FAC Explorer

Finding 1218276 (2024-003)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2026-06-24
Audit: 404528
Organization: Georgia-Alabama Land Trust, Inc. (AL)
Auditor: MAULDIN AND JENKINS LLC

AI Summary

  • Answer: Revenue recognition was delayed, meaning income was not recorded in the correct period.
  • Trend: This issue could lead to ongoing inaccuracies in financial reporting and misrepresentation of financial health.
  • List: Review revenue recognition practices, ensure timely recording of earned revenue, and implement regular audits to catch discrepancies.

Finding Text

Revenue was not recorded when it was earned.

Corrective Action Plan

The Organization is recording all revenue per the conditions the Organization is subjected to in the grant agreement..

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1218273 2024-004
    Material Weakness Repeat
  • 1218274 2024-001
    Material Weakness Repeat
  • 1218275 2024-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
12.005 CONSERVATION AND REHABILITATION OF NATURAL RESOURCES ON MILITARY INSTALLATIONS $3.32M
10.937 PARTNERSHIPS FOR CLIMATE-SMART COMMODITIES $2.58M
12.610 COMMUNITY ECONOMIC ADJUSTMENT ASSISTANCE FOR COMPATIBLE USE AND JOINT LAND USE STUDIES $263,730