Finding Text
Statement of Condition: The required deposit to the residual receipts account was not made within 90 days after year end. Based on the June 30, 2022 surplus cash calculation, a deposit of $13,422 should have been made by September 30, 2022. The deposit was not made until December 13, 2022. Criteria: The Regulatory Agreement requires all surplus cash from the prior year audit to be deposited to the residual receipts account within 90 days after year end. Effect or Potential Effect: Noncompliance with the Regulatory Agreement. Cause: Procedures in place were not adequate to ensure the timely deposit of the required surplus cash to the residual receipts account. Recommendation: Surplus cash (if any) should be deposited to the residual receipts account before September 30th. Reporting Views of Responsible Official: We concur with Finding 2023-2. The Corporation has implemented procedures to ensure the timely deposit of surplus cash to the residual receipts account. Status: Closed.