Audit 336915

Criteria: Bank reconciliations will reconcile the ending cash balances from the bank statements to the general ledger. Condition: We noted the bank reconciliations did not reconcile the ending cash balances from the bank statements to the general ledger. Cause: The Village does not have the resources to hire additional accounting staff to review reconciliations and journal entries. Effect: Because of the lack of accounting staff, ending balances of cash accounts did not agree to the supporting schedules, reconciliations, and supporting documentation. Recommendation: We recommend a member of the Board of Trustees or management to review the bank reconciliations for all bank accounts, ensure they agree to the general ledger, and identify unusual items, such as reconciling items greater than one year old. Criteria: Payroll liability accounts, including child support payable should only carry a balance of unremitted payments. Condition: We noted the child support payable account had a large balance and the remitted payments made were recorded to reduce accounts payable and not this payroll liability. Cause: The Village does not have the resources to hire additional accounting staff to review account balances. Effect: Because of the lack of accounting staff, ending child support payable was overstated. Recommendation: We recommend a member of the Board of Trustees or management review the payroll liability for all bank accounts to determine that they are being properly reduced. Criteria: Transfer accounts should only include management approved transfers. Condition: We noted numerous transactions in the transfer account that were reimbursements between funds and not management approved transfers. Cause: The Village does not have the resources to hire additional accounting staff to review account balances. Effect: Because of the lack of accounting staff, transfers from numerous funds were misstated. Recommendation: We recommend a member of the Board of Trustees or management review the transfer accounts to ensure that only management approved transfers are included.

Criteria: Bank reconciliations will reconcile the ending cash balances from the bank statements to the general ledger. Condition: We noted the bank reconciliations did not reconcile the ending cash balances from the bank statements to the general ledger. Cause: The Village does not have the resources to hire additional accounting staff to review reconciliations and journal entries. Effect: Because of the lack of accounting staff, ending balances of cash accounts did not agree to the supporting schedules, reconciliations, and supporting documentation. Recommendation: We recommend a member of the Board of Trustees or management to review the bank reconciliations for all bank accounts, ensure they agree to the general ledger, and identify unusual items, such as reconciling items greater than one year old. Criteria: Payroll liability accounts, including child support payable should only carry a balance of unremitted payments. Condition: We noted the child support payable account had a large balance and the remitted payments made were recorded to reduce accounts payable and not this payroll liability. Cause: The Village does not have the resources to hire additional accounting staff to review account balances. Effect: Because of the lack of accounting staff, ending child support payable was overstated. Recommendation: We recommend a member of the Board of Trustees or management review the payroll liability for all bank accounts to determine that they are being properly reduced. Criteria: Transfer accounts should only include management approved transfers. Condition: We noted numerous transactions in the transfer account that were reimbursements between funds and not management approved transfers. Cause: The Village does not have the resources to hire additional accounting staff to review account balances. Effect: Because of the lack of accounting staff, transfers from numerous funds were misstated. Recommendation: We recommend a member of the Board of Trustees or management review the transfer accounts to ensure that only management approved transfers are included.