Corrective Action Plan:
1. Proper identification and segregation of restricted revenue: Created spreadsheet that tracks restricted
revenue, expenses, and balance remaining for each fund or restriction. This helps with both internal and
external reporting requirements.
2. Matching Expenditures to Restrictions: As expenditures related to restricted funds are incurred (e.g., paying
for program services or project costs), ensure these expenses are recorded against the same fund or tracking
code used for the revenue. This ensures that all expenditures meet the requirements of the restriction and
provides proper documentation for audit purposes.
3. Continuous monitoring and analysis to ensure accurate recording in the general ledger: Restricted funding
will be reviewed at monthly Development meetings to ensure that revenue and expenses are appropriately
recorded and that the remaining balance matches the restrictions.
4. Regular reviews and reconciliation of restricted funds to ensure compliance with restrictions.
5. Clear reporting to stakeholders and proper disclosure in financial statements.
Anticipated completion date:
1. Completed
2. Ongoing
3. Starting February 10, 2025
4. Ongoing
5. Ongoing