Proper Method for Transferring Residual Project Funds

Question:

What is the recommended process for transferring residual funds from a project or account?

A) Directly depositing the funds into a personal bank account

B) Using a wire transfer to move the funds to a designated account or fund

C) Converting the residual funds into physical cash and mailing it

D) Distributing the funds as cash to individual stakeholders

Answer:

Recommended Process for Transferring Residual Funds

Answer: B) Using a wire transfer to move the funds to a designated account or fund

Explanation: The recommended process for transferring residual funds from a project or account involves using a wire transfer to move the funds to a designated account or fund. This method ensures a secure, accurate, and traceable transfer of funds, minimizing the risk of errors or fraud.