The Board of Regents And the Commissioner of Higher Education Financial-Compliance Audit for the Two Fiscal Years Ended June 30 ... 1993

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Treasury and the disbursement of funds by the grantee. These regulations also require advances made by CHE, to subrecipients, to conform substantially to the same standards of timing and amount as apply to advances by the federal government to CHE.
We reviewed one subrecipient's file during the audit period and, as shown in Table 4, noted the advances, based on an estimate of need, resulted in excessive cash on hand.
Table 4 Billings Vocational -Technical Center Project Quarterly Reports Excess
... Cash Receipts Disbursements On Hand** 1st Qtr $34,000 $10,690 $23,310 2nd Qtr 24,000 20,799 26,511 3rd Qtr 4,000 11,424 19,087 4th Qtr 14,088 22,111 11,064 ** Excess cash on hand is identified on the quarterly report We reviewed an additional two of the five vocational-technical centers' files, both identifying similar excessive cash balances on a quarterly basis.
Each subrecipient is required to submit a Project Quarterly Report of Disbursements and Estimated Requirements for Fed- eral Funds. This report shows the amount of funds received during the quarter, the amount of funds disbursed during the quarter and the amount of funds on hand at the end of the quarter.


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