Finding Text
Finding 2024-001: Timely Remittance of Earned Interest
Federal Programs ALN: 93.575, 93.596, 93.558, and 93.667
Criteria: The Organization is required to remit all interest earned on federally funded advances to DEL within 30 days after the fiscal year end per DEL Program Guidance 240.01 Cash Management and 2 CFR 200.305(9).
Condition: The Organization failed to remit all earned interest to DEL within the 31 day deadline in accordance with the grant agreement.
Cause: The Organization experienced high management turnover which delayed the calculation of interest earned and remittance to DEL.
Effect: The Organization did not meet the remittance submission deadline requirement as set forth by DEL Program Guidance 240.01 Cash Management and 2 CFR 200.305(9). The earned interest was remitted on March 11, 2025.
Recommendation: We recommend the Organization designate an individual to calculate interest earned and closely monitor the submission deadline.