Finding Text
Program Assistance Listing Number 14.157 - Development Section 202/223(f) - Loan, Repeat Finding from Prior Year: No, Questioned Costs: no, Condition - Independence Industries did not make the required annual deposit to the residual receipts account within 90 days following year end of September 30, 2023, Effect - Independence Industries did not meet the special tests and provisions requirements related to the residutal receipts for 2024, Cause - Due to oversight at Independence Industries, the required annual deposit to the residual receipts was not made within 90 days following the year end of September 30, 2023, Criteria - Federal grant requirements state the required annual deposit to the residual receipts is to be made within 90 days following year end, Recommendation - Implelemt controls to ensure future deposits to residtual receipts are completed in a timely manner, Management Response - Independence Industries agrees with the finding and will implement stricter adherence to the deadlines and ensure that all deposits to the residual receipts are completed on time.