FAC Explorer

Finding 384592 (2023-001)

- Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-03-26
Audit: 297681
Organization: River Bend C.u.s.d. #2 (IL)
Auditor: Benning Group LLC

AI Summary

  • Answer: The district needs to ensure accurate financial statements, as material adjustments were found during the 2023 audit.
  • Trend: Frequent adjustments indicate ongoing issues with financial reporting compliance under the Illinois School Code and IPAM.
  • List: Follow up on training for staff on financial reporting standards and review processes to prevent future discrepancies.

Finding Text

The district is responsible for preparation of accurate financial statements. Material audit adjustments were identified during fiscal year 2023 financial audit. Several adjustments were made in order to properly report certain items of revenue and expense in accordance with the provisions of the Illlinois School Code and the Illinois Program Accounting Manual (IPAM).

Corrective Action Plan

The district will complete audit adjustments for FY23. In addition, the district will ensure the revenues and expenditures are recorded correctly going forward and compliant with GASB87.

Categories

Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund Esser III $420,056
84.027 Special Education_grants to States $278,148
10.555 National School Lunch Program $235,424
32.009 Emergency Connectivity Fund Program $140,000
84.010 Title I Grants to Local Educational Agencies $134,563
84.027 Special Education_grants to States Arp Idea Ft $51,066
10.553 School Breakfast Program $24,703
10.555 Non-Cash Food Commodity $23,202
84.425 Education Stabilization Fund Esser II $21,866
10.555 Arp Nutrition Supply Chain Assistance $16,136
84.367 Improving Teacher Quality State Grants $14,894
84.173 Special Education_preschool Grants $13,018
93.778 Medical Assistance Program $12,812
84.424 Student Support and Academic Enrichment Program $11,065
10.555 Fresh Fruits and Vegetables $8,387
84.173 Special Education_preschool Grants Arp Idea Ps $5,052
10.649 Pandemic Ebt Administrative Costs $628