4 responses to findings and recommendations
F3
California Health & Safety Code §9003 (Endowment Fund) states: “No part of the principal of the fund shall be expended for the care of the lots, but such expenditures shall be limited to the interest income from the fund.” In April 2001, the District borrowed $60,000 from the endowment fund principal, which was transferred to the District’s general operating fund in order to continue day to day operation.
Response: Disagree Partially
Score: 0
"California Health & Safety Code (CH&SC) 9003 (Endowment Fund) states: "No part of the principal of the fund shall be expended for the care of the lots, but such expenditures shall be limited to the interest income from the fund." In April 2001, the District borrowed $60,000 from the endowment fund principal, which was transferred to the District's general operating fund in order to continue day to day operation."
Recommendation 3:
"Penis Valley Cemetery District and the Auditor-Controller adhere to the CH&SC regarding maintenance of the endowment fund principal." Response: When the District...
R3
PVCD and the Auditor-Controller adhere to the CH&SC regarding maintenance of the endowment fund principal.
Response: Implemented
Scheduled: Fiscal Year 2001-2002
Score: 0
"Penis Valley Cemetery District and the Auditor-Controller adhere to the CH&SC regarding maintenance of the endowment fund principal." Response: When the District's board determined to transfer funds from their endowment fund to their operating fund, the Auditor-Controller's Office requested a letter from their legal counsel on the propriety of such a transfer. In a letter dated April 12, 2001 from Best Best & Kreiger LLP, John D. Wahlin stated ". ..Section 9002 of the Health and Safety Code specifies the type of investments which may be made with the principal of an endowment fund. Section 90...
F4
The Riverside County Auditor-Controller’s office distributes county tax allocations and charges the District a monthly fee for accounting and processing services.
Response: Disagree Partially
Score: 0
"The Riverside County Auditor-Controller's office distributes county tax allocations and charges the District a monthly fee for accounting and processing services."
Recommendation 4:
"PVCD and the Auditor-Controller work together following established guidelines, to understand tax distribution and implement proper accounting processes." Response: The Auditor-Controller's office will forward the District and the Executive Office the most recent cash flow statement based on data supplied by the District and projections of tax revenues supplied by our property tax section. The objective of the ...
R4
PVCD and the Auditor-Controller work together following established guidelines, to understand tax distribution and implement proper accounting processes. 2
Response: Implemented
Scheduled: Fiscal Year 2001-2002
Score: 0
"PVCD and the Auditor-Controller work together following established guidelines, to understand tax distribution and implement proper accounting processes." Response: The Auditor-Controller's office will forward the District and the Executive Office the most recent cash flow statement based on data supplied by the District and projections of tax revenues supplied by our property tax section. The objective of the cash flow was to assist the District in monitoring its cash position during the current fiscal year. A copy of our letter dated October 25, 2001, "Fiscal Year 2001-2002, Tax Apportionme...
