Finding Text
2023-001Criteria: Surplus cash at fiscal year-end as calculated in the Computation of Surplus Cash is to be deposited into the Residual Receipts account during the subsequent fiscal year. Condition: Residual receipts deposits due at December 31, 2022 were not made during the 2023 fiscal year. Cause: Due to low liquidity at Swainsboro during fiscal year 2023, the residual receipt deposit was not made. During our testing of residual receipts, we noted deposits due at December 31, 2022 of $9,326 were not made during the 2023 fiscal year. Effect: The failure to deposit surplus cash during fiscal year 2023 resulted in an audit finding for the Organization. Recommendations: We recommend the Organization implement additional procedures during year-end close out procedures to ensure residual receipt deposits due at year-end are deposited in a timely manner. Views of Responsible Officials: Management agrees with the recommendations and to adhere to current internal control processes that are in place to ensure the Organization is in compliance with all requirements as it relates to their federal awards.