Finding 559255 (2024-001)

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Requirement
L
Questioned Costs
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Year
2024
Accepted
2025-05-05
Audit: 355469

AI Summary

  • Core Issue: The Village failed to submit its fiscal 2024 audited financial information to the Federal Audit Clearinghouse within the required 9-month timeframe.
  • Impacted Requirements: Internal controls for timely electronic submission of audited financials are not being met, risking future federal program eligibility.
  • Recommended Follow-Up: The Village should establish procedures to ensure timely electronic submissions of audited financial statements moving forward.

Finding Text

Criteria: Internal controls should be in place to ensure that the Village electronically submits audited financial information to the Federal Audit Clearinghouse (the “Clearinghouse”). Condition: The Village did not electronically submit to the Clearinghouse its fiscal 2024 audited financial information within 9 months after its fiscal year end. Cause: The Village has not needed a single audit in the past and its audit was scheduled 9 months after year end. As a result, submissions of audited financial information could not be done because of the timing of the audit. Effect: Noncompliance could result in the Village being denied future federal programs. Questioned Costs: None reported. Recommendation: The Village should implement procedures to ensure the audited financial statements are electronically submitted to the Clearinghouse on a timely basis going forward. Views of Responsible Officials of Auditee: The Village agrees with the finding and will ensure that all submissions will be filed timely.

Corrective Action Plan

The Village will ensure that the audit and single audit are filed timely in the next fiscal year, and all reports will be submitted by its due date.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $831,812
14.218 Community Development Block Grants/entitlement Grants $140,577