We recommend that South Central Medical and Resource Center, Inc. implement formal procedures requiring the preparation and review of bank reconciliations for all cash accounts within 30 days of month-end. Staff should be trained on these procedures, and reconciliations should be reviewed and approved by management including the board of directors or finance committee to ensure accuracy and accountability.
We recommend that the organization implement written accounting procedures that include maintaining an accounts receivable subsidiary ledger and reconciling it to the general ledger on a monthly basis. Staff responsible for accounts receivable should be trained to perform and document these reconciliations.
5. Proper documentation retained to support the inventory process.
· Consider enhancing internal control documentation (e.g., procedures checklist) similar to those recommended in nonprofit accounting guides.
Provide training to finance staff on best practices in cash management for non-profits.
Explore contracting with a financial statement audit support service provider to assist with internal preparation for audit readiness.
Consider engaging an external consultant or CPA firm experienced in healthcare compliance to assist with cost report preparation and filing procedures in future periods.
Monitor and review compliance with policies quarterly through finance department reports, escalating oversight to the board’s finance or compliance committee as needed.
4. Conduct quarterly internal audits of provider files and encounter data to ensure ongoing compliance.
Provide staff training on revised policy and internal control expectations, and issue a memo reinforcing accountability
5. Conduct quarterly internal procurement audits; track corrective actions.
5. Conduct quarterly compliance testing of procurement files to verify inclusion of exclusion checks.
1. Provide staff training on proper cash management and documentation standards under 2 CFR § 200.305.
6. Institute periodic internal audit or monitoring reviews of grant timelines and period-of-performance compliance.
5. Provide training for financial and program staff on federal budget monitoring requirements.
6. Provide staff training on SFDP compliance standards, documentation expectations, and policy implementation.
We recommend that South Central Medical and Resource Center, Inc. implement formal procedures requiring the preparation and review of bank reconciliations for all cash accounts within 30 days of month-end. Staff should be trained on these procedures, and reconciliations should be reviewed and approved by management including the board of directors or finance committee to ensure accuracy and accountability.
We recommend that the organization implement written accounting procedures that include maintaining an accounts receivable subsidiary ledger and reconciling it to the general ledger on a monthly basis. Staff responsible for accounts receivable should be trained to perform and document these reconciliations.
5. Proper documentation retained to support the inventory process.
· Consider enhancing internal control documentation (e.g., procedures checklist) similar to those recommended in nonprofit accounting guides.
Provide training to finance staff on best practices in cash management for non-profits.
Explore contracting with a financial statement audit support service provider to assist with internal preparation for audit readiness.
Consider engaging an external consultant or CPA firm experienced in healthcare compliance to assist with cost report preparation and filing procedures in future periods.
Monitor and review compliance with policies quarterly through finance department reports, escalating oversight to the board’s finance or compliance committee as needed.
4. Conduct quarterly internal audits of provider files and encounter data to ensure ongoing compliance.
Provide staff training on revised policy and internal control expectations, and issue a memo reinforcing accountability
5. Conduct quarterly internal procurement audits; track corrective actions.
5. Conduct quarterly compliance testing of procurement files to verify inclusion of exclusion checks.
1. Provide staff training on proper cash management and documentation standards under 2 CFR § 200.305.
6. Institute periodic internal audit or monitoring reviews of grant timelines and period-of-performance compliance.
5. Provide training for financial and program staff on federal budget monitoring requirements.
6. Provide staff training on SFDP compliance standards, documentation expectations, and policy implementation.
We recommend that South Central Medical and Resource Center, Inc. implement formal procedures requiring the preparation and review of bank reconciliations for all cash accounts within 30 days of month-end. Staff should be trained on these procedures, and reconciliations should be reviewed and approved by management including the board of directors or finance committee to ensure accuracy and accountability.
We recommend that the organization implement written accounting procedures that include maintaining an accounts receivable subsidiary ledger and reconciling it to the general ledger on a monthly basis. Staff responsible for accounts receivable should be trained to perform and document these reconciliations.
5. Proper documentation retained to support the inventory process.
· Consider enhancing internal control documentation (e.g., procedures checklist) similar to those recommended in nonprofit accounting guides.
Provide training to finance staff on best practices in cash management for non-profits.
Explore contracting with a financial statement audit support service provider to assist with internal preparation for audit readiness.
Consider engaging an external consultant or CPA firm experienced in healthcare compliance to assist with cost report preparation and filing procedures in future periods.
Monitor and review compliance with policies quarterly through finance department reports, escalating oversight to the board’s finance or compliance committee as needed.
4. Conduct quarterly internal audits of provider files and encounter data to ensure ongoing compliance.
Provide staff training on revised policy and internal control expectations, and issue a memo reinforcing accountability
5. Conduct quarterly internal procurement audits; track corrective actions.
5. Conduct quarterly compliance testing of procurement files to verify inclusion of exclusion checks.
1. Provide staff training on proper cash management and documentation standards under 2 CFR § 200.305.
6. Institute periodic internal audit or monitoring reviews of grant timelines and period-of-performance compliance.
5. Provide training for financial and program staff on federal budget monitoring requirements.
6. Provide staff training on SFDP compliance standards, documentation expectations, and policy implementation.
We recommend that South Central Medical and Resource Center, Inc. implement formal procedures requiring the preparation and review of bank reconciliations for all cash accounts within 30 days of month-end. Staff should be trained on these procedures, and reconciliations should be reviewed and approved by management including the board of directors or finance committee to ensure accuracy and accountability.
We recommend that the organization implement written accounting procedures that include maintaining an accounts receivable subsidiary ledger and reconciling it to the general ledger on a monthly basis. Staff responsible for accounts receivable should be trained to perform and document these reconciliations.
5. Proper documentation retained to support the inventory process.
· Consider enhancing internal control documentation (e.g., procedures checklist) similar to those recommended in nonprofit accounting guides.
Provide training to finance staff on best practices in cash management for non-profits.
Explore contracting with a financial statement audit support service provider to assist with internal preparation for audit readiness.
Consider engaging an external consultant or CPA firm experienced in healthcare compliance to assist with cost report preparation and filing procedures in future periods.
Monitor and review compliance with policies quarterly through finance department reports, escalating oversight to the board’s finance or compliance committee as needed.
4. Conduct quarterly internal audits of provider files and encounter data to ensure ongoing compliance.
Provide staff training on revised policy and internal control expectations, and issue a memo reinforcing accountability
5. Conduct quarterly internal procurement audits; track corrective actions.
5. Conduct quarterly compliance testing of procurement files to verify inclusion of exclusion checks.
1. Provide staff training on proper cash management and documentation standards under 2 CFR § 200.305.
6. Institute periodic internal audit or monitoring reviews of grant timelines and period-of-performance compliance.
5. Provide training for financial and program staff on federal budget monitoring requirements.
6. Provide staff training on SFDP compliance standards, documentation expectations, and policy implementation.
We recommend that South Central Medical and Resource Center, Inc. implement formal procedures requiring the preparation and review of bank reconciliations for all cash accounts within 30 days of month-end. Staff should be trained on these procedures, and reconciliations should be reviewed and approved by management including the board of directors or finance committee to ensure accuracy and accountability.
We recommend that the organization implement written accounting procedures that include maintaining an accounts receivable subsidiary ledger and reconciling it to the general ledger on a monthly basis. Staff responsible for accounts receivable should be trained to perform and document these reconciliations.
5. Proper documentation retained to support the inventory process.
· Consider enhancing internal control documentation (e.g., procedures checklist) similar to those recommended in nonprofit accounting guides.
Provide training to finance staff on best practices in cash management for non-profits.
Explore contracting with a financial statement audit support service provider to assist with internal preparation for audit readiness.
Consider engaging an external consultant or CPA firm experienced in healthcare compliance to assist with cost report preparation and filing procedures in future periods.
Monitor and review compliance with policies quarterly through finance department reports, escalating oversight to the board’s finance or compliance committee as needed.
4. Conduct quarterly internal audits of provider files and encounter data to ensure ongoing compliance.
Provide staff training on revised policy and internal control expectations, and issue a memo reinforcing accountability
5. Conduct quarterly internal procurement audits; track corrective actions.
5. Conduct quarterly compliance testing of procurement files to verify inclusion of exclusion checks.
1. Provide staff training on proper cash management and documentation standards under 2 CFR § 200.305.
6. Institute periodic internal audit or monitoring reviews of grant timelines and period-of-performance compliance.
5. Provide training for financial and program staff on federal budget monitoring requirements.
6. Provide staff training on SFDP compliance standards, documentation expectations, and policy implementation.
We recommend that South Central Medical and Resource Center, Inc. implement formal procedures requiring the preparation and review of bank reconciliations for all cash accounts within 30 days of month-end. Staff should be trained on these procedures, and reconciliations should be reviewed and approved by management including the board of directors or finance committee to ensure accuracy and accountability.
We recommend that the organization implement written accounting procedures that include maintaining an accounts receivable subsidiary ledger and reconciling it to the general ledger on a monthly basis. Staff responsible for accounts receivable should be trained to perform and document these reconciliations.
5. Proper documentation retained to support the inventory process.
· Consider enhancing internal control documentation (e.g., procedures checklist) similar to those recommended in nonprofit accounting guides.
Provide training to finance staff on best practices in cash management for non-profits.
Explore contracting with a financial statement audit support service provider to assist with internal preparation for audit readiness.
Consider engaging an external consultant or CPA firm experienced in healthcare compliance to assist with cost report preparation and filing procedures in future periods.
Monitor and review compliance with policies quarterly through finance department reports, escalating oversight to the board’s finance or compliance committee as needed.
4. Conduct quarterly internal audits of provider files and encounter data to ensure ongoing compliance.
Provide staff training on revised policy and internal control expectations, and issue a memo reinforcing accountability
5. Conduct quarterly internal procurement audits; track corrective actions.
5. Conduct quarterly compliance testing of procurement files to verify inclusion of exclusion checks.
1. Provide staff training on proper cash management and documentation standards under 2 CFR § 200.305.
6. Institute periodic internal audit or monitoring reviews of grant timelines and period-of-performance compliance.
5. Provide training for financial and program staff on federal budget monitoring requirements.
6. Provide staff training on SFDP compliance standards, documentation expectations, and policy implementation.