Finding Text
Condition: Grant agreements are reviewed and grant revenue is monitored by one or more Board members, but complete grant documentation is not provided to accounting personnel to ensure proper revenue recognition under grant agreements.
Criteria: Internal controls should be in place to allow grant revenue and expenses to be properly recorded in the correct reporting period.
Cause: Grant agreements are not provided to Center account personnel.
Effect: There were several audit adjustments to record grant revenue in the correct period.
Recommendation: Provide grant agreements and grant documentation to the accounting staff to ensure proper revenue recognition under grant agreements.
View of Responsible Officials and Planned Corrective Actions: The Center agrees with the finding. The Center implemented the recommendation.