Finding Text
Criteria: The provisions of 2 CFR section 200.328 require accurate and timely filing of quarterly financial reports and that the reports reconcile to underlying financial records.
Condition and Context: In testing reconciliations of financial records to periodic expense reports submitted for Economic Stabilization Funds, it was noted that previously reported expenditures and year-to-date expenditures were inaccurate.
Cause and Effect: The quarterly periodic expense reports were not accurately reported due to the School Board not reconciling the financial records to the quarterly reports.
Recommendation: We recommend that the School Board reconcile their financial records to the periodic expense reports before submission.
Management’s response: See Management's Corrective Action Plan.