FAC Explorer

Audit 28030

FY End
2022-06-30
Total Expended
$2.08M
Findings
2
Programs
2
Organization: Rva Financial Federal Credit Union (VA)
Year: 2022 Accepted: 2022-12-21
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
35946 2022-002 Significant Deficiency - P
612388 2022-002 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
21.024 Covid-19 - Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.83M Yes 1
21.020 Community Development Financial Institutions Technical Assistance $125,000 - 0

Contacts

Name Title Type
ENKEH4PBCJN8 Cindy Lindsey Auditee
8043598754 Andrew J Eschle Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned. De Minimis Rate Used: N Rate Explanation: The RVA Financial Federal Credit Union has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance as it is not applicable.

Finding Details

Finding 2022-002
III. FINDINGS AND QUESTIONED COSTS ? FEDERAL AWARDS 2022-002 Federal Agency: Department of Treasury Federal Program Name: COVID-19 ? Community Development Financial Institutions Rapid Response Program (CDFI RRP) Assistance Listing Number: 21.024 Federal Award Identification Number and Year: 21RRP056720, 2022 Award Period: 6/30/2022 Type of Finding: ? Significant Deficiency in Federal Awards ? Other Matter Criteria or specific requirement: Due dates and reporting requirements were established as part of the grant agreement for the major program. Management is responsible for proper and timely filings in accordance with the grant agreement. Condition: During our testing over reporting, it was noted the performance reporting, single audit, and financial statement reports were not filed by the due date. Questioned costs: No reportable questioned costs Context: CLA tested 1 financial report and 1 program report as part of our audit procedures. We noted 1 report of the 2 tested was not filed timely. Cause: The organization did not have a system of controls in place to ensure timely reporting in accordance with the provisions of the grant agreement. Effect: The organization did not file their reports in accordance with due dates per the grant agreement. Repeat finding: Not a repeat finding. Recommendation: We recommend management monitor reporting requirements and implement internal control procedures to ensure reporting due dates are followed. Views of responsible officials: There is no disagreement with the audit finding.
Finding 2022-002
III. FINDINGS AND QUESTIONED COSTS ? FEDERAL AWARDS 2022-002 Federal Agency: Department of Treasury Federal Program Name: COVID-19 ? Community Development Financial Institutions Rapid Response Program (CDFI RRP) Assistance Listing Number: 21.024 Federal Award Identification Number and Year: 21RRP056720, 2022 Award Period: 6/30/2022 Type of Finding: ? Significant Deficiency in Federal Awards ? Other Matter Criteria or specific requirement: Due dates and reporting requirements were established as part of the grant agreement for the major program. Management is responsible for proper and timely filings in accordance with the grant agreement. Condition: During our testing over reporting, it was noted the performance reporting, single audit, and financial statement reports were not filed by the due date. Questioned costs: No reportable questioned costs Context: CLA tested 1 financial report and 1 program report as part of our audit procedures. We noted 1 report of the 2 tested was not filed timely. Cause: The organization did not have a system of controls in place to ensure timely reporting in accordance with the provisions of the grant agreement. Effect: The organization did not file their reports in accordance with due dates per the grant agreement. Repeat finding: Not a repeat finding. Recommendation: We recommend management monitor reporting requirements and implement internal control procedures to ensure reporting due dates are followed. Views of responsible officials: There is no disagreement with the audit finding.