FAC Explorer

Finding 1168612 (2025-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-01-09
Audit: 380543
Organization: Lena - Winslow C.u.s.d. #202 (IL)
Auditor: BENNING GROUP LLC

AI Summary

  • Answer: The District needs to improve its financial statement preparation due to significant audit adjustments.
  • Trend: This issue highlights ongoing challenges in accurately reporting revenue and expenses as required by the Illinois School Code and IPAM.
  • List: Follow up by reviewing financial reporting processes and ensuring compliance with state regulations to prevent future adjustments.

Finding Text

The District is responsible for preparation of accurate financial statements. Material audit adjustments were identified during the fiscal year 2025 financial audit. Adjustments were needed in order to properly report certain items of revenue and expense in accordance with provisions of the Illinois School Code and the Illinois Program Accounting Manual (IPAM).

Corrective Action Plan

There material adjustment was due to an issue with the migration to a new accounting software. The issue has been addressed. The district will be more diligent in monitoring transactions to ensure proper posting of transactions occurs.

Categories

Special Tests & Provisions

Programs in Audit

ALN Program Name Expenditures
84.173 SPECIAL EDUCATION PRESCHOOL GRANTS $193,441
10.555 NATIONAL SCHOOL LUNCH PROGRAM $183,725
84.425 EDUCATION STABILIZATION FUND $132,083
84.010 TITLE I GRANTS TO LOCAL EDUCATIONAL AGENCIES $122,482
84.367 SUPPORTING EFFECTIVE INSTRUCTION STATE GRANTS (FORMERLY IMPROVING TEACHER QUALITY STATE GRANTS) $27,809
10.555 NON CASH COMMODITIES $27,189
10.553 SCHOOL BREAKFAST PROGRAM $25,599
93.778 MEDICAL ASSISTANCE PROGRAM $17,604
84.424 STUDENT SUPPORT AND ACADEMIC ENRICHMENT PROGRAM $12,117
84.027 SPECIAL EDUCATION GRANTS TO STATES $7,144
84.048 CAREER AND TECHNICAL EDUCATION -- BASIC GRANTS TO STATES $5,816
10.555 FRESH FRUITS & VEGETABLES $4,308
10.555 CHILD NUTRITION SUPPLY CHAIN ASSISSTANCE $1,348