Finding Text
General Ledger Maintenance Criteria: Several material audit adjustments were required to present the financial statements in accordance with accounting principles generally accepted in the United States of America. Condition: An effective system of internal control allows management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. Context: Account balances and transactions were not reviewed to ensure presentation in accordance with accounting principles generally accepted in the United States. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Material adjustments were required to be made to the Organization's financial statement accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper presentation in accordance with accounting principles generally accepted in the United States. View of Responsible Officials and Planned Corrective Actions: Following the 2024 grant year, the Organization instituted a system of annual review of the CFSI Accounting Manual including training sessions for key financial staff. Training sessions were conducted with key financial staff on November 15, 2024, and December 15, 2025. Review, training, and updates to the CFSI Accounting Manual were conducted as part of a Corrective Action Plan administered through AmeriCorps’ Office of Monitoring and confirmed as resolved in a notice dated November 25, 2025 [Re: Notification of Corrective Action Plan Closed – 23NDFMA002]. In addition to these regular reviews and training, College for Social Innovation has implemented a system of monthly, quarterly, and annual reviews of account balances and transactions. This new system includes monthly reviews with the Chief Operating Officer and Manager of Operations as well as the addition of a summer support intern for annual reviews at fiscal year-end. The first of these monthly reviews were conducted in July of 2025 and remain ongoing.