FAC Explorer

Finding 384537 (2023-002)

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Requirement
L
Questioned Costs
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Year
2023
Accepted
2024-03-26
Audit: 297644
Organization: Warren C.u.s.d. #205 (IL)
Auditor: Benning Group LLC

AI Summary

  • Issue: Some fund custodians did not meet bonding requirements set by the Illinois School Code.
  • Trend: For one month in fiscal year 2023, the treasurer's bond was insufficient.
  • Follow-up: Ensure the treasurer's bond meets the requirement of at least 25% of total funds in custody.

Finding Text

One or more custodians of funds failed to comply with the bonding requirements of the Illinois School Code. The treasurer's bond in force was not sufficient to meet the bonding requirement for one month during fiscal year 2023. The Illinois School Code requires the district treasurer to be bonded for at least 25% of the total funds in his/her custody.

Corrective Action Plan

Bookkeeper increased the Treasurer's bond in September 2023 after realizing that it was short. The district will now be over the new coverage requirement of 10% of the account balances. See full Corrective Action Plan on district letterhead.

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund Esser III $545,183
84.027 Special Education_grants to States $117,725
10.555 National School Lunch Program $94,683
84.425 Education Stabilization Fund Esser II $89,293
84.010 Title I Grants to Local Educational Agencies $54,255
84.358 Rural Education $31,184
10.555 Arp Child Nutrition - Nutrition Supply Chain Assistance $29,064
84.367 Improving Teacher Quality State Grants $18,331
93.778 Medical Assistance Program $15,668
10.555 School Breakfast Program $12,178
10.555 Non Cash Food Commodity Program $12,043
84.173 Special Education_preschool Grants $10,738
84.425 Education Stabilization Fund Esser I $6,886
10.553 School Breakfast Program $4,360
84.425 Education Stabilization Fund Geer II $3,427
10.555 Fresh Fruits and Vegetables Program $2,058
10.649 Pandemic Ebt Administrative Costs $628