FAC Explorer

Audit 44843

FY End
2022-09-30
Total Expended
$1.53M
Findings
2
Programs
1
Organization: Faith Community United Credit Union, Inc. (OH)
Year: 2022 Accepted: 2023-04-18
Auditor: Gbq Partners LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
47383 2022-001 - - L
623825 2022-001 - - L

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.53M Yes 1

Contacts

Name Title Type
WP2ANND4GA37 Jacqueline Moore Auditee
2162717111 Scott Runyan Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards is to present a summary of the activities of Faith Community United Credit Union, Inc. (the Credit Union) for the year ended September 30, 2022, which were funded by the U.S. Government.Because the Schedule presents only a selected portion of the activities of the Credit Union, it is not intended to and does not present the financial position, results of operations or changes in net assets of the Credit Union. The information in this 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. Therefore, some amounts presented in the schedule above may differ from amounts presented in, or used in the preparation of, the accompanying financial statements.The Schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. CFR Part 230, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The Credit Union has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.

Finding Details

Finding 2022-001
Item 2022-01 ? Late Submissions for Reporting Requirements and Fiscal Year Reporting Audit findings under 2 CFR section 200.516(a). Criteria: In accordance with terms of the federal award granted for the major program, Faith Community United Credit Union, Inc. (?the Credit Union?) must submit the annual report components in accordance with the Credit Union?s fiscal year. Condition: During our procedures performed over compliance with reporting requirements (as stipulated under Schedule 1, Section A of the CDFI Fund Assistance Agreement for the major program), we noted that the Credit Union?s annual report components were based on a fiscal year ending December 31, 2021. Inquiry with management and inspection of the prior period audit reports identified that the Credit Union?s fiscal year is September 30. As a result, the report due dates for the annual report components were improperly identified. This resulted in the annual report components that were submitted late to document the incorrect fiscal year end date. This also resulted in the submissions for the Financial Statements, TLR, Performance Progress Report, and Uses of Award Report for fiscal year 2021 to incorrectly include information for October through December 2021. This financial information should have been included in the fiscal year 2022 reporting. Cause: The Credit Union did not maintain adequate internal controls to ensure the Credit Union?s fiscal year end was appropriately reported, and by extension, that the annual report submissions were completed within the correct due dates for the proper reporting timeframe. Recommendation: We recommend that management properly reflect the annual reporting components using its September 30 fiscal year end. We also recommend that management contact their CDFI representative to identify what correcting steps be completed, if any, for the year ended September 30, 2021 reporting components.
Finding 2022-001
Item 2022-01 ? Late Submissions for Reporting Requirements and Fiscal Year Reporting Audit findings under 2 CFR section 200.516(a). Criteria: In accordance with terms of the federal award granted for the major program, Faith Community United Credit Union, Inc. (?the Credit Union?) must submit the annual report components in accordance with the Credit Union?s fiscal year. Condition: During our procedures performed over compliance with reporting requirements (as stipulated under Schedule 1, Section A of the CDFI Fund Assistance Agreement for the major program), we noted that the Credit Union?s annual report components were based on a fiscal year ending December 31, 2021. Inquiry with management and inspection of the prior period audit reports identified that the Credit Union?s fiscal year is September 30. As a result, the report due dates for the annual report components were improperly identified. This resulted in the annual report components that were submitted late to document the incorrect fiscal year end date. This also resulted in the submissions for the Financial Statements, TLR, Performance Progress Report, and Uses of Award Report for fiscal year 2021 to incorrectly include information for October through December 2021. This financial information should have been included in the fiscal year 2022 reporting. Cause: The Credit Union did not maintain adequate internal controls to ensure the Credit Union?s fiscal year end was appropriately reported, and by extension, that the annual report submissions were completed within the correct due dates for the proper reporting timeframe. Recommendation: We recommend that management properly reflect the annual reporting components using its September 30 fiscal year end. We also recommend that management contact their CDFI representative to identify what correcting steps be completed, if any, for the year ended September 30, 2021 reporting components.