FAC Explorer

Audit 405063

FY End
2025-09-30
Total Expended
$1.11M
Findings
1
Programs
1
Organization: First Financial Credit Union (NM)
Year: 2025 Accepted: 2026-06-26
Auditor: DOEREN MAYHEW ASSURANCE

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1219084 2025-003 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
21.020 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM $1.11M Yes 1

Contacts

Name Title Type
KZPMGLY6SAN5 Ron Moorehead Auditee
5054621119 Alex 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 First Financial 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 income, 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 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 2025-003
Criteria: Section 5.1 of the grant agreement incorporates 2 CFR Part 200, which establishes uniform administrative requirements, cost principles, and audit requirements for Federal awards (Uniform Guidance (UG) Administrative Requirements). UG administrative requirements puts emphasis on written policies and procedures as central in its objective to maintain e􀇅ective internal controls over federal awards. Condition: First Financial Credit Union did not develop written policies and procedures relating to the administration of its federal grant program. Effect or potential effect: Lack of written policies could result in deficiencies relating to accountability, transparency or improper use of federal grant funds. Recommendation: We recommend the Credit Union establish policies and procedures for its federal grant programs required by UG Administrative Requirements.