FAC Explorer

Finding 503013 (2022-002)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2022
Accepted
2024-10-16
Audit: 324961
Organization: Southern Avenue Charter Elementary School of Academic Excellence and Creative Arts (TN)
Auditor: Booker T Camper JR CPA

AI Summary

  • Issue: The Academy lacks written procedures to manage cash balances, risking exceeding FDIC limits.
  • Trend: This oversight could lead to potential financial penalties or loss of insurance coverage.
  • Recommendation: Develop and implement clear procedures to monitor and maintain cash balances within FDIC limits.

Finding Text

The Academy do not have in place written procedures over cash balances to ensure that cash balances will not exceed FDIC limits.

Corrective Action Plan

The Academy will place written procedures for cash balances and obtain the necessary insurance if the cash balances exceed the FDIC limits

Categories

No categories assigned yet.

Other Findings in this Audit

  • 503012 2022-001
    Significant Deficiency
  • 503014 2022-003
    Significant Deficiency
  • 1079454 2022-001
    Significant Deficiency
  • 1079455 2022-002
    Significant Deficiency
  • 1079456 2022-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $317,766
84.010 Title I Grants to Local Educational Agencies $174,124
10.553 School Breakfast Program $31,791