FAC Explorer

Finding 499741 (2024-002)

Significant Deficiency Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2024-09-30
Audit: 322563
Organization: Facts-Sunrise, Inc. (RI)
Auditor: D'ambra CPA

AI Summary

  • Issue: Operating funds exceeded federal insurance coverage by $14,506.
  • Requirements: Management must ensure all funds are fully insured or monitor bank ratings quarterly.
  • Follow-up: Management plans to move funds to ensure full FDIC insurance coverage.

Finding Text

Condition: Operating funds exceeded federal insurance coverage and management has not monitored the bank’s ratings; Criteria: The regulatory agreement requires all funds to be fully insured or management to monitor the banks ratings on a quarterly basis; Effect: Operating funds exceeded FDIC insurance by $14,506; Cause: Management oversight. Recommendation: Management should monitor the bank’s ratings or move funds to provide for full federal insurance coverage. Management comment: Management will move funds to provide for full FDIC insurance coverage.

Corrective Action Plan

During the past few months management has been in discussions with two banks and reviewing their options for either opening accounts with corresponding banks or purchasing revolving Treasury notes. A final decision will be made in the current fiscal year.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $238,343