FAC Explorer

Finding 46802 (2022-001)

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Requirement
L
Questioned Costs
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Year
2022
Accepted
2023-03-05
Audit: 45819
Organization: Lena - Winslow C.u.s.d. #202 (IL)
Auditor: Benning Group LLC

AI Summary

  • Answer: The District needs to ensure accurate financial statements, as significant adjustments were required during the 2022 audit.
  • Trend: This indicates a recurring issue with financial reporting accuracy that may affect compliance with the Illinois School Code and IPAM.
  • List: Follow up on improving financial statement preparation processes to prevent future material adjustments.

Finding Text

The District is responsible for preparation of accurate financial statements. A material audit adjustment was identified during the fiscal year 2022 financial audit. Several material audit adjustments were necessary to arrive at accurate financial statements in accordance with 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 the full Corrective Action Plan included with the reporting package.

Categories

Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund Esser III $455,197
10.555 National School Lunch Program 22 $303,564
84.027 Special Education_grants to States 22 $206,356
84.010 Title I Grants to Local Educational Agencies $126,092
84.425 Education Stabilization Fund $60,624
10.555 National School Lunch Program 21 $45,822
84.027 Special Education_grants to States 21 $28,550
10.553 School Breakfast Program 22 $25,299
10.555 Non-Cash Food Commodity $24,098
84.425 Education Stabilization Fund Esser I $20,250
84.367 Improving Teacher Quality State Grants 22 $19,779
10.560 State Administrative Expenses for Child Nutrition $19,146
93.778 Medical Assistance Program $9,036
84.425 Education Stabilization Fund Esser II $7,712
84.173 Special Education_preschool Grants $6,705
10.555 Fresh Fruits and Vegetables $6,619
10.555 Crrsa Child Nutrition $5,090
10.553 School Breakfast Program 21 $3,851
84.367 Improving Teacher Quality State Grants 21 $2,824
84.424 Student Support and Academic Enrichment Program $2,678
10.649 Pandemic Ebt Administrative Costs $614