Finding Text
Criteria: 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, 2023 were not made during the 2024 fiscal year. Cause: Due to expected organizational restructuring during fiscal year 2024, the residual receipt deposit was not made. During our testing of residual receipts, we noted deposits due at December 31, 2023 of $245,159 were not made during the 2024 fiscal year. Effect: The failure to deposit surplus cash during fiscal year 2024 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.