FAC Explorer

Finding 384490 (2023-001)

- Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-03-26
Audit: 297604
Organization: Lena - Winslow C.u.s.d. #202 (IL)
Auditor: Benning Group LLC

AI Summary

  • Answer: The District needs to ensure accurate financial statements, as significant adjustments were required during the audit.
  • Trend: This issue indicates a recurring problem with financial reporting accuracy, highlighting a need for improved processes.
  • List: Follow up by reviewing financial reporting practices and training staff on compliance with the Illinois School Code and IPAM.

Finding Text

The District is responsible for preparation of accurate financial statements. A material audit adjustment was identified during the fiscal year 2023 financial audit. Several material audit adjustments were necessary to arrive at accurate financial statements in accordance with provisions of the Illinois School Code and the Illinois Program Accounting Manual (IPAM).

Corrective Action Plan

The district will seek guidance for recording transactions under new accounting standards as they arise in the future. See full Corrective Action Plan on district letterhead.

Categories

Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund Esser II $467,956
84.425 Education Stabilization Fund Esser III $274,277
84.027 Special Education_grants to States $225,846
10.555 National School Lunch Program $179,941
32.009 Emergency Connectivity Fund Program $155,610
84.010 Title I Grants to Local Educational Agencies $109,420
84.027 Special Education_grants to States Arp Idea Ft $38,465
10.555 Non-Cash Food Commodity Program $29,049
93.778 Medical Assistance Program $22,424
84.424 Student Support and Academic Enrichment Program $22,301
84.367 Improving Teacher Quality State Grants $21,716
10.555 School Breakfast Program $16,894
10.555 Arp Child Nutrition Supply Chain Assistance $15,081
84.173 Special Education_preschool Grants $6,968
84.425 Education Stabilization Fund Arp McKinney Vento Homeless $5,535
10.555 Fresh Fruits and Vegetables Program $4,260
10.553 School Breakfast Program $4,063
84.173 Special Education_preschool Grants Arp Idea Ps $3,803
10.649 Pandemic Ebt Administrative Costs $628