FAC Explorer

Audit 358568

FY End
2024-12-31
Total Expended
$1.24M
Findings
8
Programs
1
Organization: Yardley Borough (PA)
Year: 2024 Accepted: 2025-06-11
Auditor: Bee Bergvall & CO

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
564431 2024-001 Material Weakness Yes L
564432 2024-001 Material Weakness Yes L
564433 2024-001 Material Weakness Yes L
564434 2024-001 Material Weakness Yes L
1140873 2024-001 Material Weakness Yes L
1140874 2024-001 Material Weakness Yes L
1140875 2024-001 Material Weakness Yes L
1140876 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $449 Yes 1

Contacts

Name Title Type
HSJHFLAYP2J3 Paula Johnson Auditee
2154936832 Jennifer McHugh Auditor
No contacts on file

Notes to SEFA

Title: I Accounting Policies: Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Borough of Yardley, Pennsylvania has elected not to use the 10% de minimis cost rate allowed under Uniform Guidance. Basis of Presentation - The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Borough of Yardley, Pennsylvania under programs of the federal government for the year ending December 31, 2024. The Borough of Yardley reporting entity is defined in Note 1 of the Borough’s financial statements. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Borough of Yardley, Pennsylvania it is not intended to and does not present the financial position, changes of net position of the Borough of Yardley, Pennsylvania.
Title: II Accounting Policies: Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Borough of Yardley, Pennsylvania has elected not to use the 10% de minimis cost rate allowed under Uniform Guidance. Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available. The Borough of Yardley, Pennsylvania has elected not to use the 10% de minimis cost rate allowed under Uniform Guidance.
Title: III Accounting Policies: Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Borough of Yardley, Pennsylvania has elected not to use the 10% de minimis cost rate allowed under Uniform Guidance. Correction to December 31, 2023 Federal Expenditures Federal expenditures for U.S. Department of Treasury, Passed through Pennsylvania Commission on Crime and Delinquency for Assistance Listing Number 21.027 for the year ended December 31, 2023 was $43,217.

Finding Details

Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.
Finding 2024-001
SECTION II – FINANCIAL STATEMENT FINDINGS 2024-001 Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process. Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete. Cause: Lack of segregation of duties. Potential Effect: Errors could occur in financial reporting. Recommendation: Someone independent of the bookkeeping function should review bank reconciliations. Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward. Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations. Anticipated Completion: January 2025.