FAC Explorer

Audit 376420

FY End
2025-03-31
Total Expended
$861,000
Findings
1
Programs
1
Organization: Priority Trust Credit Union (TX)
Year: 2025 Accepted: 2025-12-19
Auditor: DOEREN MAYHEW ASSURANCE

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1165691 2025-004 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
21.033 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND EQUITABLE RECOVERY PROGRAM (CDFI ERP) $861,000 Yes 1

Contacts

Name Title Type
ZLD6QDLXJ1C5 Daniel Caldwell Auditee
7139706273 Alexander Brennan Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Priority Trust Credit Union and its subsidiary (the Credit Union) and has been prepared 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. Because the Schedule presents only a selected portion of operations of the Credit Union, is not intended to and does not present the financial position, net earnings, change in members’ equity, or cash flows of the Credit Union.
Expenditure Recognition Expenditures 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. Indirect Cost Rate The Credit Union has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.

Finding Details

Finding 2025-004
Finding 2025-004: Compliance Finding & Significant Deficiency: Reporting Criteria: Section A of the grant agreement, Annual Reports, requires that a Financial Statement Audit (FSA) Report be submitted to the CDFI through AMIS. For the Credit Union’s fiscal year ending March 31, 2025, the FSA was due September 30, 2025. Condition: Priority Trust Credit Union filed the report on November 5, 2025, 36 days after the due date. Effect or potential effect: Late submission of the CDFI grant’s required reports may increase scrutiny by the CDFI over the Credit Union’s grant administration. This may result in losing future funding or potential repayment grant funds. Recommendation: We recommend the Credit Union establish a procedure to track reporting due dates and ensure all of the reporting as required by the grant agreement are filed timely. Questioned costs: None. Views of responsible o􀇆cials: Management agrees with the finding. A process as described above will be established and implemented during the current year.