Finding 619442 (2022-005)

Material Weakness
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-04-24
Audit: 39784
Organization: Gmg Community School District (IA)

AI Summary

  • Issue: The District failed to complete monthly bank reconciliations on time, affecting financial oversight.
  • Trend: This delay includes accounts tied to federal programs, which could lead to compliance risks.
  • Recommendation: Implement a schedule to ensure timely bank reconciliations moving forward.

Finding Text

The District did not prepare monthly bank reconciliations in a timely manner, including accounts relating to federal programs.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 42999 2022-004
    Material Weakness
  • 43000 2022-005
    Material Weakness
  • 619441 2022-004
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $483,791
10.555 National School Lunch Program $306,035
10.553 School Breakfast Program $101,075
84.010 Title I Grants to Local Educational Agencies $58,633
84.358 Rural Education $46,116
84.048 Career and Technical Education -- Basic Grants to States $15,527
84.027 Special Education_grants to States $13,911
84.424 Student Support and Academic Enrichment Program $10,000
84.367 Improving Teacher Quality State Grants $9,620
10.559 Summer Food Service Program for Children $3,760