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consider alternative providers of telephony or VOIP equipment. Based on our <br />suggestion, IT will consider alternative vendor solutions for any future VOIP <br />implementation. <br />While we were reviewing the paid invoices, we found $2,295.00 of monthly <br />service that was incorrectly billed and we are working with CHCCS to obtain a <br />refund. CHCCS personnel worked with the vendor to obtain a credit of <br />$31,833.86 on the March 2005 invoice. <br />In addition, certain invoices included taxes from which CHCCS could be exempt. <br />After we informed CHCCS personnel of the error, CHCCS contacted a previous <br />consultant who said they had requested the telecommunications vendor to <br />remove the taxes from the invoices. A later review revealed that the taxes had <br />not been removed from the invoices. The previous consultant is reported to be <br />working with the telecommunication vendor to have the taxation stopped <br />North Carolina Sales and Use Tax <br />Additional refund requests were mailed April 8, 2005 to the NC Department of <br />Revenue for the following periods and amounts: <br />2001-2002 $ 72,279.88 <br />2002-2003 $176,731.57 <br />2003-2004 $ 40,750.12 <br />Total $289.761.57 <br />Cash Management <br />We reviewed various cash management alternatives and recommended a new <br />accounts approved by t he State of North Carolina that has a higher interest rate. <br /> Additional <br />Old New Ave Daily Interest <br />Month Rate Rate Balance Income <br />Jan 2005 2.05% 2.590% $ -0- $ -0- <br />Feb 2005 2.29% 2.847% $2,964,286 $ 1,377.13 <br />Mar 2005 2.38% 2.950% $5,006,473 $ 2,423.68 <br />The Bank has removed the compensating balance requirement of $1,200,000 <br />from the primary account and as a result CHCCS is now earning the federal <br />funds rate less 20 basis points on the amount: <br />Additional <br />Month Balance Rate ~ Interest Income <br />Jan 2005 $1,200,000 2.05% $2,089.32 <br />Feb 2005 $1,200,000 2.30% $2,117.26 <br />Mar 2005 $1,200,000 2.38% $2,425.64 <br />Note: This is less than we projected for two reasons: <br />1. The interest rate at the Bank has risen faster than the rate for <br />the new account, <br />2 <br />5 <br />