Issue: Surplus cash was not deposited into the Project's residual receipts account within the required 90 days after December 31, 2019.
Trend: This delay in deposit could indicate a pattern of non-compliance with financial management practices.
Recommendation: Ensure timely deposits of surplus cash moving forward and review procedures to prevent future delays.
Finding Text
Surplus cash as of December 31, 2019 was not deposited into the Project's residual receipts account within 90 days after year end.
Corrective Action Plan
We agree that surplus cash deposit was not made in FY2020, and the recommendations described above. Management will deposit any surplus cash required into the residual receipts in future periods.