Finding Text
Finding No. 2022-001 Type of Finding: Noncompliance Finding Finding Resolution Status: Open Questioned Costs: None Noncompliance Information: 1 instance of noncompliance Auditor Noncompliance Code: B ? Replacement Reserve Statement of Condition The replacement reserve cash account was underfunded by $1,792 at December 31, 2022. Criteria The Corporation is required to fund the replacement reserve in accordance with RD requirements and agreements. Effect The Corporation is out of compliance with RD regulations. Cause The underfunding of the replacement reserve cash account was the result of an inadvertent bookkeeping oversight. Recommendation We recommend the Corporation transfer $1,792 to the replacement reserve cash account. Reporting Views of Responsible Officials Management is aware that the replacement reserve account is underfunded and will transfer $1,792 to the replacement reserve cash account.