Answer: Surplus cash needs to be deposited into the residual receipts account.
Trend: This must be done within 90 days after the end of the fiscal year.
List: Ensure compliance with this requirement to avoid potential issues.
Finding Text
Calculated surplus cash must be deposited into the residual receipts account within 90 days of year end.
Corrective Action Plan
The delay in the deposit was an oversight. The deposit has been made. Management will review the surplus cash calculation and ensure any required deposits are made within 90 days of year end.