FAC Explorer

Finding 1205660 (2025-001)

Material Weakness Repeat Finding
Requirement
B
Questioned Costs
-
Year
2025
Accepted
2026-04-01
Audit: 397354
Organization: Pyramid Learning Corp. (PR)
Auditor: 660701886

AI Summary

  • Answer: The Organization needs to strictly follow its policies to keep financial records accurate and up-to-date.
  • Trend: Consistent enforcement of these policies will improve management and oversight of financial operations.
  • List: Key areas to focus on include asset and liability reporting, revenue control, and expense management.

Finding Text

The Organization should enforce its policies and procedures in order to accurately maintain its financial information, and on a timely basis, assuring that they reflect its assets and liabilities, and to maintain an appropriate control over its revenues and the amounts expended, which will allow a proper management and monitoring of operations. These policies and procedures should be enforced to consider the following:

Corrective Action Plan

CORRECTIVE ACTION PLAN In past years the accounting services provided to Pyramid Learning Corp. were contracted and external accounting companies. We acquired specialized accounting software to be utilized internally. Since we started utilizing this new software, our staff has made significant efforts to update the system. However, the data needed to fully update the new accounting and financial software labor intensive and time consuming making it difficult to maintain a month to month database. Currently with the new system all the new current data has been recorded and is up to date. This new system provides us with the capability to maintain accounting and financial reports such as Balance Sheets, Statements Activities and Bank Reconciliation forms. Thus, providing a monthly snapshot of all the company accounts with the most current information. Improving transparency and the capacity to correct any discrepancies in a timely manner.

Categories

Subrecipient Monitoring

Programs in Audit

ALN Program Name Expenditures
84.287 TWENTY-FIRST CENTURY COMMUNITY LEARNING CENTERS $3.57M