FAC Explorer

Audit 343231

FY End
2024-06-30
Total Expended
$1.50M
Findings
68
Programs
15
Organization: Wyalusing Area School District (PA)
Year: 2024 Accepted: 2025-02-20
Auditor: Buffamante Whipple Buttafaro PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
524043 2024-003 Material Weakness Yes P
524044 2024-003 Material Weakness Yes P
524045 2024-003 Material Weakness Yes P
524046 2024-003 Material Weakness Yes P
524047 2024-003 Material Weakness Yes P
524048 2024-003 Material Weakness Yes P
524049 2024-003 Material Weakness Yes P
524050 2024-003 Material Weakness Yes P
524051 2024-003 Material Weakness Yes P
524052 2024-003 Material Weakness Yes P
524053 2024-003 Material Weakness Yes P
524054 2024-003 Material Weakness Yes P
524055 2024-003 Material Weakness Yes P
524056 2024-003 Material Weakness Yes P
524057 2024-003 Material Weakness Yes P
524058 2024-003 Material Weakness Yes P
524059 2024-003 Material Weakness Yes P
524060 2024-004 Material Weakness Yes P
524061 2024-004 Material Weakness Yes P
524062 2024-004 Material Weakness Yes P
524063 2024-004 Material Weakness Yes P
524064 2024-004 Material Weakness Yes P
524065 2024-004 Material Weakness Yes P
524066 2024-004 Material Weakness Yes P
524067 2024-004 Material Weakness Yes P
524068 2024-004 Material Weakness Yes P
524069 2024-004 Material Weakness Yes P
524070 2024-004 Material Weakness Yes P
524071 2024-004 Material Weakness Yes P
524072 2024-004 Material Weakness Yes P
524073 2024-004 Material Weakness Yes P
524074 2024-004 Material Weakness Yes P
524075 2024-004 Material Weakness Yes P
524076 2024-004 Material Weakness Yes P
1100485 2024-003 Material Weakness Yes P
1100486 2024-003 Material Weakness Yes P
1100487 2024-003 Material Weakness Yes P
1100488 2024-003 Material Weakness Yes P
1100489 2024-003 Material Weakness Yes P
1100490 2024-003 Material Weakness Yes P
1100491 2024-003 Material Weakness Yes P
1100492 2024-003 Material Weakness Yes P
1100493 2024-003 Material Weakness Yes P
1100494 2024-003 Material Weakness Yes P
1100495 2024-003 Material Weakness Yes P
1100496 2024-003 Material Weakness Yes P
1100497 2024-003 Material Weakness Yes P
1100498 2024-003 Material Weakness Yes P
1100499 2024-003 Material Weakness Yes P
1100500 2024-003 Material Weakness Yes P
1100501 2024-003 Material Weakness Yes P
1100502 2024-004 Material Weakness Yes P
1100503 2024-004 Material Weakness Yes P
1100504 2024-004 Material Weakness Yes P
1100505 2024-004 Material Weakness Yes P
1100506 2024-004 Material Weakness Yes P
1100507 2024-004 Material Weakness Yes P
1100508 2024-004 Material Weakness Yes P
1100509 2024-004 Material Weakness Yes P
1100510 2024-004 Material Weakness Yes P
1100511 2024-004 Material Weakness Yes P
1100512 2024-004 Material Weakness Yes P
1100513 2024-004 Material Weakness Yes P
1100514 2024-004 Material Weakness Yes P
1100515 2024-004 Material Weakness Yes P
1100516 2024-004 Material Weakness Yes P
1100517 2024-004 Material Weakness Yes P
1100518 2024-004 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
10.555 National School Lunch Program $465,755 Yes 2
84.010 Title I, Part A $307,593 - 2
84.027 Idea 611 $302,815 - 2
10.553 National School Breakfast Program $194,906 Yes 2
84.367 Title Iia $41,987 - 2
10.555 National School Lunch Program - Non-Cash Assistance $40,465 Yes 2
10.555 Covid-19 - Supply Chain Assistance $33,429 Yes 2
93.566 Ukrainian Refugee School Impact Grant $22,973 - 2
84.425 Covid-19 Arp, Esser 7% - Learning Loss $20,181 - 2
84.425 Covid-19 Arp, Esser 7% - Homeless Children and Youth $12,246 - 2
84.425 Covid-19 Arp, Esser 7% - Afterschool Programs $9,005 - 2
93.778 Medical Assistance Administration $7,479 - 2
84.424 Title IV $4,917 - 2
84.173 Idea 619 $4,573 - 2
10.649 Covid-19 - P-Ebt Local Admin Funds $653 - 2

Contacts

Name Title Type
PB1XU5GDNFC5 Stephanie Heller Auditee
5707461600 David V. Ditanna, CPA Auditor
No contacts on file

Notes to SEFA

Title: Note 1 - Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Wyalusing Area School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Basis of Accounting -The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for the applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District’s financial reporting system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Wyalusing Area School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Basis of Accounting -The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for the applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District’s financial reporting system.
Title: Note 2 - Non-monetary Federal Program Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Wyalusing Area School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Basis of Accounting -The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for the applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District’s financial reporting system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. The accompanying Wyalusing Area School District is the recipient of a non-monetary federal award program. During the year ended June 30, 2024, the District reported in the Schedule of Federal Awards $49,790 of donated commodities at fair market value received and disbursed.
Title: Note 3 - Indirect Costs Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Wyalusing Area School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Basis of Accounting -The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for the applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District’s financial reporting system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year.
Title: Note 4 - Beginning Receivable Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Wyalusing Area School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Basis of Accounting -The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for the applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District’s financial reporting system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. The receivable as of 7/1/23 on the Schedule of Expenditures of Federal Awards was modified from $34,028 on the previous year's report to $20,047 on the current year's report.

Finding Details

Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-003
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording taxes receivable and applicable deferred inflows of resources and converting to the full accrual method for GASB 34 purposes. In addition, a draft of the financial statements was prepared by the auditors. Cause and Effect: AU-C Section 265 entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP). Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements. School District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.
Finding 2024-004
Reconciliation of Cash Year ended June 30, 2024 Conditions and criteria: In prior years, bank reconciliations were being prepared but not agreed to cash balances within the District’s general ledger which resulted in differences, many of which were transfers between the general, tax and payroll checking accounts. This condition continued through March 2024, at which time the District began reconciling these bank statements with its general ledger beginning with the month of July 2023 through the end of the current fiscal year, whereby differences were investigated and corrected. The District also has certain investment accounts (CDS and fund held in PLGIT and PSDLAF). These accounts, which mostly had interest earnings and new bond proceeds, were not reconciled during the year. Cause and Effect: The effect of not comparing bank reconciliations against the District’s general ledger balance is that reporting errors in posting cash receipts and disbursements can occur and not be detected or resolved in a timely manner. Auditors’ Recommendation: The District should continue to perform reconciliations similar to that instituted in March 2024. In addition, investment accounts should be included in the monthly reconciliation process so that activity within these accounts is properly reported in a timely manner. School District’s response: The Business Manager has established a reconciliation schedule which requires reconciliations to be completed by the end of the following month and will continue with processes put in place in March 2024 for all accounts.