FAC Explorer

Finding 1120927 (2022-002)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2025-03-31
Audit: 351154
Organization: Coosa Valley Regional Services and Development Corporation (GA)
Auditor: Rl Jennings & Associates PC

AI Summary

  • Core Issue: The Corporation is using a cash basis for its general ledger instead of the required accrual basis, leading to inaccurate financial reporting.
  • Impacted Requirements: This practice violates GAAP, which mandates that financial statements reflect true financial positions to avoid misleading management and the Board.
  • Recommended Follow-Up: Implement procedures to maintain accrual accounting throughout the year and ensure proper recording of all transactions.

Finding Text

Department of Health and Human Services, Special Programs for the Aging – Title III, Aging Cluster CFDA’s: 93.044, 93.045, and 93.053 2022-002: Maintenance of the General Ledger Criteria: The Corporation is responsible for preparing annual financial statements in accordance with generally accepted accounting principles (GAAP). The records should be kept on an accrual basis to ensure accurate financial information is being reported to prevent critical financial decisions from being made on erroneous data. Condition: The Corporation currently maintains its general ledger on the cash basis throughout the year. Failure to record accruals of revenue and expenditures distorts the financial information that is provided to management and the Board. We further noted that several expenditures were not recorded in the proper accounts, and cash receipts are being recorded against expense accounts. Effect: Misleading financial information could be presented, which could lead to financial decisions being made on erroneous data. Cause: There are no procedures in place to ensure records are kept on an accrual basis. Identification of a repeat finding: This is a repeat finding from the immediate previous audit. Recommendation: We recommend that the Corporation implement a procedure in which records are kept on the cash basis throughout the year and accrual adjustments be made at year end. Views of responsible officials and planned corrective actions: The Corporation agrees with this finding and will adhere to the corrective action plan on page 26 in this audit report.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 544484 2022-001
    Significant Deficiency
  • 544485 2022-002
    Significant Deficiency
  • 544486 2022-003
    Significant Deficiency
  • 544487 2022-001
    Significant Deficiency
  • 544488 2022-002
    Significant Deficiency
  • 544489 2022-003
    Significant Deficiency
  • 544490 2022-001
    Significant Deficiency
  • 544491 2022-002
    Significant Deficiency
  • 544492 2022-003
    Significant Deficiency
  • 544493 2022-001
    Significant Deficiency
  • 544494 2022-002
    Significant Deficiency
  • 544495 2022-003
    Significant Deficiency
  • 544496 2022-001
    Significant Deficiency
  • 544497 2022-002
    Significant Deficiency
  • 544498 2022-003
    Significant Deficiency
  • 544499 2022-001
    Significant Deficiency
  • 544500 2022-002
    Significant Deficiency
  • 544501 2022-003
    Significant Deficiency
  • 544502 2022-001
    Significant Deficiency
  • 544503 2022-002
    Significant Deficiency
  • 544504 2022-003
    Significant Deficiency
  • 544505 2022-001
    Significant Deficiency
  • 544506 2022-002
    Significant Deficiency
  • 544507 2022-003
    Significant Deficiency
  • 544508 2022-004
    Significant Deficiency
  • 544509 2022-004
    Significant Deficiency
  • 544510 2022-004
    Significant Deficiency
  • 544511 2022-004
    Significant Deficiency
  • 544512 2022-004
    Significant Deficiency
  • 544513 2022-004
    Significant Deficiency
  • 544514 2022-004
    Significant Deficiency
  • 544515 2022-004
    Significant Deficiency
  • 1120926 2022-001
    Significant Deficiency
  • 1120928 2022-003
    Significant Deficiency
  • 1120929 2022-001
    Significant Deficiency
  • 1120930 2022-002
    Significant Deficiency
  • 1120931 2022-003
    Significant Deficiency
  • 1120932 2022-001
    Significant Deficiency
  • 1120933 2022-002
    Significant Deficiency
  • 1120934 2022-003
    Significant Deficiency
  • 1120935 2022-001
    Significant Deficiency
  • 1120936 2022-002
    Significant Deficiency
  • 1120937 2022-003
    Significant Deficiency
  • 1120938 2022-001
    Significant Deficiency
  • 1120939 2022-002
    Significant Deficiency
  • 1120940 2022-003
    Significant Deficiency
  • 1120941 2022-001
    Significant Deficiency
  • 1120942 2022-002
    Significant Deficiency
  • 1120943 2022-003
    Significant Deficiency
  • 1120944 2022-001
    Significant Deficiency
  • 1120945 2022-002
    Significant Deficiency
  • 1120946 2022-003
    Significant Deficiency
  • 1120947 2022-001
    Significant Deficiency
  • 1120948 2022-002
    Significant Deficiency
  • 1120949 2022-003
    Significant Deficiency
  • 1120950 2022-004
    Significant Deficiency
  • 1120951 2022-004
    Significant Deficiency
  • 1120952 2022-004
    Significant Deficiency
  • 1120953 2022-004
    Significant Deficiency
  • 1120954 2022-004
    Significant Deficiency
  • 1120955 2022-004
    Significant Deficiency
  • 1120956 2022-004
    Significant Deficiency
  • 1120957 2022-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
93.044 Special Programs for the Aging_title Iii, Part B_grants for Supportive Services and Senior Centers $276,949
93.053 Nutrition Services Incentive Program $71,464
93.045 Special Programs for the Aging_title Iii, Part C_nutrition Services $12,442