Finding Text
Criteria: Based on the 2021 computation of surplus cash, a deposit of $7,473 was required to be made into the residual receipts account. Condition: The required deposit was not made as of December 31, 2022. Cause: The Company overlooked the required deposit. Effect: The residual receipts account is underfunded in the amount of $7,473 at December 31, 2022. Context: The residual receipts account was tested to audit compliance with the deposit requirement. The test found that the required deposit was not made as of December 31, 2022. Recommendation: The Company should make the deposit as soon as possible. Policies should be implemented that ensure the required deposits are made in a timely manner. Views of Responsible Officials and Planned Corrective Actions: The required deposit will be made as soon as possible.