Answer: Surplus cash was not deposited in the residual receipts account on time.
Trend: This delay indicates a potential pattern of non-compliance with deposit timelines.
List: Follow up by reviewing deposit procedures and ensuring timely deposits moving forward.
Finding Text
SURPLUS CASH WAS NOT DEPOSITED INTO THE RESIDUAL RECEIPTS ACCOUNT WITHIN 90 DAYS.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE RESIDUAL RECEIPTS ACCOUNT DEFICIENCY WAS FUNDED ON OCTOBER 2, 2023 IN THE AMOUNT OF $55. MANAGEMENT WILL ENSURE THAT THE RESIDUAL RECEIPTS ACCOUNT IS TIMELY FUNDED IN THE FUTURE.