FAC Explorer

Finding 384593 (2023-002)

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

AI Summary

  • Core Issue: Some fund custodians did not meet bonding requirements set by the Illinois School Code.
  • Impacted Requirements: The treasurer's bond was inadequate for four months, failing to cover at least 25% of total funds.
  • Recommended Follow-Up: Ensure the treasurer's bond is reviewed and adjusted to meet legal requirements promptly.

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 four months 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

The district will monitor the fund balances monthly and modify the treasurer's bonds if necessary to stay compliant.

Categories

No categories assigned yet.

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