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Alex Partners: $1.8 billion in Fund 30350993 came from conversion transfers; responsibility shared
Summary
Alex Partners consultants told the Senate Finance Constitutional Subcommittee that $1.8 billion appearing in Fund 30350993 resulted from transfers made during a financial-system conversion, and that responsibility for the incorrect fund balance was shared between the Office of the State Treasurer and the Comptroller General’s Office.
Susan Merkel and David Bly of Alex Partners told the South Carolina Senate Finance Constitutional Subcommittee that $1.8 billion recorded in fund 30350993 arose when balances were transferred during a systems conversion and not because of a single office’s unilateral error.
"We believe that it was joint responsibility," Alex Partners consultant Susan Merkel said during testimony to the panel, summarizing the firm’s finding that both the State Treasurer’s Office and the Comptroller General’s Office were involved in the entries and transfer activity that produced the large balance.
The consultants described the mechanics this way: the Comptroller General’s Office originally created certain ACFRA business-area entries used in the conversion process; the problematic result occurred when those balances were moved into Fund 30350993. From Alex Partners’ review of journal activity, four usernames posted the transfers: Catherine Kipp, Martin Taylor, Doug Cooper and a system-assisted BATCH entry. Merkel and Bly told the committee the overwhelming majority of the postings…
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