FAC Explorer

Finding 526959 (2024-002)

Material Weakness
Requirement
BL
Questioned Costs
-
Year
2024
Accepted
2025-03-13
Audit: 346058
Organization: Belmond-Klemme Community School District (IA)
Auditor: Kay L Chapman CPA PC

AI Summary

  • Answer: The District failed to separate key financial duties, which can lead to errors or fraud.
  • Trend: This issue affects both revenue and expenditure processes, including federal program funds.
  • List: Recommend implementing clear roles for custody, record-keeping, and reconciliation to improve oversight.

Finding Text

The District did not properly segregate custody, record-keeping and reconciling functions for revenues and expenditures, including those related to federal programs. See 2024-001.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 526958 2024-002
    Material Weakness
  • 526960 2024-002
    Material Weakness
  • 526961 2024-002
    Material Weakness
  • 1103400 2024-002
    Material Weakness
  • 1103401 2024-002
    Material Weakness
  • 1103402 2024-002
    Material Weakness
  • 1103403 2024-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $309,658
10.553 School Breakfast Program $57,221
84.027 Special Education Grants to States $34,805
10.555 National School Lunch Program $30,453
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $24,651
84.010 Title I Grants to Local Educational Agencies $22,857
84.424 Student Support and Academic Enrichment Program $11,804
10.559 Summer Food Service Program for Children $11,434
84.048 Career and Technical Education -- Basic Grants to States $5,997