Finding Text
Finding No. 2022-2 Criteria The terms of the Regulatory Agreement require that the security deposit cash account meet or exceed the total security deposit liability. Statement of Condition As of March 31, 2022, the security deposit cash account is underfunded compared to the security deposit liability by $1,697. Questioned Costs $1,697 Cause An administrative oversight in the funding of the security deposit cash account caused the deficiency. Auditor Noncompliance Code M - Security Deposits Effect The security deposit cash account was underfunded and therefore considered to be questioned costs. Recommendations Management should deposit $1,697 into the security deposit cash account to cover the deficiency. Views of Responsible Officials Management agrees with the finding and will deposit the required amount into the security deposit cash account.