preschool, McKinney Vento Homeless, ESSER I, Digital Equity II and ESSER III expenditure reports were filed late.
The District is required to file an accurate expenditure report. The final Title I - School Improvement and Title I - Low Income expenditure reports reflect expenditures that were not supported by the District's documentation of the programs for fiscal year 2023.
Interfund loans must be properly approved by the Board of Education. A deficit cash position in the Transportation Fund resulted in an unauthorized interfund loan at year end in the District's commingled bank account.