FAC Explorer

Finding 994674 (2022-002)

Material Weakness
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-02-20
Audit: 312180
Organization: River Valley Community School District (IA)
Auditor: Kay L Chapman CPA PC

AI Summary

  • Answer: The district failed to separate duties for handling money, keeping records, and reconciling accounts.
  • Trend: This issue affects both revenues and expenditures, including federal program funds.
  • List: Recommend implementing proper segregation of duties to enhance financial controls and reduce risk.

Finding Text

THE DISTRICT DID NOT PROPERLY SEGREGATE CUSTODY, RECORD-KEEPING AND RECONCILING FUNCTIONS FOR REVENUES AND EXPENDITURES, INCLUDING THOSE RELATED TO FEDERAL PROGRAMS.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 418232 2022-002
    Material Weakness
  • 418233 2022-002
    Material Weakness
  • 994675 2022-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $453,153
10.555 National School Lunch Program $249,867
84.010 Title I Grants to Local Educational Agencies $76,268
84.358 Rural Education $67,199
10.553 School Breakfast Program $44,412
84.027 Special Education_grants to States $19,034
84.367 Improving Teacher Quality State Grants $12,530
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $3,380
10.649 Pandemic Ebt Administrative Costs $641