Finding Text
Finding 2021-001
Condition: The Corporation did not deposit surplus cash at June 30, 2020 to the residual receipts
reserve. Recommendation: The Corporation should make the delinquent deposit. Additionally, the
Corporation should implement internal control sufficient to ensure that such deposits are made
timely, if required.
Management Response: Management is in agreement with the finding and is in the process of
transferring the delinquent amount and implementing internal controls to prevent recurrence.
Cause: Internal controls over time remission of surplus cash were not effective to identify that
the deposit was not made.
Criteria: The Corporation is required to deposit surplus cash to the residual receipts reserve in
accordance with its regulatory agreement.
Effect: The Corporation is not in compliance with its regulatory agreement. Recommendation: The Corporation should make the delinquent deposit. Additionally, the
Corporation should implement internal control sufficient to ensure that such deposits are made
timely, if required.
Management Response: Management is in agreement with the finding and is in the process of
transferring the delinquent amount and implementing internal controls to prevent recurrence.