Answer: The report incorrectly classified $28,769 in grant disbursements instead of cash on hand.
Trend: This misclassification could indicate a pattern of reporting inaccuracies in financial statements.
List: Review and correct the financial report, implement training on proper classification, and establish a verification process for future reports.
Finding Text
The Organization 's annual Federal Financial Report for the period ended July 31, 2023 inaccurately reported $28,769 as grant disbursements that should have been reported as cash on hand.
Corrective Action Plan
The Organization is aware of the error. The $28,679 was disbursed immediately subsequent to year end. The Organization has hired an additional accountant which will help the timeliness of payments.