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Audit of AmeriCorps’ Fiscal Year 2024 National Service Trust Financial Statements

Date Issued
Report Number
OIG-AR-25-02
Report Type
Audit
Description
The National Service Trust holds the funds set aside to pay the education awards of national service members who successfully complete their service terms. Responsibility for the education awards that have been earned or will be earned in the near future is the largest liability on AmeriCorps’ financial statements at $287 million. AmeriCorps has been unable to produce auditable financial statements for the last eight years. This year, independent auditors issued another disclaimer of opinion, reporting five material weaknesses and one significant deficiency. The auditors, however, verified that AmeriCorps took appropriate actions to close 16 of the 46 prior year recommendations. The remaining 30 recommendations continue to be valid and open, seven of them in modified form. The auditors also made three new recommendations, for a total of 33.
Joint Report
No
Agency Wide
Yes
Questioned Costs
$0
Funds for Better Use
$0
View report on Oversight.gov

Open Recommendations

Body

Design and implement control activities to ensure all 17 Government Accountability Office Green Book framework principles exist within the internal control program. Corrective actions should be implemented for any principle that operates with deficiencies to identify and remediate the cause(s) of the deficiencies. (Modified Repeat)

Body

Work with AmeriCorps’ Office of General Counsel (OGC) and follow OMB Circular A-11, section 113.10, to determine if there are any potential violations, including violations of the Antideficiency Act. (New)

Body

Complete its internal inquiry related to the overinvestment of the Trust Fund, document the causes and timing, and determine appropriate next steps in coordination with the Office of Inspector General. (New)

Body

Evaluate its fund’s control system to mitigate the risk of overinvesting. (New)

Body

Develop and implement standard operating procedures for analyzing account balances and monitoring significant fluctuations which will allow management to evaluate, document, and approve the reasonableness of balances and detect accounting errors in its financial statements. AmeriCorps should ensure these procedures and the staff responsible for performing, reviewing, and approving the procedures are documented. (Modified Repeat)

Body

Develop and implement performance goals to reduce the reliance of journal entries as a compensating measure. Performance goals should accompany the implementation of internal controls designed to analyze and address the root causes of financial reporting errors between financial management systems. (Modified Repeat)

Body

Coordinate with all functional groups affected by financial system interfacing issues to implement all recommendations related to interfacing issues across financial systems and mitigate the remaining risks identified in the FY 2022 risk assessment. (Modified Repeat)

Body

Conduct monthly reviews of transactions processed in Momentum and migrated to Oracle through interface or reported in Oracle using journal entries to ensure that there are no differences between the systems and that the correct object class codes were applied. (Modified Repeat)

Body

Develop and implement internal controls designed to identify the root causes of all financial system interfacing issues, notify management of compatibility issues between Momentum and Oracle, and mitigate the issue from occurring for future transactions. (Modified Repeat)