Audit 40348

Material Weakness Assistance Listing # 84.425C Finding 2022 ? 001 is a finding for the major federal program as the timely and accurate reconciliation and cutoffs are requirements under the Uniform Guidance. Condition: Accurate financial reporting was not performed on a timely basis. Criteria: 2 CFR Section 200.510 requires the auditee must prepare a schedule of expenditures of federal awards for the period covered by the auditee's financial statements which must include the total Federal awards expended as determined in accordance with section 200.502. Condition: The schedule of expenditures of federal awards did not include all expenditures occurred during the year. Context: This is a condition identified based on review of Uniform Guidance requirements. Questioned costs: $0. Cause: Accounts were not properly reconciled in a timely manner, and cutoffs on federal grant revenue and expenditures were not properly maintained. Effect: The federal expenditure amount was understated as of year-end. Identification of a Repeat Finding: This is not a repeat finding. Recommendation: Procedures need to be developed for the following: - Management should implement procedures to complete and reconcile all financial information within a reasonable time after year-end. - Management should implement a review procedure to ensure the appropriate cutoff of all accounts.

Material Weakness Assistance Listing # 84.425C Finding 2022 ? 001 is a finding for the major federal program as the timely and accurate reconciliation and cutoffs are requirements under the Uniform Guidance. Condition: Accurate financial reporting was not performed on a timely basis. Criteria: 2 CFR Section 200.510 requires the auditee must prepare a schedule of expenditures of federal awards for the period covered by the auditee's financial statements which must include the total Federal awards expended as determined in accordance with section 200.502. Condition: The schedule of expenditures of federal awards did not include all expenditures occurred during the year. Context: This is a condition identified based on review of Uniform Guidance requirements. Questioned costs: $0. Cause: Accounts were not properly reconciled in a timely manner, and cutoffs on federal grant revenue and expenditures were not properly maintained. Effect: The federal expenditure amount was understated as of year-end. Identification of a Repeat Finding: This is not a repeat finding. Recommendation: Procedures need to be developed for the following: - Management should implement procedures to complete and reconcile all financial information within a reasonable time after year-end. - Management should implement a review procedure to ensure the appropriate cutoff of all accounts.