Finding Text
Criteria: Recipients of Coronavirus State and Local Fiscal Recovery Funds are subject to reporting requirements per OMB PRA Number 1505-0271 and the Uniform Guidance. The recipient should maintain accounting records for compiling and reporting accurate, compliant financial data, in accordance with appropriate accounting standards and principles. The recipient should also establish control procedures to ensure accurate and timely submission of reports. The Town is required to submit a Project and Expenditure Report to the U.S. Treasury on an annual basis for the period April 1 through March 31 that is due on April 30. Condition: During our test of controls over compliance with reporting requirements, we noted that the Town’s Project and Expenditure Report for the annual period ending March 31, 2025 did not agree to the Town’s general ledger activity for the period April 1, 2024 – March 31, 2025 for all projects listed. Cause: The report was not reconciled to the general ledger. Effect: The amounts reported for total cumulative expenditures and current period expenditures for several projects were not accurate. Questioned Costs: None Recommendation: We recommend that reports submitted to Federal agencies be prepared from and reconciled to the general ledger.