Issue: The Corporation did not deposit funds into the residual receipt account within the required 90 days after the fiscal year ended.
Trend: This failure indicates a potential pattern of non-compliance with financial regulations.
Follow-up: Review and reinforce the deposit procedures to ensure timely compliance in the future.
Finding Text
The Corporation failed to make the required deposits within 90 days subsequent to the end of the fiscal year into the residual receipt account during the year.
Corrective Action Plan
Management needs to insure the Corporation immediately deposits the required amount into the residual receipts account during the year.