FAC Explorer

Finding 384492 (2023-001)

- Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-03-26
Audit: 297606
Organization: Pearl City C.u.s.d. #200 (IL)
Auditor: Benning Group LLC

AI Summary

  • Answer: The District needs to ensure accurate financial statements, as a significant audit adjustment was found.
  • Trend: This issue indicates ongoing challenges in financial reporting compliance with the Illinois School Code and IPAM.
  • List: Follow up by reviewing financial reporting processes and training staff on compliance requirements.

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 adjustments were needed in order to properly report certain items of revenue and expense in accordance with the provisions of the Illinois School Code and Illinois Program Accounting Manual (IPAM).

Corrective Action Plan

The District will seek guidance for recording transactions under new accounting standards as they arise. 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 III $422,218
10.555 National School Lunch Program $135,370
84.027 Special Education_grants to States $119,534
84.010 Title I Grants to Local Educational Agencies $104,113
84.358 Rural Education $35,435
10.555 Arp Child Nutrition Supply Chain Assistance $29,760
32.009 Emergency Connectivity Fund Program $25,627
84.027 Special Education_grants to States Arp Idea Ft $21,052
84.425 Education Stabilization Fund D3 $16,796
10.555 Non-Cash Food Commodity Program $16,502
84.173 Special Education_preschool Grants $13,210
10.555 School Breakfast Program $10,150
93.778 Medical Assistance Program $9,464
10.555 Fresh Fruits and Vegetables Program $4,970
10.553 School Breakfast Program $4,061
84.425 Education Stabilization Fund Arp McKinney- Vento Homeless $2,977
10.555 Special Milk Program $1,029
10.649 Pandemic Ebt Administrative Costs $628
84.048 Career and Technical Education -- Basic Grants to States $395
10.556 Special Milk Program $273