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CITY OF GEM LAKE <br />Schedule of Findings and Responses (continued) <br />Year Ended December 31, 2025 <br />B. FINDING — MINNESOTA LEGAL COMPLAINANCE <br />2025-003 UNCLAIMED PROPERTY REPORT <br />Criteria —Minnesota Statutes § 345.41 <br />Condition — Minnesota Statutes require unclaimed property held for more than three years <br />(or one year for unpaid compensation) to be reported and paid or delivered to the state <br />Commissioner of Commerce each year. This requirement was not completed by the City in <br />the current fiscal year. <br />Questioned Costs — Not applicable. <br />Context — The City did not file the unclaimed property report timely to the state <br />Commissioner of Commerce in the current fiscal year. <br />Repeat Finding — This is a current year finding. <br />ICause — This was an oversight by city personnel. <br />Effect — The City was not in compliance with state unclaimed property requirements. <br />Recommendation — We recommend that the City comply with state statutory unclaimed <br />property requirements in the future. <br />`J Management Response — There is no disagreement with the audit finding. The City will <br />comply xvith state statutory unclaimed property requirements in the future. <br />10 <br />I <br />-i <br />j <br />-3 8- <br />J <br />