Issue: Surplus cash was not deposited into the Residual Receipts account.
Trend: This could lead to cash management problems and affect financial reporting accuracy.
Follow-up: Ensure regular deposits of surplus cash and review procedures for compliance.
Finding Text
Surplus cash was not deposited into the Residual Receipts account.
Corrective Action Plan
Management Agrees with the finding. The residual receipts account deficiency will be funded in the amnount of $2,528. Management will ensure that the residual receipts account is properly funded in the future.