Answer: The Cooperative did not deposit funds into the residual receipts account within the required 90 days after the 2022 fiscal year ended.
Trend: This delay may indicate a pattern of non-compliance with financial regulations.
List: Follow up by ensuring timely deposits in the future and reviewing compliance processes.
Finding Text
The Cooperative failed to make the required deposit within 90 days subsequent to the end of the 2022 fiscal year into the residual receipts account.
Corrective Action Plan
Management will prepare the surplus cash calculation in a matter timely enough to ensure any required deposit to the residual receipts account is made within 90 days of year-end.