FAC Explorer

Audit 307594

FY End
2023-12-31
Total Expended
$165.53M
Findings
2
Programs
10
Organization: National Community Reinvestment Coalition (DC)
Year: 2023 Accepted: 2024-05-30
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
398993 2023-002 Significant Deficiency - L
975435 2023-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $161.46M Yes 1
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.32M - 0
21.020 Community Development Financial Institutions Program $610,000 - 0
99.U19 Neighborworks America Hscp Grant $497,787 - 0
14.316 Housing Counseling Training Program $464,053 - 0
14.169 Housing Counseling Assistance Program $397,229 - 0
14.416 Education and Outreach Initiatives $197,013 - 0
93.866 Aging Research $95,721 - 0
59.043 Women's Business Ownership Assistance $93,456 - 0
14.418 Private Enforcement Initiatives $81,392 - 0

Contacts

Name Title Type
VK3LHH3CPJD5 Diane Crockett Auditee
2024642705 Marie Caputo Auditor
No contacts on file

Notes to SEFA

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal grant activity of NCRC and its affiliate NCRC CDFI under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of the 2 CFR 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 NCRC and NCRC CDFI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NCRC and NCRC CDFI. De Minimis Rate Used: Both Rate Explanation: NCRC has a federally negotiated indirect cost rate and as a result does not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. NCRC CDFI uses the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.

Finding Details

Finding 2023-002
Federal Agency: Department of Treasury Federal Program Title: Coronavirus State and Local Fiscal Recovery Funds Assistance Listing Number: 21.027 Pass-Through Agency: Illinois Department of Commerce & Economic Opportunity Award Period: October 1, 2022 – June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance and Noncompliance Condition: During our testing of reporting requirements, we noted that monthly financial reporting was required to be submitted within 30 days of month-end. Based on the results of our testing, we noted that monthly reports for the months of June through November 2023 were not submitted as of December 31, 2023. In addition, the monthly reports that were submitted during 2023 were not submitted on a timely basis. Criteria or specific requirement: NCRC CDFI must submit monthly financial reports within 30 days of each month-end. Context: We noted the reports were not filed timely due to turnover within the organization and uncertainty regarding the budgeted amounts submitted to the government agency, due to changes in the indirect cost rate. Effect: Inadequate controls over compliance can result in noncompliance. Cause: Turnover within the organization and uncertainty regarding calculations of indirect costs and alignment with budgeted amounts contributed to management’s lack of filing financial reports as required under the grant agreement. Recommendation: We recommend the management monitor the reporting requirements of each federal grant to ensure that all required reports are being submitted timely. Views of Responsible Officials: There is no disagreement with the audit finding. New processes have been implemented that include proper approval and review of all accounting transactions. In addition, subsequent to year end uncertainties regarding calculations of indirect costs and alignment with budgeted amounts have been resolved and monthly financial reports for June through November 2023 have been filed.
Finding 2023-002
Federal Agency: Department of Treasury Federal Program Title: Coronavirus State and Local Fiscal Recovery Funds Assistance Listing Number: 21.027 Pass-Through Agency: Illinois Department of Commerce & Economic Opportunity Award Period: October 1, 2022 – June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance and Noncompliance Condition: During our testing of reporting requirements, we noted that monthly financial reporting was required to be submitted within 30 days of month-end. Based on the results of our testing, we noted that monthly reports for the months of June through November 2023 were not submitted as of December 31, 2023. In addition, the monthly reports that were submitted during 2023 were not submitted on a timely basis. Criteria or specific requirement: NCRC CDFI must submit monthly financial reports within 30 days of each month-end. Context: We noted the reports were not filed timely due to turnover within the organization and uncertainty regarding the budgeted amounts submitted to the government agency, due to changes in the indirect cost rate. Effect: Inadequate controls over compliance can result in noncompliance. Cause: Turnover within the organization and uncertainty regarding calculations of indirect costs and alignment with budgeted amounts contributed to management’s lack of filing financial reports as required under the grant agreement. Recommendation: We recommend the management monitor the reporting requirements of each federal grant to ensure that all required reports are being submitted timely. Views of Responsible Officials: There is no disagreement with the audit finding. New processes have been implemented that include proper approval and review of all accounting transactions. In addition, subsequent to year end uncertainties regarding calculations of indirect costs and alignment with budgeted amounts have been resolved and monthly financial reports for June through November 2023 have been filed.