FAC Explorer

Finding 20734 (2022-001)

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Requirement
P
Questioned Costs
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Year
2022
Accepted
2023-03-02
Audit: 20871
Organization: River Bend C.u.s.d. #2 (IL)
Auditor: Benning Group LLC

AI Summary

  • Answer: The District needs to improve the accuracy of its financial statements due to material audit adjustments found in fiscal year 2022.
  • Trend: Ongoing issues with financial reporting compliance have been noted, indicating a need for better oversight and training.
  • List: Follow up with a review of financial reporting processes and ensure adherence to the Illinois School Code and IPAM guidelines.

Finding Text

The District is responsible for preparation of accurate financial statements. Material audit adjustments were identified during the fiscal year 2022 financial audit. Several adjustments were made in order to properly report certain items of revenue and expense in accordance with the provisions of the Illinois School Code and the Illinois Program Accounting Manual (IPAM).

Corrective Action Plan

The district will be working with the auditors to understand the implications of GASB 87 and ensure all expenditures are reflected correctly in financial statements moving forward. See full Corrective Action Plan on the district letterhead.

Categories

Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $497,406
84.027 Special Education_grants to States $266,926
84.010 Title I Grants to Local Educational Agencies $132,583
84.425 Education Stabilization Fund Esser III $131,031
32.009 Emergency Connectivity Fund Program $91,770
10.559 Summer Food Service Program for Children $54,362
10.553 School Breakfast Program $53,289
10.555 Non-Cash Food Commodity $31,422
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $27,544
84.367 Improving Teacher Quality State Grants $27,174
84.425 Education Stabilization Fund $20,607
10.555 Fresh Fruits and Vegetables $14,437
93.778 Medical Assistance Program $13,946
84.173 Special Education_preschool Grants $12,660
84.424 Student Support and Academic Enrichment Program $8,411
84.425 Education Stabilization Fund Esser De $5,312
84.425 Education Stabilization Fund Esser II $1,287