Answer: The Enterprise failed to insure or collateralize all funds as required by grant agreements.
Trend: This issue indicates a potential ongoing risk in financial management practices.
List: Follow up by ensuring all funds are properly insured or collateralized and review compliance with grant agreements.
Finding Text
2022-005 - Per the grant agreements, the Enterprise is to insure or collateralize all funds held within financial institutions. As of June 30, 2022, the Enterprise did not have all funds insured or collateralized.
Corrective Action Plan
The Enterprise acknowledges that collateral has not been obtained in the past for all funds. The Enterprise will work with their financial institutions to collateralize all funds.