Finding 1165301 (2025-001)

Material Weakness Repeat Finding
Requirement
LM
Questioned Costs
-
Year
2025
Accepted
2025-12-18

AI Summary

  • Issue: Fund balance had to be restated due to misclassified capital assets from previous years.
  • Requirements Impacted: Accurate recording and reporting of capital assets is essential for reliable financial statements.
  • Follow-up: The District should enhance internal controls to ensure timely and correct recording of capital assets before future audits.

Finding Text

Condition: During audit fieldwork, our testing resulted in a restatement of fund balance in order to correct categories of capital assets that were improperly recorded in prior years. Criteria: A good system of internal controls would provide for accurate recording and reporting of capital assets on a regular basis in order to provide for accurate financial reporting. Cause: Year-end entries related to capital assets were required in order to accurately present the District’s financial statements. Effect: A material adjustment to the District’s beginning fund balance was required to properly state capital assets. Recommendation: We recommend the District implement effective internal controls in order to provide an accurate assessment of reporting requirements. This implementation of improved controls would result in the appropriate recognition for financial reporting requirements. Corrective Action Plan: The District will implement internal controls to properly record capital assets on a timely basis prior to audit fieldwork.

Corrective Action Plan

Condition: During audit fieldwork, our testing resulted in a restatement of fund balance in order to correct categories of capital assets that were improperly recorded in prior years. Plan: The District will implement internal controls to properly record capital assets on a timely basis prior to audit fieldwork. Anticipated Date of Completion: June 30, 2026 Name of Contact Person: Matt Birdsley, Director of Finance/CSBO Management Response: The District will implemented controls to more accurately track construction in progress and record it correctly within our system to report accurately. In some cases, the contractors have submitted payment without accurately indicating the fiscal year the work was completed. For this, the district will assign the appropriate amount of the work to the appropriately fiscal year when receiving the pay applications.

Categories

Cash Management Reporting Internal Control / Segregation of Duties

Programs in Audit

ALN Program Name Expenditures
84.010 TITLE I GRANTS TO LOCAL EDUCATIONAL AGENCIES $1.26M
10.553 SCHOOL BREAKFAST PROGRAM $228,949
84.425 EDUCATION STABILIZATION FUND $165,211
84.367 SUPPORTING EFFECTIVE INSTRUCTION STATE GRANTS (FORMERLY IMPROVING TEACHER QUALITY STATE GRANTS) $160,236
93.778 MEDICAL ASSISTANCE PROGRAM $141,826
10.555 NATIONAL SCHOOL LUNCH PROGRAM $116,883
84.424 STUDENT SUPPORT AND ACADEMIC ENRICHMENT PROGRAM $80,769
84.027 SPECIAL EDUCATION GRANTS TO STATES $66,778
84.173 SPECIAL EDUCATION PRESCHOOL GRANTS $29,118
84.365 ENGLISH LANGUAGE ACQUISITION STATE GRANTS $19,886
84.126 REHABILITATION SERVICES VOCATIONAL REHABILITATION GRANTS TO STATES $10,400