FAC Explorer

Finding 384550 (2023-002)

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Requirement
P
Questioned Costs
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Year
2023
Accepted
2024-03-26
Audit: 297650
Organization: West Carroll Community School District No 314 (IL)
Auditor: Benning Group LLC

AI Summary

  • Issue: Custodians of funds did not meet bonding requirements set by the Illinois School Code.
  • Trend: The treasurer's bond was insufficient for at least one month in fiscal year 2023.
  • 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 at least 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

Due to personnel changes in District Secretary position this spring Treasurer Bond amount was not properly monitored and adjusted as needed. District Bookkeeper now has contact at insurance agency and is/will continue to monitor fund balance versus Treasurer Bond amount during each monthly reconciliation, requesting adjustments as needed. Treasurer Bodn has been increased sufficiently to cover 25% of Total District Fund Balance. 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 $789,116
10.555 National School Lunch Program $396,011
84.027 Special Education_grants to States $268,538
84.010 Title I Grants to Local Educational Agencies $247,047
84.425 Education Stabilization Fund Esser II $124,080
10.555 School Breakfast Program $117,022
32.009 Emergency Connectivity Fund Program $76,333
93.778 Medical Assistance Program $57,206
10.553 School Breakfast Program $51,121
84.027 Special Education_grants to States Arp Idea Ft $38,026
10.555 Fresh Fruits and Vegetables Program $35,005
10.555 Non Cash Food Commodity Program $34,574
10.579 Child Nutrition Discretionary Grants Limited Availability $29,917
10.555 Arp Nutrition Child Nutrition Supply Chain Assistance $24,360
84.424 Student Support and Academic Enrichment Program $21,885
84.367 Improving Teacher Quality State Grants $21,634
84.173 Special Education_preschool Grants $10,734
10.555 Child and Adult Care Food Program $6,274
10.558 Child and Adult Care Food Program $1,722
10.649 Pandemic Ebt Administrative Costs $628
84.425 Education Stabilization Fund Arp McKinney - Vento Homeless $550
84.010 Title I Grants to Local Educational Agencies School Improvement & Accountability $494