Issue: Surplus cash was not deposited into the Residual Receipts account on time.
Trend: This delay could indicate a pattern of poor cash management practices.
Follow-up: Implement a process to ensure all surplus cash is deposited within the required 90-day timeframe.
Finding Text
Surplus cash was not deposited into the Residual Receipts account within 90 days.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE RESIDUAL RECEIPTS ACCOUNT DEFICIENCY WAS FUNDED MARCH 31, 2025 IN THE AMOUNT OF $36,461. MANAGEMENT WILL ENSURE THAT THE RESIDUAL RECEIPTS ACOUNT IS PROPERLY FUNDED IN THE FUTURE.