Answer: $9,175 in surplus cash was not deposited on time.
Trend: This indicates a recurring issue with timely deposits at fiscal year-end.
List: Ensure deposits are made within 90 days; review procedures for cash handling; monitor compliance regularly.
Finding Text
The $9,175 of surplus cash at June 30, 2024 was not deposited into the residual receipts account within ninety days of the Project’s fiscal year-end.
Corrective Action Plan
The Project should make a deposit of $9,175 for the year ended June 30, 2024. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely.