Finding Text
Reporting for Education Stabilization Fund
Federal program: ALN 84.425U&D Education Stabilization Fund
Federal agency: U.S. Department of Education
Pass-through entity: Colorado Department of Education
Criteria: As an LEA, the LEA is required to submit certain annual financial reports to the SEA on an annual basis.
Condition: While the Organization submitted the required annual financial reports, these reports did not agree to the under.
Cause: Controls to ensure annual financial reports are reconciled to the underlying accounting data do not exist.
Effect: The District misreported the amount of funds expended to the SEA for fiscal year 2023.
Questioned costs: None noted.
Context: Testing was performed over the total population of required reports. Statistical sampling was not used.
Recommendation: Management should implement procedures to reconcile annual financial reports to the underlying accounting data. Additionally, we recommend that the District retain a third party firm to reconcile such reports.
Views of responsible officials and planned corrective action: Management agrees with this finding and is working on implementing an annual financial report reconciliation process as staffing allows.