FAC Explorer

Audit 294160

FY End
2022-12-31
Total Expended
$1.83M
Findings
2
Programs
1
Organization: Goldenwest Credit Union (UT)
Year: 2022 Accepted: 2024-03-08
Auditor: Mayer Hoffman McCann PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
374486 2022-001 Significant Deficiency - E
950928 2022-001 Significant Deficiency - E

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program $1.83M Yes 1

Contacts

Name Title Type
HU8MXGAX2JS5 Darren Godfrey Auditee
9152074800 Anthony Coble Auditor
No contacts on file

Notes to SEFA

Title: Nature of the Company Accounting Policies: Expenditures 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. Goldenwest Credit Union and Subsidiaries (the “Credit Union”) is a federally chartered credit union providing a variety of financial services to qualified members. Membership is primarily limited to residents and employees in Cache, Weber, Davis, Morgan, Salt Lake, Utah, and Washington Counties. The Credit Union has 40 branches and has 173,855 members as of December 31, 2022
Title: Basis of Presentation Accounting Policies: Expenditures 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 award activity of the 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 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 the Credit Union, it is not intended to and does not present the financial position, changes in results of its operations or cash flows of the Credit Union.

Finding Details

Finding 2022-001
Criteria – Eligible loans meeting an established threshold (performance goal) as outlined in the Grant Assistance Agreement are to be deployed within the target market (TM). Condition – Total financial products (loans) deployed in the designated target market as reported on the Annual Performance Report were originally unable to be reconciled by the Credit Union to specific underlying loan applications in a timely manner. Questioned Costs – None Effect – Performance goals as stipulated in the Grant Assistance Agreement may not be met or reported inaccurately. Cause – Internal controls did not exist to provide supporting data for eligible loans at origination date or provide for reconciliation of the deployments to the total amount of financial products closed as reported on the Annual Performance Reports in a timely manner. Recommendation – Ensure control procedures are in place to provide supporting data for eligible loans deployed during a grant performance period and reconciled totals to the underlying loan data in a timely manner. Views of responsible officials and planned corrective actions – Management agrees with the finding and has established procedures to provide timely support for identify eligible loans deployed in the TM. Reports tracking these loans will be reconciled to the total financial products closed reported on future Annual Performance Reports.
Finding 2022-001
Criteria – Eligible loans meeting an established threshold (performance goal) as outlined in the Grant Assistance Agreement are to be deployed within the target market (TM). Condition – Total financial products (loans) deployed in the designated target market as reported on the Annual Performance Report were originally unable to be reconciled by the Credit Union to specific underlying loan applications in a timely manner. Questioned Costs – None Effect – Performance goals as stipulated in the Grant Assistance Agreement may not be met or reported inaccurately. Cause – Internal controls did not exist to provide supporting data for eligible loans at origination date or provide for reconciliation of the deployments to the total amount of financial products closed as reported on the Annual Performance Reports in a timely manner. Recommendation – Ensure control procedures are in place to provide supporting data for eligible loans deployed during a grant performance period and reconciled totals to the underlying loan data in a timely manner. Views of responsible officials and planned corrective actions – Management agrees with the finding and has established procedures to provide timely support for identify eligible loans deployed in the TM. Reports tracking these loans will be reconciled to the total financial products closed reported on future Annual Performance Reports.