City of South Beloit

EIN: 366006106

UEI: H5N7HKWLV5N6

Data as of August 21, 2026

City of South Beloit5 audit years6 findings3 repeat
5
Audit Years
6
Total Findings
3
Repeat Findings

FY 2023-12-31

Management decision deadline — for entities that funded this organization

The FAC accepted this audit on November 12, 2024. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by May 12, 2025 (467 days ago).

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2023-001
Reporting
MATERIAL WEAKNESS

During audit fieldwork, our testing resulted in a restatement of Sewage Disposal net position in order to correct the recording of ARPA deferred revenues. Criteria: A good system of internal controls would provide for accurate recording and reporting of ARPA funding in order to provide for accurate financial reporting. Cause: Year-end entries related to ARPA deferred revenues were required in order to accurately present the City’s financial statements. Effect: A material adjustment to the City’s beginning net position was required to properly state for ARPA deferred revenues. Recommendation: We recommend the City implement effective internal controls in order to provide an accurate assessment of reporting requirements for ARPA reporting purposes. This implementation of improved controls would result in the appropriate recognition for financial reporting requirements. Corrective Action Plan: The City Finance Director will implement internal controls to review all ARPA receipts and expenses and record accordingly prior to audit fieldwork.

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Finding 2023 – 001: Restatement to Net Position Condition: During audit fieldwork, our testing resulted in a restatement of Sewage Disposal net position in order to correct the recording of ARPA deferred revenues. Criteria: A good system of internal controls would provide for accurate recording and reporting of ARPA funding in order to provide for accurate financial reporting. Cause: Year-end entries related to ARPA deferred revenues were required in order to accurately present the City’s financial statements. Effect: A material adjustment to the City’s beginning net position was required to properly state for ARPA deferred revenues. Recommendation: We recommend the City implement effective internal controls in order to provide an accurate assessment of reporting requirements for ARPA reporting purposes. This implementation of improved controls would result in the appropriate recognition for financial reporting requirements. Corrective Action Plan: The City Finance Director will implement internal controls to review all ARPA receipts and expenses and record accordingly prior to audit fieldwork.

Corrective Action Plan

Condition: During audit fieldwork, our testing resulted in a restatement of Sewage Disposal net position in order to correct the recording of ARPA deferred revenues. Plan: The City Finance Director will implement internal controls to review all ARPA receipts and expenses and record accordingly prior to audit fieldwork. Anticipated Date of Completion: December 31, 2024

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FY 2021-12-31

FAC accepted this audit on September 28, 2022 — management decision was due March 28, 2023.

2021-001
Other
REPEAT

A fundamental element of internal controls is the segregation of certain key duties and responsibilities, such as custody of assets, authorization or approval of transactions, recording or reporting transactions, and execution of transactions. Certain members of the accounting staff have duties incompatible with proper segregation of duties.

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A fundamental element of internal controls is the segregation of certain key duties and responsibilities, such as custody of assets, authorization or approval of transactions, recording or reporting transactions, and execution of transactions. Certain members of the accounting staff have duties incompatible with proper segregation of duties.

Corrective Action Plan

The City Administrator will review financial statements, bank reconciliations, and budget vs. actual information to help mitigate the lack of ideal segregation of duties.

Prior Finding References

2020-001

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FY 2020-12-31

FAC accepted this audit on December 21, 2021 — management decision was due June 21, 2022.

2020-001
Other
REPEAT

A fundamental element of internal control is the segregation of certain key duties and responsibilities, such as custody of assets, authorization or approval of transactions, recording or reporting transactions, and execution of transactions. Certain members of the accounting staff have duties incompatible with proper segregation of duties.

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A fundamental element of internal control is the segregation of certain key duties and responsibilities, such as custody of assets, authorization or approval of transactions, recording or reporting transactions, and execution of transactions. Certain members of the accounting staff have duties incompatible with proper segregation of duties.

Corrective Action Plan

The board of commissioners will review financial statements, bank reconciliations, and budget vs. actual information to help to mitigate the lack of ideal segregation of duties.

Prior Finding References

2019-001

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FY 2019-12-31

FAC accepted this audit on September 28, 2020 — management decision was due March 28, 2021.

2019-001
Reporting / Other
REPEAT

Certain members of the accounting staff have duties incompatible with proper segregation of duties.

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Certain members of the accounting staff have duties incompatible with proper segregation of duties.

Corrective Action Plan

The board of commissioners will review financial statements, bank reconciliations, and budget vs. actual information to help to mitigate the lack of ideal segregation of duties.

Prior Finding References

2018-001

About Reporting, Other →

FY 2018-12-31

FAC accepted this audit on October 29, 2019 — management decision was due April 29, 2020.

2018-001
Reporting / Other

GSA_MIGRATION

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GSA_MIGRATION

Corrective Action Plan

GSA_MIGRATION

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2018-002
Other

GSA_MIGRATION

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GSA_MIGRATION

Corrective Action Plan

GSA_MIGRATION

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Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.

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