FAC Explorer

Audit 355770

FY End
2023-12-31
Total Expended
$812,062
Findings
2
Programs
5
Organization: Opportunities Credit Union (VT)
Year: 2023 Accepted: 2025-05-07
Auditor: Rsm US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
559810 2023-001 Significant Deficiency - L
1136252 2023-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $380,812 Yes 1
21.020 Community Development Financial Institutions Program $251,000 - 0
14.169 Housing Counseling Assistance Program $153,581 - 0
21.025 Small Dollar Loan Program $24,519 - 0
21.026 Homeowner Assistance Fund $2,150 - 0

Contacts

Name Title Type
FPYSERAC6VR3 Erin Metivier Auditee
8024955450 Jennifer O'Shea Auditor
No contacts on file

Notes to SEFA

Title: Note 1. 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: Y Rate Explanation: The Credit Union has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Opportunities Credit Union (the Credit Union) 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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the 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 condition, income, comprehensive income, members’ equity, or cash flows of the Credit Union.
Title: Note 2. Summary of Significant Accounting Policies 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: Y Rate Explanation: The Credit Union has elected to use the 10% 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3. Indirect Cost Rate 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: Y Rate Explanation: The Credit Union has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Credit Union has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Finding 2023-001: Late Issuance of 2023 Single Audit Package Federal programs: All Assistance Listing Numbers and federal agencies included on the schedule of expenditures of federal awards for the year ended December 31, 2023. Type of Finding: Significant Deficiency in Internal Control over Compliance; Other Matter Compliance Finding Criteria: OMB’s Uniform Guidance, Title 2, Part 200, Subpart F Audit Requirements, paragraph .512 requires the Single Audit to be completed and the data collection form and reporting package to be submitted within the earlier of 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period. Condition: The submission of the 2023 Single Audit reporting package was not submitted by the September 30, 2024, deadline. Cause: The audit was not completed by September 30, 2024, due to delays in audit fieldwork caused by availability of supporting information to complete certain sections of the audit. Effect: Management did not meet the Single Audit reporting deadline. Questioned costs: None Context: The December 31, 2023, Single Audit package. Repeat finding: No Recommendation: We recommend the Credit Union continue its efforts to ensure the reporting package is filed timely with the Federal Clearinghouse. Views of responsible individuals: Management agrees with the above finding and its response is included in the corrective action plan.
Finding 2023-001
Finding 2023-001: Late Issuance of 2023 Single Audit Package Federal programs: All Assistance Listing Numbers and federal agencies included on the schedule of expenditures of federal awards for the year ended December 31, 2023. Type of Finding: Significant Deficiency in Internal Control over Compliance; Other Matter Compliance Finding Criteria: OMB’s Uniform Guidance, Title 2, Part 200, Subpart F Audit Requirements, paragraph .512 requires the Single Audit to be completed and the data collection form and reporting package to be submitted within the earlier of 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period. Condition: The submission of the 2023 Single Audit reporting package was not submitted by the September 30, 2024, deadline. Cause: The audit was not completed by September 30, 2024, due to delays in audit fieldwork caused by availability of supporting information to complete certain sections of the audit. Effect: Management did not meet the Single Audit reporting deadline. Questioned costs: None Context: The December 31, 2023, Single Audit package. Repeat finding: No Recommendation: We recommend the Credit Union continue its efforts to ensure the reporting package is filed timely with the Federal Clearinghouse. Views of responsible individuals: Management agrees with the above finding and its response is included in the corrective action plan.