FAC Explorer

Audit 405857

FY End
2025-12-31
Total Expended
$4.39M
Findings
2
Programs
11
Organization: Hope Federal Credit Union (MS)
Year: 2025 Accepted: 2026-06-30
Auditor: CLIFTONLARSONALLEN LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1221620 2025-001 Material Weakness Yes AB
1221621 2025-001 Material Weakness Yes AB

Programs

ALN Program Spent Major Findings
21.033 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND EQUITABLE RECOVERY PROGRAM (CDFI ERP) $1.18M Yes 0
66.959 GREENHOUSE GAS REDUCTION FUND: SOLAR FOR ALL $726,020 Yes 1
99.U01 EXPANDABLE GRANTS $521,000 Yes 0
90.200 Delta Regional Development $432,287 Yes 0
84.354 CREDIT ENHANCEMENT FOR CHARTER SCHOOL FACILITIES $141,380 Yes 0
14.521 Economic Development Initiative, Community Project Funding, and Miscellaneous Grants $120,087 Yes 0
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $64,988 Yes 0
10.872 Delta Healthy Food Financing Initiative $34,754 Yes 0
10.433 Rural Housing Preservation Grant $10,040 Yes 0
47.084 NSF TECHNOLOGY, INNOVATION, AND PARTNERSHIPS $8,658 Yes 0
10.890 RURAL DEVELOPMENT COOPERATIVE AGREEMENT PROGRAM $2,261 Yes 0

Contacts

Name Title Type
DMM6QVXNLGH6 Felicia Myers Auditee
6019444162 Jason Neumann Auditor
No contacts on file

Notes to SEFA

Hope Enterprise Corporation has a grant agreement with NeighborWorks America which is structured in accordance with Section 607(e) of the Neighborhood Reinvestment Corporation Act, as amended (42 U.S.C. 8101, et. seq.). The agreement provides for the funding of certain ongoing community lending and support projects in the form of capital funds grants. During 2025 and 2024, the Company was awarded NeighborWorks America capital funds grants totaling $521,000 and $556,500, respectively, which is included in revenue. Expenditures relative to these awards are shown in detail in the accompanying schedule of expenditures of federal awards. Of the amounts received from NeighborWorks America, all were considered expendable grants and no amounts were received with donor restrictions. The unexpended portion of donor restricted grants relates to grant funds held in perpetuity and amounted to $-0- at December 31, 2025 and 2024. As of December 31, 2025, the Company was in compliance with the bonding and insurance requirements of the grant agreement.
Hope Enterprise Corporation did not provide any federal awards to subrecipients during the year ended December 31, 2025.
Hope Enterprise Corporation did not receive any federal assistance in noncash form during the year ended December 31, 2025.
Hope Enterprise Corporation has elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2025-001
Federal Agency: U.S. Environmental Protection Agency Federal Program Name: Solar for All Assistance Listing Number: 66.959 Federal Award Identification Number: 84091401, 84091501 Pass-Through Agency: N/A Pass-Through Numbers: N/A Award Period: 05/01/2024 – 08/07/2025 Type of Finding: Significant Deficiency in Internal Control Criteria: Lack of effective review over payroll over timekeeping. Condition and Context: Payroll expenses were charged to the grant program but were not supported with time actually worked for the program. Questioned Costs: $8,911. Cause: Lack of key control over time allocated to the grant review process for one employee. Effect: Overstatement of payroll expenses billed to the grant in 2025. Repeat Finding: No Recommendation: The Organization should establish effective review over payroll to ensure that only actual employee's time is billed the grant. View of Responsible Officials: Management is in agreement. Management Responses and Corrective Action Plan: See attached corrective action plan.