Finding Text
CUCS had delays in producing final audit schedules related to key areas, specifically for revenues and accounts
receivable, and expenses and accrued expenses that caused CUCS to re-schedule the audit different times and
subsequently delay in the finalization of the audit process and production of financial statements. The Finance
Department was in a period of transition, having its Chief Financial Officer and other staff resign during and after
the fiscal year end, which contributed to the delays and difficulties in producing final adjusted financial information.
As a result, the fiscal year 2024 financial statements were not finalized in time to meet the deadlines noted in 2 CFR
Section 200.512(a)(1). In addition, CUCS hired an outside bookkeeping service to help in CUCS's day-to-day
operations and perform various analyses in order to complete the audit process and the production of financial
statements.