DISBURSEMENTS We determined whether financial reports were prepared monthly or [Report any variations greater quarterly as required, and reviewed by the governing body. We than 5% of total annual selected one financial report and (1) scanned the general ledger and revenues.] determined that all funds were included in the report, and (2) agreed the lesser of 10% or 15 line items from the report to the general ledger. We inquired with the chief administrative officer and the chief financial officer whether there were disbursements to related parties. We also scanned disbursement records for disbursements to related parties and determined who has credit cards or purchasing cards issued by the entity. We selected the lesser of 25 disbursements or 10% of disbursements ensuring that the selection includes disbursements to related parties as well as credit card or purchase card disbursements made by members of the governing body and executive level of management. For each transaction selected, we determined the whether the disbursement: Was consistent with the entity’s purpose. Agreed to the receipt or invoice supporting the amount and payee. Was authorized consistent with the entity’s policies and procedures. Was in compliance with the entity’s purchasing policy (bids, quotes, etc.). Was classified and recorded in accordance with the entity’s chart of accounts and policies and procedures, GAAP, and State/Federal policies as applicable. For each credit or purchasing card used, we selected one month during the period and determined whether card purchases were reconciled to receipts monthly by someone other than the card holder. Through inquiry with management and scanning receipt records, we determined what restricted revenue was received by the entity and selected the lesser of 10% or 5 disbursements from restricted funds and determined whether the disbursements were in compliance with restrictions placed on the funds. CASH For each depository account, we obtained the year-end bank reconciliation and one additional month’s bank reconciliation and performed the following: Traced the bank balance on the reconciliation to the balance per the bank statement.
DISBURSEMENTS We determined whether financial reports were prepared monthly or quarterly as required, and reviewed by the governing body. We selected one financial report and (1) scanned the general ledger and determined that all funds were included in the report, and (2) agreed the lesser of 10% or 15 line items from the report to the general ledger. [Report any variations greater than 5% of total annual revenues.] We inquired with the chief administrative officer and the chief financial officer whether there were disbursements to related parties. We also scanned disbursement records for disbursements to related parties and determined who has credit cards or purchasing cards issued by the entity. We selected the lesser of 25 disbursements or 10% of disbursements ensuring that the selection includes disbursements to related parties as well as credit card or purchase card disbursements made by members of the governing body and executive level of management. For each transaction selected, we determined the whether the disbursement: Was consistent with the entity’s purpose. Agreed to the receipt or invoice supporting the amount and payee. Was authorized consistent with the entity’s policies and procedures. Was in compliance with the entity’s purchasing policy (bids, quotes, etc.). Was classified and recorded in accordance with the entity’s chart of accounts and policies and procedures, GAAP, and State/Federal policies as applicable. For each credit or purchasing card used, we selected one month during the period and determined whether card purchases were reconciled to receipts monthly by someone other than the card holder. Through inquiry with management and scanning receipt records, we determined what restricted revenue was received by the entity and selected the lesser of 10% or 5 disbursements from restricted funds and determined whether the disbursements were in compliance with restrictions placed on the funds. CASH For each depository account, we obtained the year-end bank reconciliation and one additional month’s bank reconciliation and performed the following: Traced the bank balance on the reconciliation to the balance per the bank statement.