Finding Text
Internal Control over Compliance For 3 of 25 disbursements tested we noted that the check was issued 30 days after the date of the vendors’ invoices. For 25 disbursements selected we verified the time elapsing between the invoice and the check and noted that for 3 of 25 disbursement the time exceed 30 days (it was 34 days), average the period as per client’s established procedures. The 2 CFR Section 215.22 – Payments, states that payment methods of Non-Profit Organizations shall minimize the time elapsing between the transfer of funds from the United States Treasury and the issuance or redemption of checks, warrants, or payment by other means by the recipients. s The cash turnover days is the measure of the difference between the invoice date and the date of the payment (check date). The difference considered reasonable as per client is an average of 30 days or less.