Answer: The Organization did not make monthly deposits on time into the debt service savings reserve.
Trend: This delay could lead to potential cash flow issues and affect financial stability.
List: Follow up by implementing a schedule for timely deposits and monitoring compliance regularly.
Finding Text
It was observed during the audit that the Organization failed to make timely monthly deposits into the debt service savings reserve.
Corrective Action Plan
RMI has reached out directly to our contact (Zachary Fratianni) at Merrill where the account is held in order to get access to the statements and to set up monthly debt service payments.