FAC Explorer

Finding 38975 (2022-001)

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Requirement
P
Questioned Costs
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Year
2022
Accepted
2023-03-02
Audit: 36807
Organization: Pearl City C.u.s.d. #200 (IL)
Auditor: Benning Group LLC

AI Summary

  • Core Issue: The District failed to 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: Implement a review process to ensure financial statements align with legal requirements before submission.

Finding Text

The District is responsible for preparation of accurate financial statements. Material audit adjustments were identified during the fiscal year 2022 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 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.

Categories

Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund Esser II $221,767
84.425 Education Stabilization Fund Esser III $158,505
10.555 National School Lunch Program $158,111
84.027 Special Education_grants to States $114,170
84.027 Special Education_grants to States Room and Board $87,069
84.010 Title I Grants to Local Educational Agencies $81,519
84.358 Rural Education $36,130
10.553 School Breakfast Program $18,965
10.555 Non-Cash Food Commodity $14,752
93.778 Medical Assistance Program $7,661
84.173 Special Education_preschool Grants $7,440
10.560 State Administrative Expenses for Child Nutrition $4,855
10.555 Fresh Fruits & Vegetables $4,170
84.173 Special Education_preschool Grants Arp Idea Pre-K $2,081
84.048 Career and Technical Education -- Basic Grants to States $878
10.556 Special Milk Program for Children $721
10.649 Pandemic Ebt Administrative Costs $614