FAC Explorer

Finding 1204645 (2025-004)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2025
Accepted
2026-03-30
Audit: 396410
Organization: Tyrrell County Board of Education (NC)
Auditor: ANDERSON SMITH AND WIKE PLLC

AI Summary

  • Core Issue: Timely bank reconciliations were not completed, risking inaccurate financial decisions by the Board.
  • Impacted Requirements: Compliance with cash management controls was not met, affecting the accuracy of financial reporting.
  • Recommended Follow-Up: Implement new controls to ensure monthly bank reconciliations are done on time, as agreed upon in the Corrective Action Plan.

Finding Text

U.S. Department of Education Passed Through the N.C. Department of Public Instruction Program Names: COVID-19 – Education Stabilization Fund (AL #: 84.425) MATERIAL WEAKNESS Compliance – Cash Management Criteria: Controls should ensure that bank reconciliations are prepared in a timely manner each month to enable the Board to make timely decisions based upon accurate data. Condition: State bank account reconciliations were not prepared in a timely manner during the year. Effect: Since bank account reconciliations were not performed in a timely manner, management decisions could have been made by the Board while relying upon inaccurate financial reporting. Cause: Lack of oversight by management. Questioned costs: None. Identification of a repeat finding: This is not a repeat finding from the immediate previous audit. Recommendation: We recommend that management implement controls and procedures to ensure that State bank account reconciliations are performed in a timely manner each month. Views of responsible officials and planned corrective actions: The Board of Education agrees with this finding. Management will take the necessary actions as described in the Corrective Action Plan.

Corrective Action Plan

Name of Contact Person: Kristy Christenberry, Interim Chief Finance Officer Corrective Action Plan: The Board of Education will implement controls and procedures to ensure that all bank account and other required reconciliations are prepared on a timely basis going forward. Proposed Completion Date: Immediately

Categories

Subrecipient Monitoring Cash Management Material Weakness Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1204638 2025-004
    Material Weakness Repeat
  • 1204639 2025-004
    Material Weakness Repeat
  • 1204640 2025-004
    Material Weakness Repeat
  • 1204641 2025-004
    Material Weakness Repeat
  • 1204642 2025-004
    Material Weakness Repeat
  • 1204643 2025-004
    Material Weakness Repeat
  • 1204644 2025-004
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.424 STUDENT SUPPORT AND ACADEMIC ENRICHMENT PROGRAM $496,688
84.010 TITLE I GRANTS TO LOCAL EDUCATIONAL AGENCIES $269,099
10.553 SCHOOL BREAKFAST PROGRAM $147,459
84.365 ENGLISH LANGUAGE ACQUISITION STATE GRANTS $34,654
84.358 RURAL EDUCATION $9,294
10.582 FRESH FRUIT AND VEGETABLE PROGRAM $9,292
84.027 SPECIAL EDUCATION_GRANTS TO STATES $9,066
84.048 CAREER AND TECHNICAL EDUCATION -- BASIC GRANTS TO STATES $8,100
84.367 IMPROVING TEACHER QUALITY STATE GRANTS $7,866
10.555 NATIONAL SCHOOL LUNCH PROGRAM $5,831
84.425 EDUCATION STABILIZATION FUND $5,000
84.173 SPECIAL EDUCATION_PRESCHOOL GRANTS $1,784