Audit 360659

2024-001 - General Ledger Maintenance Condition: Several material client prepared journal entries were provided during the audit process and a material audit adjustment was required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America and the Uniform Guidance, respectively. Criteria: An effective system of internal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: The Organization is continuing to hire full time accounting and finance personnel with experience in not-for-profit accounting and government reporting compliance. The Organization has Implemented key internal controls to ensure the completeness and accuracy of financial information. This includes establishing robust general ledger reviews and timely preparation of accounting reconciliations. Additionally, the Organization is establishing quarterly review practices to ensure timely review of general ledger activity, timely requests for grant reimbursement, and accuracy of grant revenue and expense information.

2024-001 - General Ledger Maintenance Condition: Several material client prepared journal entries were provided during the audit process and a material audit adjustment was required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America and the Uniform Guidance, respectively. Criteria: An effective system of internal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: The Organization is continuing to hire full time accounting and finance personnel with experience in not-for-profit accounting and government reporting compliance. The Organization has Implemented key internal controls to ensure the completeness and accuracy of financial information. This includes establishing robust general ledger reviews and timely preparation of accounting reconciliations. Additionally, the Organization is establishing quarterly review practices to ensure timely review of general ledger activity, timely requests for grant reimbursement, and accuracy of grant revenue and expense information.

2024-001 - General Ledger Maintenance Condition: Several material client prepared journal entries were provided during the audit process and a material audit adjustment was required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America and the Uniform Guidance, respectively. Criteria: An effective system of internal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: The Organization is continuing to hire full time accounting and finance personnel with experience in not-for-profit accounting and government reporting compliance. The Organization has Implemented key internal controls to ensure the completeness and accuracy of financial information. This includes establishing robust general ledger reviews and timely preparation of accounting reconciliations. Additionally, the Organization is establishing quarterly review practices to ensure timely review of general ledger activity, timely requests for grant reimbursement, and accuracy of grant revenue and expense information.

2024-001 - General Ledger Maintenance Condition: Several material client prepared journal entries were provided during the audit process and a material audit adjustment was required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America and the Uniform Guidance, respectively. Criteria: An effective system of internal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: The Organization is continuing to hire full time accounting and finance personnel with experience in not-for-profit accounting and government reporting compliance. The Organization has Implemented key internal controls to ensure the completeness and accuracy of financial information. This includes establishing robust general ledger reviews and timely preparation of accounting reconciliations. Additionally, the Organization is establishing quarterly review practices to ensure timely review of general ledger activity, timely requests for grant reimbursement, and accuracy of grant revenue and expense information.

2024-001 - General Ledger Maintenance Condition: Several material client prepared journal entries were provided during the audit process and a material audit adjustment was required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America and the Uniform Guidance, respectively. Criteria: An effective system of internal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: The Organization is continuing to hire full time accounting and finance personnel with experience in not-for-profit accounting and government reporting compliance. The Organization has Implemented key internal controls to ensure the completeness and accuracy of financial information. This includes establishing robust general ledger reviews and timely preparation of accounting reconciliations. Additionally, the Organization is establishing quarterly review practices to ensure timely review of general ledger activity, timely requests for grant reimbursement, and accuracy of grant revenue and expense information.

2024-001 - General Ledger Maintenance Condition: Several material client prepared journal entries were provided during the audit process and a material audit adjustment was required to present the financial statements and schedule of expenditures of federal awards in accordance with accounting principles generally accepted in the United States of America and the Uniform Guidance, respectively. Criteria: An effective system of internal controls allows management or employees, in the normal course of performing their assigned functions, to prevent, detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Timely reconciliation of certain general ledger accounts was not performed by management. As a result, material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States of America. View of Responsible Officials and Planned Corrective Actions: The Organization is continuing to hire full time accounting and finance personnel with experience in not-for-profit accounting and government reporting compliance. The Organization has Implemented key internal controls to ensure the completeness and accuracy of financial information. This includes establishing robust general ledger reviews and timely preparation of accounting reconciliations. Additionally, the Organization is establishing quarterly review practices to ensure timely review of general ledger activity, timely requests for grant reimbursement, and accuracy of grant revenue and expense information.