The District acknowledges that the size of the accounting staff limits the District’s ability to prepare the financial statements in accordance with U.S. generally accepted accounting principles and implement the proper segregation of duties among who performs the billing, receives cash receipts, po...
The District acknowledges that the size of the accounting staff limits the District’s ability to prepare the financial statements in accordance with U.S. generally accepted accounting principles and implement the proper segregation of duties among who performs the billing, receives cash receipts, posts receipts to customer accounts, and makes deposits at the bank. . While there is an outsourced bookkeeper, the Office Manager performs three of these functions in the normal course of performing her duties. Additionally,the District acknowledges that the size of the accounting staff limits the District’s ability to prepare the Schedule of Expenditures and Federal Awards 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). The Board of Trustees plans to remain involved in the financial activities of the District to provide oversight by performing a monthly review of the financial information of the District to provide mitigating controls over the lack of segregation of duties over these functions. Responsible party: Dale Clark, Superintendent, (207) 696-5211 Anticipated Completion Date: Ongoing