Finding Text
Condition The District does not track federal funds received and/or spent versus state and local funds. Criteria It is generally accepted accounting practice to track federal funds spent to determine if a single audit is required. Cause Unknown Effect The risk of not tracking federal funds received and spent could result in a misstatement of the single audit or incorrectly not filing a single audit. Recommendation We recommend that procedures be implemented to track the federal funds that are received and subsequently spent each fiscal year. Management's Response Management will review the provided State Conservation Commission and Department of Environmental Protection grant awards with the percentage breakdown of Federal and State money grant sources from the contract allocations and spending balance of the federal monies verses state monies within the grant allocation. -