Finding 1176212 (2024-001)

Type of Finding: Material Weakness in Internal Control over Financial Reporting Condition: Revenue was not timely recorded Effect: Revenue was not recorded in the correct period Cause: The material weakness was caused by a deficiency in the Center’s internal controls over revenue cutoff. The controls in place were not sufficient to ensure that revenue transactions were recorded in the appropriate accounting period. Criteria: Revenue should be recognized in the accounting period in which it is earned and realizable. Effective internal controls should be in place to ensure proper end of period revenue cutoff. Recommendation: We recommend the Center implement additional internal controls and checks to ensure accurate end of period revenue cutoff. View of Responsible Officials: Management agrees with the finding and is in the process of revising internal controls to address revenue entries.