FAC Explorer

Audit 35342

FY End
2022-12-31
Total Expended
$1.05M
Findings
6
Programs
4
Organization: Appalachian Community Capital Corporation (VA)
Year: 2022 Accepted: 2023-05-15
Auditor: Brown Edwards & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
36001 2022-001 - - L
36002 2022-001 - - L
36003 2022-001 - - L
612443 2022-001 - - L
612444 2022-001 - - L
612445 2022-001 - - L

Programs

ALN Program Spent Major Findings
21.020 Community Development Financial Institutions Program $299,000 Yes 1
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $292,060 Yes 1
23.002 Appalachian Area Development $35,000 - 0
10.446 Rural Community Development Initiative $20,012 - 0

Contacts

Name Title Type
PH2LMVJXK7K6 Donna Gambrell Auditee
2025475155 Jason Ross Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Appalachian Community Capital Corporation and its subsidiaries (the Company) under programs of the federal government for the year ended December 31, 2022. The information presented in this Schedule is presented in accordance with the requirement 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 Company, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company. Expenditures reported on the Schedule are report 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: Y Rate Explanation: The auditee used the de minimis cost rate.

Finding Details

Finding 2022-001
2022-001: Community Development Financial Institutions Fund ? Assistance Listing No. 21.020 and Community Development Financial Institutions Fund ? Rapid Response Program Assistance Listing No. 21.024, Late Filing of Prior Year Data Collection Form. Criteria and Condition: The data collection form and reporting package is required to be submitted to the Federal Audit Clearinghouse within 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year, whichever comes first. Context: The Company did not submit the data collection form and reporting package for 2021 within the required due dates.Cause: A formal process to track the filing of the data collection form and reporting package does not exist. Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met. Recommendation: We recommend that the Company develop a process to track the filing of the data collection form and reporting package. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package.
Finding 2022-001
2022-001: Community Development Financial Institutions Fund ? Assistance Listing No. 21.020 and Community Development Financial Institutions Fund ? Rapid Response Program Assistance Listing No. 21.024, Late Filing of Prior Year Data Collection Form. Criteria and Condition: The data collection form and reporting package is required to be submitted to the Federal Audit Clearinghouse within 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year, whichever comes first. Context: The Company did not submit the data collection form and reporting package for 2021 within the required due dates.Cause: A formal process to track the filing of the data collection form and reporting package does not exist. Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met. Recommendation: We recommend that the Company develop a process to track the filing of the data collection form and reporting package. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package.
Finding 2022-001
2022-001: Community Development Financial Institutions Fund ? Assistance Listing No. 21.020 and Community Development Financial Institutions Fund ? Rapid Response Program Assistance Listing No. 21.024, Late Filing of Prior Year Data Collection Form. Criteria and Condition: The data collection form and reporting package is required to be submitted to the Federal Audit Clearinghouse within 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year, whichever comes first. Context: The Company did not submit the data collection form and reporting package for 2021 within the required due dates.Cause: A formal process to track the filing of the data collection form and reporting package does not exist. Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met. Recommendation: We recommend that the Company develop a process to track the filing of the data collection form and reporting package. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package.
Finding 2022-001
2022-001: Community Development Financial Institutions Fund ? Assistance Listing No. 21.020 and Community Development Financial Institutions Fund ? Rapid Response Program Assistance Listing No. 21.024, Late Filing of Prior Year Data Collection Form. Criteria and Condition: The data collection form and reporting package is required to be submitted to the Federal Audit Clearinghouse within 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year, whichever comes first. Context: The Company did not submit the data collection form and reporting package for 2021 within the required due dates.Cause: A formal process to track the filing of the data collection form and reporting package does not exist. Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met. Recommendation: We recommend that the Company develop a process to track the filing of the data collection form and reporting package. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package.
Finding 2022-001
2022-001: Community Development Financial Institutions Fund ? Assistance Listing No. 21.020 and Community Development Financial Institutions Fund ? Rapid Response Program Assistance Listing No. 21.024, Late Filing of Prior Year Data Collection Form. Criteria and Condition: The data collection form and reporting package is required to be submitted to the Federal Audit Clearinghouse within 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year, whichever comes first. Context: The Company did not submit the data collection form and reporting package for 2021 within the required due dates.Cause: A formal process to track the filing of the data collection form and reporting package does not exist. Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met. Recommendation: We recommend that the Company develop a process to track the filing of the data collection form and reporting package. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package.
Finding 2022-001
2022-001: Community Development Financial Institutions Fund ? Assistance Listing No. 21.020 and Community Development Financial Institutions Fund ? Rapid Response Program Assistance Listing No. 21.024, Late Filing of Prior Year Data Collection Form. Criteria and Condition: The data collection form and reporting package is required to be submitted to the Federal Audit Clearinghouse within 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year, whichever comes first. Context: The Company did not submit the data collection form and reporting package for 2021 within the required due dates.Cause: A formal process to track the filing of the data collection form and reporting package does not exist. Effect: By not filing the data collection form and reporting package by the due date, one of the federal award requirements was not met. Recommendation: We recommend that the Company develop a process to track the filing of the data collection form and reporting package. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding and have established a process to track the filing of the data collection form and reporting package.