Answer: The project failed to deposit surplus cash into the Residual Receipts account within the required 90 days after the fiscal year-end.
Trend: This issue indicates a pattern of non-compliance with financial regulations, which could lead to further scrutiny.
List: Follow up by reviewing the deposit process, ensuring timely compliance, and implementing reminders for future deadlines.
Finding Text
The regulatory agreement requires the project to deposit "surplus cash" into a Residual Receipts account with 90 days after the year end of the fiscal year.
Corrective Action Plan
Management agrees with the finding. The residual receipts account deficiency was funded on August 3, 2023, in the amount of $12,527. Management will ensure that the residual receipts account is properly funded in the future.