Audit 402463

2025-001 Bank Reconciliations Criteria: Monthly bank reconciliations being performed timely play a key role in ensuring the accuracy of financial information and to minimize the risk of misstatement or misappropriation. Condition: Bank reconciliations for August 2025 were not yet completed as of our audit fieldwork and they were not provided to us to review until February/March 2026 after the SUNY Annual Report was filed. Additionally, the following was noted:  GCard receipts are recorded in the bank statement however there is a carrying balance that has not been recorded in BANNER. These unrecorded amounts in BANNER have been growing and are being tracked, however, they were not appropriately included on the bank reconciliations.  The General Expense Checking reconciliation had an outstanding check listing that contained checks that had been previously voided in BANNER. Effect or Potential Effect: If bank reconciliations are not being performed timely, there is a risk that errors or fraudulent activity would not be detected timely. Additionally, monthly internal financial statements could be inaccurate and contain misstatements without this key control being performed timely on a monthly basis. Context and Cause: There was turnover in a newly hired accountant position that bank reconciliations had been assigned to as the position was only occupied for a few months. Turnover, training of new staff, and leaves of absences in business office positions has contributed to the difficulties in completing bank reconciliations timely. Recommendation: We recommend the College review and improve their procedures over completing bank reconciliations timely. Procedures should include implementing an independent review process and allowing the Controller to be reviewing the completed bank reconciliations as opposed to preparing them. 50 MOHAWK VALLEY COMMUNITY COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS - FEDERAL COMPLIANCE REQUIREMENTS For the Year Ended August 31, 2025 Management Response: Current Business Office staff have been catching up on performing bank reconciliations and investigating reconciling items, including obtaining reports so that GCard receipts can be investigated. Clear deadlines have been established and formally communicated to Business Office staff and specific individuals have been assigned ownership of each account reconciliation with a formal review and approval process implemented to ensure accuracy and completeness. Management will perform periodic spot checks to ensure ongoing compliance with reconciliation procedures and timeliness. Management will provide period updates to the Audit & Finance Committee regarding the status and timeliness of bank reconciliations. Any delays or issues will be communicated to the Committee and, as appropriate, to the Board of Directors to ensure transparency and allow for governance monitoring and oversight. Findings and Questioned Costs – Major Federal Award Programs Audit None.