FAC Explorer

Finding 399909 (2023-001)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-06-04
Audit: 308051
Organization: Calumet Public School District 132 (IL)
Auditor: Lauterbach & Amen LLP

AI Summary

  • Core Issue: The District has not received monthly bank reconciliations from the Calumet Township Treasurer, indicating a significant gap in financial controls.
  • Impacted Requirements: This lack of reconciliation affects the accuracy of financial reporting and internal controls.
  • Recommended Follow-Up: The District should mandate monthly reconciliations and supporting documents from the Treasurer to address discrepancies promptly.

Finding Text

Finding 2023 – 001: Bank Reconciliation Comment: The District’s management has not received a bank reconciliation from the Calumet Township Treasurer for pooled cash and investments. This represents a material weakness in the internal control over financial reporting. Recommendation: We recommend as a means of better control, that bank reconciliation’s be performed each month and any variances be investigated and adjusted immediately. As these are performed by the Township Treasurer, we recommend the District require the monthly bank reconciliations and supporting documents to ensure the correct balances as allocated to District. Management’s Response: The Superintendent, along with staff, will work with the Calumet Township Treasurer to ensure that monthly bank reconciliations and support documents are performed and received prior to or during audit fieldwork.

Corrective Action Plan

Finding 2023 – 001: Bank Reconciliation Condition: During audit fieldwork, we noted the District’s management has not received a bank reconciliation from the Calumet Township Treasurer for pooled cash and investments. This represents a material weakness in the internal control over financial reporting. Plan: The Superintendent, along with staff, will work with the Calumet Township Treasurer to ensure that monthly bank reconciliations and support documents are performed and received prior to or during audit fieldwork. Anticipated Date of Completion: June 30, 2024

Categories

Material Weakness Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 976351 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $220,490
10.553 School Breakfast Program $144,177
84.367 Improving Teacher Quality State Grants $102,077
10.582 Fresh Fruit and Vegetable Program $54,472
10.555 National School Lunch Program $53,668
93.778 Medical Assistance Program $36,655
84.365 English Language Acquisition State Grants $11,485
84.010 Title I Grants to Local Educational Agencies $10,000
84.424 Student Support and Academic Enrichment Program $8,287
84.173 Special Education_preschool Grants $2,600
84.027 Special Education_grants to States $1,796