CFPP will implement the following processes to improve the accuracy in the reporting process. Management:
* submitted a revised SF-425 Federal Financial Report through Fed Connect on July 13, 2023, updating Line 10f Federal share of unliquidated obligations to include the approximately $7.9 million adjustment. Scott Fox, CFO, reviewed the revised SF-425 which reconciled to the general ledger and included the year-end accrual. A copy of the revised SF-425 is available upon request.
* will develop a written policy and procedure to address the preparation, reconciliation, review and approval process of the SF-425 Federal Financial Report.
* will provide training to all personnel responsible for the preparation of federal financial reports to ensure that the expenditures reported in the Federal Financial Report include all accruals for expenditures and that the amount of the expenditures reported are reconciled to the expenditures included in the general ledger.
* will implement a new control in which the reconciliation of the expenditures reported in the Federal Financial Report to the general ledger is reviewed by the chief financial officer.