Finance staff explains PSAP receivable adjustment; committee approves vouchers
Finance staff described a receivable misstatement related to a PSAP grant from last year; staff placed an adjustment that will flag for auditors. After discussion the committee approved the committee vouchers by motion.
The full story
The committee reviewed committee vouchers and a PSAP grant accounting discrepancy. Finance staff (Carrie) explained that a receivable posted last year overstated expected grant revenue; when the funds arrived this year the actual amount was lower than anticipated, so the receivable was higher than it should have been. Finance staff said she recorded the receivable in revenue so auditors would see and flag the discrepancy and that the receivable will be adjusted.
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