Finding Text
Finding 2022-001: Criteria - all project funds are required to be fully insured or the bank ratings monitored on a quarterly basis; Condition - project funds exceeded the FDIC insurance coverage by approximately $3,000 and the management agent did not monitor the bank?s ratings; Cause - management oversight; Effect - the project funds are subject to loss; Recommendation - the management agent should transfer funds to another institution or inquire of a sweep account to provide for full FDIC insurance coverage. Response: Management will review the options and make the required changes to provide for full insurance coverage.