Audit 35809

FY End

2022-06-30

Total Expended

$1.64M

Findings

2

Programs

1

Organization: Tampa Bay Federal Credit Union (FL)

Year: 2022 Accepted: 2022-11-01

Auditor: Doeren Mayhew

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
37136	2022-001	Significant Deficiency	-	EG
613578	2022-001	Significant Deficiency	-	EG

ALN	Program	Spent	Major	Findings
21.024	Community Development Financial Institutions Rapid Response Program (cdfi Rrp)	$1.64M	Yes	1

Contacts

Name	Title	Type
LHQEBDNYPFM8	Lindsey Walker	Auditee
8137773316	Justin Glazman	Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Note 1-Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Tampa Bay Federal Credit Union (the Credit Union) under programs of the federal government for the year ended June 30, 2022. The information in the 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 income, changes in members equity, or cash flows of the Credit Union.Note 2-Summary of Significant Accounting PoliciesExpenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3-Indirect Cost RateThe Credit Union has elected not to use the 10% de minimums indirect cost rate as allowed under the Uniform Guidance.Note 4-Major ProgramsMajor programs are identified in the Summary of Auditors Results section of the Schedule of Findings and Questioned Costs.* * * End of Notes * * * De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001

SECTION III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS 2022-001 CDFI Program ? CFDA No. 21.024; Grant Nos. 21RRP056344: Grant period ? June 30, 2022. SIGNIFICANT DEFICIENCY Condition: Total financial products (loans) deployed in the designated target market (TM) as Reported on the Annual Performance Report were originally unable to be supported or reconciled by the Credit Union to the underlying loan data. Criteria: Eligible loans meeting an established threshold (performance goal) as outlined in the Grant Assistance Agreement are to be deployed within the TM. Questioned Costs: None Context: Eligible loan deployment as reported in the Annual Performance Reports were unable to be supported. Effect: Performance goals as stipulated in the Grant Assistance Agreement may not be met or reported inaccurately. Cause: Internal controls did not exist to identify and track eligible loans deployed or reconcile the deployments to the total amount of financial products closed as reported on the Annual Performance Reports. Recommendation: Establish control procedures to identify and track eligible loans deployed during a grant performance period and reconcile the totals to the underlying loan date. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and has established procedures to identify eligible loans deployed in the TM. These loans will be reconciled to the total financial products closed reported on future Annual Performance Reports.

Finding 2022-001

SECTION III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS 2022-001 CDFI Program ? CFDA No. 21.024; Grant Nos. 21RRP056344: Grant period ? June 30, 2022. SIGNIFICANT DEFICIENCY Condition: Total financial products (loans) deployed in the designated target market (TM) as Reported on the Annual Performance Report were originally unable to be supported or reconciled by the Credit Union to the underlying loan data. Criteria: Eligible loans meeting an established threshold (performance goal) as outlined in the Grant Assistance Agreement are to be deployed within the TM. Questioned Costs: None Context: Eligible loan deployment as reported in the Annual Performance Reports were unable to be supported. Effect: Performance goals as stipulated in the Grant Assistance Agreement may not be met or reported inaccurately. Cause: Internal controls did not exist to identify and track eligible loans deployed or reconcile the deployments to the total amount of financial products closed as reported on the Annual Performance Reports. Recommendation: Establish control procedures to identify and track eligible loans deployed during a grant performance period and reconcile the totals to the underlying loan date. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and has established procedures to identify eligible loans deployed in the TM. These loans will be reconciled to the total financial products closed reported on future Annual Performance Reports.