FAC Explorer

Audit 15502

FY End
2023-06-30
Total Expended
$13.56M
Findings
4
Programs
5
Organization: Community Development Corporation of Utah (UT)
Year: 2023 Accepted: 2024-02-05
Auditor: Tanner LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
11666 2023-001 Significant Deficiency - L
11667 2023-002 Significant Deficiency - L
588108 2023-001 Significant Deficiency - L
588109 2023-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
21.026 Homeowner Assistance Fund $12.04M Yes 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $500,000 - 1
14.239 Home Investment Partnerships Program $210,000 - 1
21.020 Community Development Financial Institutions Program $100,000 - 0
14.218 Community Development Block Grants/entitlement Grants $2,043 - 0

Contacts

Name Title Type
DFX5MN4GKVL5 Sarah Beaumont Auditee
8015907329 Doug Hansen Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: 2 CFR 200.510(b)(6) De Minimis Rate Used: Both Rate Explanation: CDCU has elected to use the 10% de minimis cost rate on certain grants, while other grants use a fixed fee. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Community Development Corporation of Utah (CDCU) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of CDCU, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of CDCU.
Title: Summary of Significant Accounting Policies Accounting Policies: 2 CFR 200.510(b)(6) De Minimis Rate Used: Both Rate Explanation: CDCU has elected to use the 10% de minimis cost rate on certain grants, while other grants use a fixed fee. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to subrecipients.
Title: Indirect Cost Rate Accounting Policies: 2 CFR 200.510(b)(6) De Minimis Rate Used: Both Rate Explanation: CDCU has elected to use the 10% de minimis cost rate on certain grants, while other grants use a fixed fee. CDCU has elected to use the 10% de minimis cost rate on certain grants, while other grants use a fixed fee.

Finding Details

Finding 2023-001
Program Name: 21.027 Coronavirus State and Local Fiscal Recovery Funds Criteria: Federal loans are required to be reported on the Schedule of Expenditures of Federal Awards. (Section 200.502(b) of 2 CFR Part 200). Condition: The Organization had a federal loan that was not originally included on the Organization’s Schedule of Expenditures of Federal Awards. Cause of Condition: The Organization failed to properly identify the loan as needing to be reflected on the Schedule of Expenditures of Federal Awards. Potential Effect of Condition: The Organization’s federal loan not being included in the audited Schedule of Expenditures of Federal Awards. Recommendation: The Organization should establish policies and procedures to carefully review loans and consider whether they should be included on the Schedule of Expenditures of Federal Awards. Views of Responsible Officials: Management has acknowledged that this should be included in the Schedule of Expenditures of Federal Awards and will include it as required in any applicable year.
Finding 2023-002
Program Name: 14.239 Home Investment Partnership Program Criteria: Federal loans are required to be reported on the Schedule of Expenditures of Federal Awards. (Section 200.502(b) of 2 CFR Part 200). Condition: The Organization had a federal loan that was not originally included on the Organization’s Schedule of Expenditures of Federal Awards. Cause of Condition: The Organization failed to properly identify the loan as needing to be reflected on the Schedule of Expenditures of Federal Awards. Potential Effect of Condition: The Organization’s federal loan not being included in the audited Schedule of Expenditures of Federal Awards. Recommendation: The Organization should establish policies and procedures to carefully review loans and consider whether they should be included on the Schedule of Expenditures of Federal Awards. Views of Responsible Officials: Management has acknowledged that this should be included in the Schedule of Expenditures of Federal Awards and will include it as required in any applicable year.
Finding 2023-001
Program Name: 21.027 Coronavirus State and Local Fiscal Recovery Funds Criteria: Federal loans are required to be reported on the Schedule of Expenditures of Federal Awards. (Section 200.502(b) of 2 CFR Part 200). Condition: The Organization had a federal loan that was not originally included on the Organization’s Schedule of Expenditures of Federal Awards. Cause of Condition: The Organization failed to properly identify the loan as needing to be reflected on the Schedule of Expenditures of Federal Awards. Potential Effect of Condition: The Organization’s federal loan not being included in the audited Schedule of Expenditures of Federal Awards. Recommendation: The Organization should establish policies and procedures to carefully review loans and consider whether they should be included on the Schedule of Expenditures of Federal Awards. Views of Responsible Officials: Management has acknowledged that this should be included in the Schedule of Expenditures of Federal Awards and will include it as required in any applicable year.
Finding 2023-002
Program Name: 14.239 Home Investment Partnership Program Criteria: Federal loans are required to be reported on the Schedule of Expenditures of Federal Awards. (Section 200.502(b) of 2 CFR Part 200). Condition: The Organization had a federal loan that was not originally included on the Organization’s Schedule of Expenditures of Federal Awards. Cause of Condition: The Organization failed to properly identify the loan as needing to be reflected on the Schedule of Expenditures of Federal Awards. Potential Effect of Condition: The Organization’s federal loan not being included in the audited Schedule of Expenditures of Federal Awards. Recommendation: The Organization should establish policies and procedures to carefully review loans and consider whether they should be included on the Schedule of Expenditures of Federal Awards. Views of Responsible Officials: Management has acknowledged that this should be included in the Schedule of Expenditures of Federal Awards and will include it as required in any applicable year.