FAC Explorer

Audit 48288

FY End
2022-12-31
Total Expended
$2.27M
Findings
2
Programs
2
Organization: Florida Agricultural & Mechanical University Federal Credit Union (FL)
Year: 2022 Accepted: 2023-08-28
Auditor: Nearman Maynard Vallez CPAS P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
42731 2022-001 - - P
619173 2022-001 - - P

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.27M Yes 0
21.019 Coronavirus Relief Fund $1.00M - 1

Contacts

Name Title Type
K55NNRCMMTL1 Alexandria Currie Auditee
8502224541 Jennifer Hoskins Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Catalog of Federal Domestic AssistanceReporting EntityExpense RecognitionNOTE 2: SIGNIFICANT ACCOUNTING POLICIESFAMU FEDERAL CREDIT UNIONNOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSNOTE 1: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grantactivity of FAMU Federal Credit Union (the "Credit Union") and has been prepared in accordance with therequirements 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 selectedportion of operations of the Credit Union, it is not intended to and does not present the financial position, netincome, change in members equity, or cash flows of FAMU Federal Credit Union.The Catalog of Federal Domestic Assistance is a government-wide compendium of individual federal programs.A five-digit program identification number (CFDA Number) is assigned to each program included in the catalog.FAMU Federal Credit Union (the "Credit Union") is a cooperative association organized in accordance withFlorida Statutes 657, Part I, for the purposes of promoting thrift among, and creating a source of credit for itsmembers. Participation in the Credit Union is limited to those individuals that qualify for membership. The fieldof membership is defined in the Credit Union's Charter and Bylaws.Expenditures reported on the Schedule are reported on the accrual basis of accounting.Indirect Cost RateThe Credit Union has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
A. SCHEDULE OF FINDINGS 2022-001: During our review of grant income recognized related to the pass through grant 21.019 Coronavirus Relief Fund, we noted the Credit Union recognized the entire grant amount when received and did not recognize it in accordance with the grant agreement. The grant was awarded to grant loans to minority and women owned businesses in Leon County, Florida. The Credit Union should be recognizing the grant income when they grant loans.
Finding 2022-001
A. SCHEDULE OF FINDINGS 2022-001: During our review of grant income recognized related to the pass through grant 21.019 Coronavirus Relief Fund, we noted the Credit Union recognized the entire grant amount when received and did not recognize it in accordance with the grant agreement. The grant was awarded to grant loans to minority and women owned businesses in Leon County, Florida. The Credit Union should be recognizing the grant income when they grant loans.