FAC Explorer

Finding 384577 (2023-001)

- Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-03-26
Audit: 297654
Organization: Stockton C.u.s.d. #206 (IL)
Auditor: Benning Group LLC

AI Summary

  • Core Issue: The District did not prepare accurate financial statements, leading to material audit adjustments.
  • Impacted Requirements: Compliance with the Illinois School Code and the Illinois Program Accounting Manual (IPAM) was not met.
  • Recommended Follow-Up: Review and improve financial reporting processes to ensure accuracy and compliance in future audits.

Finding Text

The District is responsible for preparation of accurate financial statements. Material audit adjustments were 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 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 III $634,271
84.425 Education Stabilization Fund Esser II $317,675
10.555 National School Lunch Program $287,284
84.027 Special Education_grants to States $161,460
84.010 Title I Grants to Local Educational Agencies $97,553
84.358 Rural Education $39,975
10.555 Non-Cash Food Commodity Program $27,557
84.027 Special Education_grants to States Arp Idea Ft $26,516
10.555 School Breakfast Program $26,437
93.778 Medical Assistance Program $24,725
84.367 Improving Teacher Quality State Grants $18,288
32.009 Emergency Connectivity Fund Program $15,239
84.173 Special Education_preschool Grants $11,237
10.553 School Breakfast Program $5,359
84.173 Special Education_preschool Grants Arp Idea Ps $2,621
84.424 Student Support and Academic Enrichment Program $2,221
10.649 Pandemic Ebt Administrative Costs $628
10.555 Fresh Fruits and Vegetables Program $331