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' Schedule of Findings and Questioned Costs For the Fiscal Year Ended June 30,2004 Effect: As a result of reconciliations not being performed prior to submission of financial reports, management is not in compliance with OMB Circular A-133 requirements. The awarding agencies could ' limit or refuse grant awards due to inadequate financial reporting systems. Questioned Costs: There are no questioned costs related to this finding. ' Auditor's Recommendation: Procedures must be implemented to reconcile financial reports to the general ledger prior to submission. ' Grantee Response: The Town of Mashpee School Department will ensure that a corrective action plan is in place by June 30, 2005 for this finding. The actual recommended financial reconciliation to the general ledger policy and procedure will be in place by March 30,2006. 04-3 Title I Distribution-CFDA No.84.010;Fiscal year ended June 30,2004 Condition and Criteria:The financial reports submitted to the Massachusetts Department of Education were not completed based upon expenditures processed and recorded in the Towns general ledger and, therefore,did not represent an accurate,current and complete disclosure of financial results. This condition is a violation of the financial reporting requirements prescribed in Section 20 of the OMB Common Rule. Cause: Policies and procedures are not in place to reconcile financial reports to the general ledger prior to submission. Effect: As a result of reconciliations not being performed prior to submission of financial reports, ' management is not in compliance with OMB Circular A-133 requirements. The awarding agencies could limit or refuse grant awards due to inadequate financial reporting systems. Questioned Costs: There are no questioned costs related to this finding. Auditor's Recommendation: Procedures must be implemented to reconcile financial reports to the general ' ledger prior to submission. Grantee Response: ' The Town of Mashpee School Department will ensure that a corrective action plan is in place by June 30, 2005 for this finding. The actual recommended financial reconciliation to the General Ledger policy and procedure will be in place by March 30,2006. 04-4 Special Education Cluster-CFDA No.'s 84.027 and 84.173;Fiscal year ended June 30,2004 Condition and Criteria: The Town did not minimize the time elapsing between the transfer of funds from the Massachusetts Department of Education and their disbursement.This condition is a violation of the cash management requirements prescribed in OMB Common Rule A-102. Cause: Policies and procedures are not in place to file.Requests for Funds(Form RF-1)in a manner that would minimize the time elapsing between the receipt and the disbursement of grant funds. ' Town of Mashpee,Massachusetts 10 Reports on Federal Award Programs