FAC Explorer

Finding 41988 (2022-003)

-
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-03-02
Audit: 48024
Organization: Rockton School District No. 140 (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 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 the district letterhead.

Categories

Special Tests & Provisions

Other Findings in this Audit

  • 41986 2022-001
    Significant Deficiency Repeat
  • 41987 2022-002
    -
  • 618428 2022-001
    Significant Deficiency Repeat
  • 618429 2022-002
    -
  • 618430 2022-003
    -

Programs in Audit

ALN Program Name Expenditures
84.027 Special Education_grants to States $276,627
84.010 Title I Grants to Local Educational Agencies $236,422
84.425 Education Stabilization Fund Esser III $169,041
84.425 Education Stabilization Fund Esser De $96,094
84.027 Special Education_grants to States Arp Idea Ft $70,762
10.553 School Breakfast Program $40,010
84.367 Improving Teacher Quality State Grants Title II $38,963
10.555 Dod Fresh Fruits and Vegetables Program $28,487
10.555 Commodities Program $25,213
93.778 Medical Assistance Program $22,316
10.559 Summer Food Service Program for Children $20,093
84.173 Special Education_preschool Grants $11,414
84.424 Student Support and Academic Enrichment Program Title IV $10,460
84.173 Special Education_preschool Grants Arp Idea Pre-K $7,093
10.556 Special Milk Program for Children $1,007
10.649 Pandemic Ebt Administrative Costs $614
10.555 National School Lunch Program $120