FAC Explorer

Audit 54066

FY End
2022-12-31
Total Expended
$2.20M
Findings
2
Programs
2
Organization: University of Louisiana Federal Credit Union (LA)
Year: 2022 Accepted: 2023-08-24
Auditor: Griffin and Furman

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
59572 2022-001 - - L
636014 2022-001 - - L

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.81M Yes 1
21.020 Community Development Financial Institutions Program $361,127 - 0

Contacts

Name Title Type
KJNRVHLP52V8 Monica Declouet Auditee
3374825760 Robert Furman Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
Criteria: Management is responsible for accurately reporting the category of activity and description of the activity for federal funds expended in the Use of Awards report. Condition & Cause: The Use of Awards report submitted to CDFI reported $1,779,869 of federal funds being spent on financial products when the actual amounts expended were deployed to the Credit Union's capital reserves. This error was due to the employee preparing the Use of Awards report mistakenly entering the wrong category and description. Effect: The Credit Union reported the incorrect category and description for the $1,779,869 of federal funds expended in its Use of Awards report.
Finding 2022-001
Criteria: Management is responsible for accurately reporting the category of activity and description of the activity for federal funds expended in the Use of Awards report. Condition & Cause: The Use of Awards report submitted to CDFI reported $1,779,869 of federal funds being spent on financial products when the actual amounts expended were deployed to the Credit Union's capital reserves. This error was due to the employee preparing the Use of Awards report mistakenly entering the wrong category and description. Effect: The Credit Union reported the incorrect category and description for the $1,779,869 of federal funds expended in its Use of Awards report.