Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997
The book Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997 was written by author Montana. Legislature. Legislative Audit Division Here you can read free online of Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997 a good or bad book?
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B. Obtain approval for an interim indirect cost rate and record indirect cost recoveries. Fund Balances in the Federal Special Revenue Fund Special accounts exist within the Special Revenue Fund to account for federal grant activity. If transactions are accounted for correctly, ending fund balances of federal accounts should generally be zero. During fiscal year 1996 the council moved miscellaneous federal grants to a new account. While moving the activity, personnel made errors in some account...ing entries which affected fund balances. Personnel attempted to fix the errors, but did not fix them appropriately. At the end of fiscal year 1996 one account had a fund balance of $29,376, while two others had negative fund balances of $27,946 and $130. In fiscal year 1997, personnel tried to fix the problem again. When correcting the error they incorrectly used Deferred Revenue rather Page 12 Findings and Recommendations than Cash. This resulted in overstatements/understatements in one accounting entity and corresponding understatements/overstatements in another accounting entity.
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