Finding 511980 (2024-001)

Material Weakness Repeat Finding
Requirement
ABG
Questioned Costs
-
Year
2024
Accepted
2024-11-25
Audit: 329740

AI Summary

  • Answer: There is a material weakness in internal controls related to revenue management.
  • Trend: This issue impacts compliance with Special Education grants (CFDA No. 84.027 and CFDA No. 84.173).
  • List: Follow up by reviewing and improving segregation of duties in revenue processes.

Finding Text

A material weakness in internal controls was noted due to a lack of proper segregation of duties for revenues. This affects the compliance requirements for Special Education – Grants to States, CFDA No. 84.027 and Special Education - Preschool Grants, CFDA No. 84.173.

Corrective Action Plan

The Cornbelt Educational Cooperative Business Manager, Pamela Selken is the contact person responsible for the corrective action plan for this finding. This finding is due to the limited number of staff employed in the Cooperative's business office. Staffing the office at an efficient and financially feasible level precludes the hiring of enough personnel to provide an ideal environment for the internal controls. We are aware of the weakness in internal controls and will continue to develop policies and procedures and provide compensating controls to reduce the risk. We will also communicate this concern with our Board of Directors. The Cornbelt Educational Cooperative did adopt an Internal Controls and Procedures policy on March 13th, 2018 that does address many of these issues, and would ask for consideration reflecting this implementation. This finding will be an ongoing process, requiring continued analysis of processes and procedures in order to minimize the risk.

Categories

Internal Control / Segregation of Duties Material Weakness

Other Findings in this Audit

  • 511981 2024-001
    Material Weakness Repeat
  • 1088422 2024-001
    Material Weakness Repeat
  • 1088423 2024-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.027 Special Education Grants to States $842,094
84.173 Special Education Preschool Grants $44,293
84.425 Education Stabilization Fund $9,114