FAC Explorer

Finding 1174620 (2024-004)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2026-02-19
Audit: 388128
Organization: Four Square Community Action, Inc. (NC)
Auditor: SMART SOLUTIONS CPA INC

AI Summary

  • Core Issue: All program funding is funneled through one central bank account, which may pose risks in tracking and managing funds.
  • Impacted Requirements: Program directors and assistants must ensure accurate matching of funds to reimbursements, highlighting the need for robust oversight.
  • Recommended Follow-Up: Implement regular audits and training for staff on financial management to improve accuracy and accountability.

Finding Text

During the audit, it was observed that all program funding is received through a single central bank account. Program directors and assistants are responsible for matching the received funds with requested reimbursements, addressing any discrepancies, and recording the transactions.

Corrective Action Plan

Management acknowledges the need to streamline the fund reconciliation process and plans to improve.

Categories

Cash Management Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 1174617 2024-001
    Material Weakness Repeat
  • 1174618 2024-002
    Material Weakness Repeat
  • 1174619 2024-003
    Material Weakness Repeat
  • 1174621 2024-005
    Material Weakness Repeat
  • 1174622 2024-006
    Material Weakness Repeat
  • 1174623 2024-007
    Material Weakness Repeat
  • 1174624 2024-008
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.871 SECTION 8 HOUSING CHOICE VOUCHERS $1.98M
93.600 HEAD START $1.46M
93.568 LOW-INCOME HOME ENERGY ASSISTANCE $436,250
10.558 CHILD AND ADULT CARE FOOD PROGRAM $165,767
81.042 WEATHERIZATION ASSISTANCE FOR LOW-INCOME PERSONS $151,620
93.569 COMMUNITY SERVICES BLOCK GRANT $136,816
14.239 HOME INVESTMENT PARTNERSHIPS PROGRAM $44,165