Finding Text
2022 ? 001 Type of Finding: ? Deficiency in Internal Control over Compliance Criteria or specific requirement: 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award requires Surplus Cash to be deposited into the Residual Receipts account 90 days after year end. Condition: During our testing, we noted the Project did not have adequate internal controls designed to ensure surplus cash was deposited timely into the Residual Receipts account. Questioned costs: None Context: During our testing, it was noted that the Project did not deposit the $7,655 of Surplus Cash funds from December 31, 2021 until April 4, 2022. Cause: Turnover in accounting department staff lead to oversight of $7,655 being transferred by March 31, 2022 from the operating bank account to the Residual Receipt bank account. Effect: The required surplus cash deposit was not deposited timely in accordance with the Regulatory Agreement. Repeat Finding: Not a repeat finding Recommendation: We recommend the Project review controls to include timely review of year-end financials and surplus cash calculation so surplus cash is deposited timely. Views of responsible officials: There is no disagreement with the audit finding.