FAC Explorer

Finding 2429 (2023-002)

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Requirement
C
Questioned Costs
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Year
2023
Accepted
2023-11-27
Audit: 4163
Organization: Facts-Sunrise, Inc. (RI)
Auditor: D'ambra CPA

AI Summary

  • Issue: Operating funds exceeded federal insurance coverage by $87,977.
  • Requirement: Management must monitor bank ratings quarterly or ensure all funds are fully insured.
  • Follow-up: Management plans to move funds to achieve full FDIC insurance coverage.

Finding Text

Condition: Operating funds exceeded federal insurance coverage and management has not monitored the bank’s ratings; Criteria: The regulatory agreement requires all funds to be fully insured or management to monitor the banks ratings on a quarterly basis; Effect: Operating funds exceeded FDIC insurance by $87,977; Cause: Management oversight. Recommendation: Management should monitor the bank’s ratings or move funds to provide for full federal insurance coverage. Management comment: Management will move funds to provide for full FDIC insurance coverage.

Corrective Action Plan

The corporation's sponsor, ACOS, is in the process of reviewing transfer products from their various financial depositories. A decision on a product purchase will be made within 90 days. Charles Lynch, Finance Director, will be the responsible party.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $190,619