FAC Explorer

Finding 369647 (2022-007)

Material Weakness
Requirement
ABEILN
Questioned Costs
-
Year
2022
Accepted
2024-02-19
Audit: 291025
Organization: Fremont-Mills Community School District (IA)
Auditor: Nolte Cornman & Johnson PC

AI Summary

  • Answer: Bank reconciliations show outdated items and delays in recording, suggesting they may not be done monthly.
  • Trend: This issue indicates a pattern of incomplete or inaccurate reconciliations over time.
  • List: Review and update reconciliation processes to ensure timely recording and remove outdated items.

Finding Text

Bank reconciliations included several items no longer outstanding and other items not recorded in a timely manner giving the appearance bank reconciliations may not be completed each month. See finding 2022-003.

Corrective Action Plan

The district has developed a plan to complete bank reconciliations for all accounts each month using the Software Unlimited accounting system. To assist in implementation of the plan the district entered into an operational sharing agreement for Business Manager services with a neighboring district for fiscal years 2023 and 2024 to address bank reconciliation training, oversight and review each month.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 369645 2022-005
    Material Weakness
  • 369646 2022-006
    Material Weakness
  • 369648 2022-008
    Significant Deficiency
  • 369649 2022-005
    Material Weakness
  • 369650 2022-006
    Material Weakness
  • 369651 2022-007
    Material Weakness
  • 369652 2022-008
    Significant Deficiency
  • 369653 2022-005
    Material Weakness
  • 369654 2022-006
    Material Weakness
  • 369655 2022-007
    Material Weakness
  • 369656 2022-008
    Significant Deficiency
  • 946087 2022-005
    Material Weakness
  • 946088 2022-006
    Material Weakness
  • 946089 2022-007
    Material Weakness
  • 946090 2022-008
    Significant Deficiency
  • 946091 2022-005
    Material Weakness
  • 946092 2022-006
    Material Weakness
  • 946093 2022-007
    Material Weakness
  • 946094 2022-008
    Significant Deficiency
  • 946095 2022-005
    Material Weakness
  • 946096 2022-006
    Material Weakness
  • 946097 2022-007
    Material Weakness
  • 946098 2022-008
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $256,412
84.425 Education Stabilization Fund $100,734
84.010 Title I Grants to Local Educational Agencies $65,371
10.553 School Breakfast Program $61,595
84.358 Rural Education $46,141
84.424 Student Support and Academic Enrichment Program $17,782
10.559 Summer Food Service Program for Children $17,664
84.048 Career and Technical Education -- Basic Grants to States $8,004
84.367 Improving Teacher Quality State Grants $7,613
84.027 Special Education_grants to States $3,188
10.649 Pandemic Ebt Administrative Costs $614