Audit reports two material weaknesses

What happened

The FY2025 audit reports material adjustments were needed and monthly bank reconciliations were not being performed.

Why it matters to families

Missing reconciliations left cash book balances misstated and accounts more susceptible to misappropriation; the reconciliation issue repeated a prior-year finding.

The evidence

Finding 2025-001 says adjustments exceeding materiality were needed. Finding 2025-002 says reconciliations were not performed. Management said the latter remained unresolved and outside accounting help was engaged; the auditor did not opine on that response.

The source