3.13.23 | Churches & Denominations, Higher Education, International Outreach, Nonprofit Organizations | Email Alerts
Required Disclosure Regarding Cash Deposits in Excess of FDIC Insurance
In light of the current questions being raised about the U.S. banking system, given the Federal Deposit Insurance Corporation (FDIC) seizures of two large banks in the last three days, we want to remind organizations of the importance of the required financial statement disclosure regarding cash deposits in excess of FDIC insurance.print
This disclosure provides the required information regarding an organization’s cash deposits in excess of the federally insured amounts. The more cash deposits are concentrated in a small number of institutions, the greater the potential risk will be. We encourage organizations to continually review their banking relationships and the stability of those institutions, and consider how best to minimize risk while achieving operational efficiency.
As always, Capin Crouse professionals are available to answer questions or assist where we are able. Please contact us with any questions.
How to Disclose Cash Deposits In Excess of FDIC InsuranceSign up for e-news and alerts
What is the required disclosure? Where can it be found? What information should it include?
Thank you for your questions. You can find that information here: https://capincrouse.com/how-to-disclose-cash-deposits-in-excess-of-fdic-insurance/