FAC Explorer

Finding 942934 (2023-004)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-02-07
Audit: 16120
Organization: City of Baxter (TN)
Auditor: Denning & Cantrell CPAS PLLC

AI Summary

  • Issue: Grant receivables and revenues were not recorded correctly at year-end.
  • Impact: The City Recorder was unaware that expenditures should be recorded as receivables.
  • Follow-up: MTAS will train the City Recorder on proper grant entry procedures.

Finding Text

Grant receivables were not recorded correctly at year end. The City Recorder was unaware expenditures should be recorded as a receivable at year end. Grant revenues were not correctly recorded. At year end grant expenditures should be calculated, and grant receivables should be recorded. MTAS has been contacted for the City's financial advisor to train the City Recorder on grant entries

Categories

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Other Findings in this Audit

  • 366491 2023-004
    Material Weakness
  • 366492 2023-004
    Material Weakness
  • 942933 2023-004
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
11.300 Investments for Public Works and Economic Development Facilities $1.12M
21.027 Coronavirus State and Local Fiscal Recovery Funds $246,962
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $159,896
97.044 Assistance to Firefighters Grant $49,031
10.766 Community Facilities Loans and Grants $34,600
23.006 Appalachian Regional Development (see Individual Appalachian Programs) $19,163