Finding Text
Condition and context: The SC Department of Education’s accounting system utilizes specific function and location codes and specific transfer accounts in their approved general account structure. The District’s unadjusted general ledger contained various generic function codes. Adjusting journal entries were necessary to correct the function for some expenditures. Of these necessary adjusting journal entries, $48,000 was a material adjustment to the EIA Special Revenue Fund for correcting functions and $271,889 and $43,545 were material adjustments to the Debt Service Fund and Special Projects-Special Revenue Fund, respectively, for correcting locations. Since federal revenues are not allowed to be reported in capital project funds under the SC Department of Education's accounting system, material adjustments of $276,475 were necessary to move federal grant activity to a special revenue fund.