Finding Text
Condition: We noted that the required deposit to the reserve for replacements account was not made before the end of the current fiscal year.
Effect: The Organization was not in compliance with the requirement to make the required deposit into the reserve for replacements account in a timely manner.
Cause: The minimum required deposit was not made until after the current fiscal year end. Management was aware of the amount required to be deposited; however, the processing of the transfer was missed.
Criteria: The Organization should make the required deposit to the reserve for replacements account on a timely basis.
Questioned Costs: There are no questioned costs associated with this finding.
Context: $2,177 of the required deposit should have been made by September 30, 2023.
Recommendation: We recommend that the Organization ensure that the required deposit to the reserve for replacements account be made on a timely basis.
Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and the auditor’s recommendations will be adopted.