The financial records of income and expenses for XUAS from 2013 to March 3, 2017 were kept on paper. The written records (just the numbers) were transferred onto an Excel spreadsheet for analysis. The details of each transaction are specified in the original written documents.
In the Year 2013, at the end of August 31, 2013, a discrepancy of $1,695.00 was found between the written records and what is on the Excel spreadsheet for the up to date total Amount Receivable (deposits); the written balance is less than the balance on the Excel spreadsheet by $1,695.00. This impacts the remaining balance of the account.
The records for Years 2014 and 2015 matched between what is on paper and the Excel spreadsheet, but the discrepancy of $1,6905.00 remains. In the Year 2016, an additional difference of $0.16 was found for the total Debits (withdrawals) between what was on paper and the Excel spreadsheet; the written records is more than the Excel spreadsheet by $0.16.
In the Year 2017, the written records ended on March 3, 2017. At this point, the discrepancies increased slightly in both of the total withdrawals and deposits. The overall discrepancy for withdrawals rose to $299.84, and the total discrepancy for deposits increased to $1,995.00. The remaining account balance shows an amount of $8,653.31 in the Excel spreadsheet. On the paper records, the remaining balance was recorded at $6,958.15. This is a $1,695.16 discrepancy between what was on paper and the Excel spreadsheet. For the period of March 4, 3017 to April 30, 2017, no records were found. There is a need to get clarification from the previous administration on whether any transactions occurred and where the documents may be located.
On May 1, 2017, XUAS deposited $2,650.00 to open a checking account at Wells Fargo Bank. If $2,650.00 is the total remaining on hand that was deposited to open the bank account, this means that $6,003.31 is unaccounted ($8,653.31 – $2,650.00 = $6,003.31). There is a need to investigate this discrepancy with the previous administration further.
For the Year 2018, the records were pulled directly from the Wells Fargo Bank bank statements. However, because the records were simply transactions for the year listed in the bank statements, it is difficult to determine what each transaction was for what purpose without the actual receipts or any written records that may have been kept.
Following the above findings, text communications and a conference call was held with former officers Nhiabee Xiong and May Cha to discuss the discrepancies. The outcome of the discussion is this memo signed by former officers Tommy Xiong, Nhiabee Xiong, and May Cha: Memo Regarding Financial Records Discrepancy – Year Ending December 31, 2016.