City of College Park

1. Immediate Review: A comprehensive review of all grant revenues and expenditures has been initiated. We are collating data from our financial systems to identify discrepancies and ensure compliance with accrual accounting principles. 2. Establishment of Procedures: We are developing formal procedures and guidelines to ensure that revenue recognition aligns with the expenditures incurred. These guidelines will incorporate the principles of the matching concept to enhance accuracy in reporting. 3. Implementation of a Review Process: A dedicated team will be assigned to oversee the preparation of the SEFA. This team will conduct regular reviews and reconciliations of all reported expenditures against revenues recognized in our financial statements. 4. Training and Development: Management will provide training for relevant staff on revenue recognition principles and the importance of SEFA requirements. This will include workshops focused on financial reporting standards to ensure everyone is adequately equipped to comply. 5. Regular Audits: We commit to conducting periodic audits of grant activities and SEFA reporting to identify any potential issues proactively and correct them before they impact our financial reporting.

1. Policy Development: We will initiate the development of a comprehensive document retention policy that outlines clear guidelines for the retention, storage, and disposal of documentation. This policy will be designed to meet the City’s operational needs as well as compliance requirements. 2. Approval Process: The draft policy will be presented to the City Council for approval. We will ensure that the policy is well-structured and takes into account the perspectives and needs of all stakeholders. 3. Implementation Plan: Following approval, we will establish a detailed implementation plan that includes timelines, responsibilities, and training for staff involved in document management. 4. Training and Awareness: We will conduct training sessions for employees to familiarize them with the new policy and procedures. This will include workshops and resources that emphasize the importance of compliance and proper documentation practices. 5. Regular Reviews: A schedule for regular reviews and audits will be implemented to ensure adherence to the policy. Feedback mechanisms will be established so that any challenges can be addressed timely. 6. Monitoring and Reporting: We will set up monitoring systems to track compliance with the policy and allow for regular reporting to the City Council on adherence levels and any issues that arise.

1. Establish a Dedicated Compliance Team: We plan to create a small team responsible for overseeing financial and compliance requirements to ensure that deadlines are met. 2. Develop Internal Timelines: We will implement a timeline aligned with federal submission requirements that provides ample time for audit completion and review processes. This will include setting preliminary deadlines well in advance of the federal requirement. 3. Improve Communication with Auditors: We will engage in regular check-ins with our external auditors to monitor progress and identify any potential roadblocks that could lead to delays. 4. Training for Staff: We will provide training for existing staff to enhance their understanding of federal compliance obligations, which will help in maintaining rigorous oversight of financial deadlines. 5. Regular Monitoring and Reporting: We will create a process for regular monitoring and reporting of compliance status to management to ensure that we remain on track with all submissions.

1. Assessment of Staffing Needs: We will conduct a thorough evaluation of our current staffing levels and project future personnel requirements. This will help us identify gaps in our workforce that need to be filled with qualified candidates. 2. Recruitment of Qualified Personnel: We are committed to enhancing our recruitment process to attract skilled and experienced professionals. This may involve refining job descriptions, broadening our outreach efforts, and utilizing targeted recruitment strategies. 3. Onboarding and Training Programs: Once new hires are in place, we will establish a comprehensive onboarding program to ensure they are well-acquainted with our policies, procedures, and systems. Ongoing training will be provided to facilitate continuous professional development and integration into the team. 4. Retention Strategies: In addition to recruitment and training, we will explore and implement strategies aimed at improving employee satisfaction and retention. This may include offering competitive compensation packages, fostering a positive work environment, and encouraging professional growth opportunities.

1. Update and complete SOPs for all critical transaction areas, ensuring their consistent enforcement. 2. Conduct a formal risk assessment, which should include the creation of a control risk matrix. 3. Establish an Internal Audit function dedicated to the design, implementation, and oversight of a formal control framework.

1. Implementation of a Segregation of Duties Policy: We will develop and implement a comprehensive policy outlining specific roles and responsibilities within financial processes to ensure that no single individual has control over all aspects of a financial transaction. 2. Increasing Oversight: We will enhance monitoring and oversight of financial operations by introducing regular audits and reviews of financial transactions. This will include establishing a committee responsible for oversight to ensure compliance with the segregation of duties policy. 3. Staff Training: We will invest in targeted training programs for our staff to ensure they are equipped with the knowledge and skills necessary to effectively fulfill their roles while adhering to established financial controls and procedures. 4. Addressing Staffing Issues: We will evaluate our current staffing levels and make necessary adjustments to hire and retain qualified personnel. We aim to reduce turnover rates by improving employee engagement and satisfaction. 5. Continuous Evaluation: We will periodically assess our financial processes and the effectiveness of the segregation of duties. Feedback loops will be established to refine our approach and address emerging challenges promptly.

1. Policy Development: We will initiate the development of a comprehensive document retention policy that outlines clear guidelines for the retention, storage, and disposal of documentation. This policy will be designed to meet the City’s operational needs as well as compliance requirements. 2. Approval Process: The draft policy will be presented to the City Council for approval. We will ensure that the policy is well-structured and takes into account the perspectives and needs of all stakeholders. 3. Implementation Plan: Following approval, we will establish a detailed implementation plan that includes timelines, responsibilities, and training for staff involved in document management. 4. Training and Awareness: We will conduct training sessions for employees to familiarize them with the new policy and procedures. This will include workshops and resources that emphasize the importance of compliance and proper documentation practices. 5. Regular Reviews: A schedule for regular reviews and audits will be implemented to ensure adherence to the policy. Feedback mechanisms will be established so that any challenges can be addressed timely. 6. Monitoring and Reporting: We will set up monitoring systems to track compliance with the policy and allow for regular reporting to the City Council on adherence levels and any issues that arise.