Finding Text
Program: COVID-19 Education Stabilization Fund ALN 84.425F Higher Education Emergency Relief Fund ? Institutional Portion Program Requirement: Reporting Criteria: Pursuant to 2022 Compliance Supplement ESF Section 2 III L, an institution must post a report covering amounts spent during the quarter for HEERF I, HEERF II, and HEERF III funds each quarterly reporting period no later than 10 days after the end of each calendar quarter. The report includes the total amount of funds received to date for each Suffix. Condition: The total funds received to date reported under suffix F was the amount of both the suffix E and F grants. The general ledger accounts used to support the HEERF Institutional Portion reporting did not include all of the HEERF expenditures due to a journal entry post error. The error was not timely detected during the College?s quarterly reconciliation of grant revenues and expenditures. The error was detected and corrected prior to year end. Context: Journal entries were recorded incorrectly to the general ledger, resulting in incorrect reports for the quarters tested. The entries were corrected between the report date and year end. The total funds received to date was incorrect on three out of four quarterly reports. Cause: The Business Office did not properly review the reconciliation of grant expenditures or the total funding by suffix. Effect: Errors could go unnoticed and not be detected and corrected in a timely manner. Questioned Costs: None Repeat Finding: Yes Recommendation: Reconciliations of grant revenue and expenditures should be performed monthly, with a detailed review of account balances to ensure accuracy and proper reporting. Views of Responsible Officials: The College agrees with the recommendation to perform monthly reconciliations, a detailed review of account balances to ensure accuracy and proper reporting.