FAC Explorer

Audit 292793

FY End
2022-12-31
Total Expended
$1.37M
Findings
2
Programs
2
Organization: Multipli Credit Union (MO)
Year: 2022 Accepted: 2024-02-29
Auditor: Kpm CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
371166 2022-001 Significant Deficiency - Allowable Costs/Cost Principles
947608 2022-001 Significant Deficiency - Allowable Costs/Cost Principles

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.25M Yes 1
21.020 Community Development Financial Institutions Program $118,253 - 0

Contacts

Name Title Type
T63FBHD43LN6 Greg Snyder Auditee
4178653912 Barbara Houser Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Credit Union has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal awards activity of Multipli Credit Union under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Multipli Credit Union, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Multipli Credit Union.
Title: Subrecipients Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Credit Union has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Multipli Credit Union did not provide federal awards to subrecipients during the year ended December 31, 2022
Title: Identifying Numbers Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Credit Union has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying numbers are presented where available.

Finding Details

Finding 2022-001
Criteria: Uniform Guidance requires written procedures for cash management and determining the allowability of costs in accordance with Subpart E – Cost Principals. Condition: Multipli Credit Union did not have written procedures for cash management (2 CFR 200.302(b)(6)) and allowable costs determination (2 CFR 200.302(b)(7)) in accordance with Uniform Guidance requirements. Questioned Costs: $0 Cause: Multipli Credit Union’s written policies and procedures were not updated to include required Uniform Guidance policies. Effect: Employees of Multipli Credit Union could enter into a transaction that is not in compliance with Uniform Guidance requirements. Recommendation: We recommend Multipli Credit Union draft and adopt written procedures in accordance with Uniform Guidance requirements. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding and is in process of developing and implementing the appropriate policies and procedures.
Finding 2022-001
Criteria: Uniform Guidance requires written procedures for cash management and determining the allowability of costs in accordance with Subpart E – Cost Principals. Condition: Multipli Credit Union did not have written procedures for cash management (2 CFR 200.302(b)(6)) and allowable costs determination (2 CFR 200.302(b)(7)) in accordance with Uniform Guidance requirements. Questioned Costs: $0 Cause: Multipli Credit Union’s written policies and procedures were not updated to include required Uniform Guidance policies. Effect: Employees of Multipli Credit Union could enter into a transaction that is not in compliance with Uniform Guidance requirements. Recommendation: We recommend Multipli Credit Union draft and adopt written procedures in accordance with Uniform Guidance requirements. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding and is in process of developing and implementing the appropriate policies and procedures.