Finding Text
Criteria: The compliance supplement used during single audit testing specifies that the Authority is required to enter into depository agreements with their financial institutions in order to be in compliance with Uniform Guidance Standards. Condition/Context: The Authority failed to obtain depository agreements with their financial institutions. Cause: The Authority failed to obtain depository agreements for all accounts with their financial institutions. Effect: The Authority's deposits of federal funds are not properly safeguarded as required by Uniform Guidance. Recommendation: We recommend the Authority enter into depository agreements with financial institutions for all accounts in order to comply with requirements of the compliance supplement.