FAC Explorer

Audit 29992

FY End
2022-09-30
Total Expended
$1.39M
Findings
2
Programs
2
Organization: Community Plus Federal Credit Union (IL)
Year: 2022 Accepted: 2022-12-29
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
29094 2022-001 Material Weakness - L
605536 2022-001 Material Weakness - L

Programs

ALN Program Spent Major Findings
21.024 Covid-19 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.35M Yes 1
21.020 Community Development Financial Institutions Program $44,484 - 0

Contacts

Name Title Type
UN2GGDMWGZR7 Michael Daugherty Auditee
2178938201 Bob Swartz 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 auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Community Plus Federal Credit Union under programs of the federal government for the year ended September 30, 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 Community Plus Federal Credit Union, it is not intended to and does not present the financial position, changes in members equity or cash flows of Community Plus Federal Credit Union.

Finding Details

Finding 2022-001
Criteria or specific requirement ? Per the fund assistance agreement, the Community Plus Federal Credit Union is required to complete and file various financial condition and performance reports. Condition ? One of the performance reports required to be filed with the Community Development Financial Institution Fund (?CDFI?), is the Uses of Award Report. This report has a due date of March 31, 2022; however, was not filed until June 2022. Questioned costs ? None. Context ? Out of a population of one Uses of Award Report submitted during the fiscal year, one was submitted outside of the specific date. Effect ? The CDFI was not provided with timely submission of the Uses of Award Report. Such submissions are required to allow for proper monitoring of the awarded funds. Cause ? The Uses of Award Report was not submitted timely due to Community Plus Federal Credit Union not having internal control procedures in place to identify the required submission dates. Identification as a repeat finding ? N/A Recommendation ? Community Plus Federal Credit Union should implement procedures to provide required annual reports within the submission deadlines. Views of responsible officials and planned corrective actions - See attachment.
Finding 2022-001
Criteria or specific requirement ? Per the fund assistance agreement, the Community Plus Federal Credit Union is required to complete and file various financial condition and performance reports. Condition ? One of the performance reports required to be filed with the Community Development Financial Institution Fund (?CDFI?), is the Uses of Award Report. This report has a due date of March 31, 2022; however, was not filed until June 2022. Questioned costs ? None. Context ? Out of a population of one Uses of Award Report submitted during the fiscal year, one was submitted outside of the specific date. Effect ? The CDFI was not provided with timely submission of the Uses of Award Report. Such submissions are required to allow for proper monitoring of the awarded funds. Cause ? The Uses of Award Report was not submitted timely due to Community Plus Federal Credit Union not having internal control procedures in place to identify the required submission dates. Identification as a repeat finding ? N/A Recommendation ? Community Plus Federal Credit Union should implement procedures to provide required annual reports within the submission deadlines. Views of responsible officials and planned corrective actions - See attachment.