Corrective Action Taken or To Be Taken:
We have instituted several controls to prevent errors or irregularities regarding our financial
statements and use of Federal funds moving forward. Listed are some of our most pervasive
measures in our internal control system.
- We review invoices and require two approvals before we pay on an invoice.
- We require reviews of our billings before they are submitted.
- We have a financial report that is reviewed at each board meeting.
- We perform a monthly bank reconciliation to ensure cash is recorded properly.
These among other controls having been implemented in 2022, should go a long way in preventing
material misstatements in our financial reporting and should ensure that we properly comply with
rules and regulations relating to the use of Federal funds.
Timetable for Implementation:
Controls were implemented in 2022 and early 2023.
Monitoring to Be Performed:
Third Party Accountant, Project Manager, and Treasurer will monitor the procedures.
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