Finding Text
SECTION III – FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
2023-002
Material Weakness
Reporting
Criteria and Condition: While the Organization has some written financial management procedures documentation, it does not meet all the recent specific requirements under 2 CFR 200.302 in the Uniform Grant Guidance.
Context: The financial management requirements under 2 CFR 200.302 require each non-federal entity maintain effective control over, and accountability for all funds, property, and other assets, including having written procedures in place.
Key changes which effect the Organization include:
• Increased documentation
• Time and effort reporting for payroll
• Specific purchasing consideration
Cause: The Borough did not implement adequate controls to ensure compliance with this reporting requirement.
Potential Effect: Errors could occur in financial reporting.
Recommendation: We recommend the Organization update its existing policies to comply with the requirements under 2 CFR 200.302.
Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of defining and following the necessary policies and procedures to remain in compliance with the requirements under 2 CFR 200.302. Borough of Yardley will implement these policies and procedures to ensure that the organization will comply going forward.
Repeat: Repeat finding from 2017-002
Action Taken: The Borough will review guidance and create missing policies.
Anticipated Completion: During 2024.