Action(s) Taken or Planned on the Finding:
Our plan to accurately account for transactions is as follows:
1.) The organization is adding additional staff to the accounting
department, which will allow for separation of duties, better
tracking, and additional oversight from month to month.
2.) The CFO will work closely with the Chief Development
Officer and accounting personnel to develop a monthly
reconciliation process that ensures contribution and special
event activity is reviewed and accurately recorded in the
appropriate period.
This will allow us to account for transactions accurately and to remain in
accordance with U.S. GAAP. This corrective action plan will be reviewed
annually to ensure compliance.
Anticipated Completion Date:
While additional procedures were implemented in January 2023,
employee turnover and the implementation of a new general ledger
system created additional challenges and the procedures developed were not sufficient to prevent the identified issues. Updated procedures will begin in December 2024.