Finding Text
Criteria Any funds in the project funds account (including earned interest) at the end of the fiscal year shall be deposited in a federally insured account within 60 days following the end of the fiscal year. (24 CFR section 891.400(e)). Condition Residual receipt was not funded within 60 days from the Organization?s fiscal year end. Questioned Cost None. Context Cash surplus for the year ended June 30, 2022 was not deposited timely. Cause An oversight which was corrected. Effect Residual receipt requirement was not complied with during fiscal year 2022. Recommendation We recommend that the Organization regularly monitors cash surplus to ensure that it complies with the requirements of 24 CFR section 891.400(e). View of Responsible Official and Planned Corrective Action We will regularly perform surplus calculation and comply with the required funding of the residual receipts account and will fund in within 60 days from the Corporation?s year end.