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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Greenport Union Free School District - Bank Reconciliations (2019M-161)

Released: October 11, 2019 -- [read complete report - pdf]

Audit Objective

Determine whether the Treasurer prepared accurate and timely bank reconciliations.

Key Findings

The Treasurer did not:

  • Prepare 26 of 43 months of bank reconciliations in a timely manner.
  • Ensure that the recorded balance for the general fund bank account reflected the actual cash balance for 2016-17 and 2017-18.

Key Recommendations

  • Ensure that bank reconciliations are reviewed monthly.
  • Ensure that the recorded cash balances at month-end accurately reflect the actual bank balances.
  • Perform bank reconciliations within 30 days and post correcting journal entries each month.

District officials agreed with our recommendations and have initiated or indicated they planned to initiate corrective action.

Background

The Greenport Union Free School District (District) serves a 5.5 square mile area in the Village of Greenport and the Town of Southold in Suffolk County.

The five-member Board of Education (Board) is responsible for managing financial and educational affairs. The School Superintendent and the Assistant Superintendent of Business (Assistant Superintendent), both shared positions with the Southold Union Free School District, are responsible for day-to-day management under the Board’s direction. The Treasurer is responsible for preparing bank reconciliations, among other duties.

Quick Facts
2017-18 Employees119
2017-18 Enrollment640
2017-18 General Fund Expenditures$17.3 Million

Audit Period

July 1, 2015 – January 31, 2019


Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.ny.gov
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236