Finding 503258 (2024-001)

- Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2024-10-21

Audit: 325310

Organization: River Bend C.u.s.d. #2 (IL)

Auditor: Benning Group LLC

AI Summary

Answer: The district needs to improve its financial statement preparation to avoid material audit adjustments.
Trend: Ongoing issues with revenue and expense reporting indicate a pattern of inaccuracies.
List: Ensure compliance with the Illinois School Code and IPAM in future financial reporting.

Finding Text

The district is responsible for preparation of accurate financial statements. Material audit adjustments were identified during fiscal year 2024 financial audit. Adjustments were needed in order to properly report certain items of revenue and expense in accordance with the provisions of the Illlinois School Code and the Illinois Program Accounting Manual (IPAM).

Corrective Action Plan

The district will complete audit adjustments for FY24. In addition, the district will ensure that revenues and expenditures are recorded correctly going forward and compliant with GASB87.

Other Findings in this Audit

1079700 2024-001

- Repeat

Programs in Audit

ALN	Program Name	Expenditures
84.425	Education Stabilization Fund Esser III	$304,981
84.027	Special Education Grants to States	$278,590
10.555	National School Lunch Program	$225,212
84.010	Title I Grants to Local Educational Agencies	$130,432
84.367	Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants)	$36,378
10.553	School Breakfast Program	$33,649
10.555	Non-Cash Food Commodity	$32,357
10.555	Arp Nutrition Supply Chain	$29,934
84.424	Student Support and Academic Enrichment Program	$14,158
84.173	Special Education Preschool Grants	$13,220
93.778	Medical Assistance Program	$10,846
10.555	Fresh Fruits and Vegetables	$7,945
84.425	Education Stabilization Fund Esser II	$2,888
10.649	Pandemic Ebt Administrative Costs	$653