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Indian River County Healthy $tart Coalition, Inc. <br /> Summary Schedule of Prior Audit Findings <br /> State Financial Assistance Projects <br /> Year Ended June 30, 2002 <br /> Prior-Year Findings — Financial Statements Audit <br /> 01 =1 Bank Reconciliation 's <br /> (2001) <br /> Reportable Condition: Bank reconciliation' s for the last eight months of the fiscal year <br /> ended June 30, 2001 , had not been completed. This condition is deemed to be a material <br /> weakness . <br /> Criteria: Timely bank reconciliation' s are a basic required internal control procedure. <br /> Effect: Proper control and oversight of the cash receipts and disbursements functions was <br /> compromised. <br /> Recommendation We recommend that timely and accurately prepared bank <br /> reconciliation ' s be required to be prepared monthly, reviewed and signed by either the <br /> executive director or a member of the Board of Directors . <br /> Current Status: Management agrees with the auditors recommendation concerning bank <br /> reconciliation ' s. The bank reconciliation ' s have been brought current through June 30, <br /> 2002. Management will ensure future reconciliation ' s are prepared on a monthly basis. <br /> Additionally, management has established a new policy whereby the monthly <br /> reconciliation' s will be reviewed and signed off by the finance committee. <br /> 01-2 Grant Reimbursement Requests <br /> (2001) <br /> Reportable Condition: Grant revenue was not requested or reported in a timely manner. <br /> Payments under certain grants were not requested or reported until four months after they <br /> were earned. This was the result of error by the financial secretary, and lack of oversight <br /> by management. This condition is deemed to be a material weakness . <br /> Criteria : Revenue should be accrued in a timely manner in accordance with generally <br /> accepted accounting principals. <br /> P <br /> Effect: Revenue and the related grant receivables were materially understated . <br /> Additionally, the organization risked expiration of the period of availability of grant <br /> funding. <br /> Recommendation: The executive director, treasurer and the Board of Directors need to <br /> provide more review and oversight of reimbursement requests . <br /> Current Status.* Management agrees with the auditor's recommendation regarding grant <br /> revenue. Grant revenue requests have been brought current. The Executive Director is <br /> now reviewing and approving all grant requests in order to insure that these revenues are <br /> reported and being received in a timely manner. <br /> - 17- <br />