FAC Explorer

Finding 520765 (2024-003)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-01-30
Audit: 340550
Organization: Woodbine Community School District (IA)
Auditor: Schroer & Associates PC

AI Summary

  • Answer: The District failed to separate key financial duties, which increases the risk of errors and fraud.
  • Trend: This issue affects multiple areas, including receipts, journal entries, and financial reporting, particularly for federal programs.
  • List: Recommend implementing clear roles for custody, record-keeping, and reconciliation to ensure proper oversight.

Finding Text

Segregation of Duties – The District did not properly segregate custody, record-keeping and reconciling functions for receipts, journal entries, and financial reporting including those related to federal programs. See 2024-001.

Corrective Action Plan

We will continue to review our procedures and implement controls when possible

Categories

Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1097207 2024-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
11.307 Economic Adjustment Assistance $1.55M
10.555 National School Lunch Program $158,968
84.010 Title I Grants to Local Educational Agencies $83,698
84.358 Rural Education $54,213
10.766 Community Facilities Loans and Grants $35,700
10.553 School Breakfast Program $29,682
93.575 Child Care and Development Block Grant $28,000
84.027 Special Education Grants to States $21,519
84.424 Student Support and Academic Enrichment Program $20,000
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $14,083
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $4,243
84.425 Education Stabilization Fund $3,900
84.048 Career and Technical Education -- Basic Grants to States $1,693