Finding Text
Condition: We noted that the required deposit to the reserve for replacements account was not made before the end of the current fiscal year. This finding was reported in the previous year as number 2023-001. Effect: The Organization was not in compliance with the requirement to make the required deposit into the reserve for replacements account in a timely manner. Cause: The minimum required deposit was not made until after the current fiscal year end. Management was aware of the amount required to be deposited; however, there were insufficient funds available in the operating account at year end. Criteria: The Organization should make the required deposit to the reserve for replacements account on a timely basis.Questioned Costs: There are no questioned costs associated with this finding.ontext: $2,000 of the required deposit should have been made by June 30, 2024. Recommendation: We recommend that the Organization ensure that the required deposit to the reserve for replacements account be made on a timely basis.Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and the auditor’s recommendations will be adopted.