Finding Text
RESIDUAL RECEIPTS FUNDING Criteria: The annual required deposit is to be made 90 days following year-end. Condition/Context: The required annual deposit based on the Surplus Cash calculation of $ 81,605 was not deposited during the year ended December 31, 2023. Cause: Management was not aware of the requirement to make the annual payment. Effect: The Residual Receipts account was not funded by the required amount. Questioned Costs: None Repeat Finding: Not a repeat finding. Recommendation: Management should make the delinquent deposit of $ 81,605 as soon as possible and begin making the annual deposit within 90 days of year end. View of Responsible Officials and Planned Corrective Action: The delinquent deposit will be made Tuesday May 21, 2024. In the future, the calculation will be done in February and if there is surplus cash, the funds will be deposited within the required time period.