FAC Explorer

Audit 340914

FY End
2024-04-30
Total Expended
$5.44M
Findings
4
Programs
1
Organization: Village of Volo (IL)
Year: 2024 Accepted: 2025-02-03
Auditor: Lauterbach & Amen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
521040 2024-001 Material Weakness - LM
521041 2024-002 Significant Deficiency - LM
1097482 2024-001 Material Weakness - LM
1097483 2024-002 Significant Deficiency - LM

Programs

ALN Program Spent Major Findings
66.468 Capitalization Grants for Drinking Water State Revolving Funds $5.44M Yes 2

Contacts

Name Title Type
GYG8RZC6BYB7 Danielle Lemay Auditee
8477406982 Don Shaw Auditor
No contacts on file

Notes to SEFA

Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Village under programs of the federal government for the year ended April 30, 2024. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of the Village, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures Expenditures reported on the Schedule are reported on the accrual basis of accounting. Pass-Through Entities Pass-through entity identifying numbers are presented on the Schedule where available. De Minimis Rate Used: Y Rate Explanation: NOTE 3 – 10% DE MINIMIS INDIRECT COST RATE The Village has selected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.

Finding Details

Finding 2024-001
Finding 2024 – 001: Restatement to Net Position Condition: During audit fieldwork, our testing resulted in a restatement of net position in order to correct capital assets improperly recorded in prior years. Criteria: A good system of internal controls would provide for accurate recording and reporting of capital assets on a regular basis in order to provide for accurate financial reporting. Cause: Year-end entries related to capital assets were required in order to accurately present the Village’s financial statements. Effect: A material adjustment to the Village’s beginning net position was required to properly state capital assets. Recommendation: We recommend the Village implement effective internal controls in order to provide an accurate assessment of reporting requirements. This implementation of improved controls would result in the appropriate reporting for financial reporting requirements.
Finding 2024-002
Finding 2024 – 002: Audit Journal Entries Condition: During audit fieldwork, our testing resulted in audit adjustments in order to present materially accurate financial statements. Criteria: A good system of internal controls would provide for accurate representations of adjusted account balances for all Village accounts prior to audit fieldwork. Cause: Year-end entries related to various accruals and other items were required in order to accurately present the Village’s financial statements. Effect: The Village’s financial statements were not fully adjusted prior to audit fieldwork. Recommendation: A vital process of effective internal controls is the review and subsequent adjustment of general ledger balances. This review and adjustment will aid in the appropriate budgeting and management of the Village’s financial activities and resources.
Finding 2024-001
Finding 2024 – 001: Restatement to Net Position Condition: During audit fieldwork, our testing resulted in a restatement of net position in order to correct capital assets improperly recorded in prior years. Criteria: A good system of internal controls would provide for accurate recording and reporting of capital assets on a regular basis in order to provide for accurate financial reporting. Cause: Year-end entries related to capital assets were required in order to accurately present the Village’s financial statements. Effect: A material adjustment to the Village’s beginning net position was required to properly state capital assets. Recommendation: We recommend the Village implement effective internal controls in order to provide an accurate assessment of reporting requirements. This implementation of improved controls would result in the appropriate reporting for financial reporting requirements.
Finding 2024-002
Finding 2024 – 002: Audit Journal Entries Condition: During audit fieldwork, our testing resulted in audit adjustments in order to present materially accurate financial statements. Criteria: A good system of internal controls would provide for accurate representations of adjusted account balances for all Village accounts prior to audit fieldwork. Cause: Year-end entries related to various accruals and other items were required in order to accurately present the Village’s financial statements. Effect: The Village’s financial statements were not fully adjusted prior to audit fieldwork. Recommendation: A vital process of effective internal controls is the review and subsequent adjustment of general ledger balances. This review and adjustment will aid in the appropriate budgeting and management of the Village’s financial activities and resources.