FAC Explorer

Audit 8704

FY End
2022-12-31
Total Expended
$1.74M
Findings
2
Programs
2
Organization: Greylock Federal Credit Union (MA)
Year: 2022 Accepted: 2023-12-28
Auditor: Wolf and Company PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
6780 2022-001 Significant Deficiency - AB
583222 2022-001 Significant Deficiency - AB

Programs

ALN Program Spent Major Findings
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.29M Yes 0
21.020 Community Development Financial Institutions Program $450,000 Yes 1

Contacts

Name Title Type
DXXYKLMFGVG7 Cindy Shogry-Raimer Auditee
4134468655 James McGough Auditor
No contacts on file

Notes to SEFA

Title: Description of the Organization Accounting Policies: Title2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance) De Minimis Rate Used: N Rate Explanation: There were no indirect costs charged to the program for the year ended December 31, 2022. Greylock Federal Credit Union (the "Credit Union") is exempt, by statute, from federal taxes on income related to the purpose of the credit union. The Credit Uhion provides, lending, deposit, and other financial services to its members.
Title: Basis of Presentation Accounting Policies: Title2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance) De Minimis Rate Used: N Rate Explanation: There were no indirect costs charged to the program for the year ended December 31, 2022. The accompanying Schedule of Expenditures of Federal Award (the "Schedule") includes the federal grant activity of Greylock Federal Credit Union under its federal government programs for the year ended December 31, 2022. 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Credit Union it is not intended to and does not present the financial position , changes in net assets, or cash flows of the Credit Union.
Title: Basis of Accounting Accounting Policies: Title2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance) De Minimis Rate Used: N Rate Explanation: There were no indirect costs charged to the program for the year ended December 31, 2022. The accompanying Schedule of Expenditures of Federal Award is presented using the accrural basis of accounting.
Title: Indirect Costs Accounting Policies: Title2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance) De Minimis Rate Used: N Rate Explanation: There were no indirect costs charged to the program for the year ended December 31, 2022. No indirect costs were charged to this program for the year ended December 31, 2022.

Finding Details

Finding 2022-001
CRITERIA of Specific Requirement - Reporting CONDITION - During our assessment of internal controls for the single audit, we identified control deficiencies related to the preparation of the Schedule of Expenditures of Federal Awards (SEFA) for the year ended December 31, 2022 that in aggregate are a significant deficiency. As a result, the SEFA presented to us for audit did not include $450,000 expended in the year 2022 for CDFI FA Grant 2021. CAUSE - 1. The system for tracking and monitoring federal award expenditures does not ensure the completeness and accuracy of the data used for SEFA reporting because there is a lack of communication between operations personnel that approve the expenditures and accounting personnel who must record transactions and prepare the SEFA. 2. The Credit Union does not have an accounting policy to establish the criteria for recording expenditures and grant income. 3. There is a need for enhanced training and awareness for federal award compliance, including a better understanding of the applicable federal regulations and reporting requirements. EFFECT or POTENTIAL EFFECT - The potential effect is incomplete reporting of expenditures in the SEFA and recognition of grant income in the proper reporting period. QUESTIONED COSTS - Not applicable as the final SEFA is properly stated.
Finding 2022-001
CRITERIA of Specific Requirement - Reporting CONDITION - During our assessment of internal controls for the single audit, we identified control deficiencies related to the preparation of the Schedule of Expenditures of Federal Awards (SEFA) for the year ended December 31, 2022 that in aggregate are a significant deficiency. As a result, the SEFA presented to us for audit did not include $450,000 expended in the year 2022 for CDFI FA Grant 2021. CAUSE - 1. The system for tracking and monitoring federal award expenditures does not ensure the completeness and accuracy of the data used for SEFA reporting because there is a lack of communication between operations personnel that approve the expenditures and accounting personnel who must record transactions and prepare the SEFA. 2. The Credit Union does not have an accounting policy to establish the criteria for recording expenditures and grant income. 3. There is a need for enhanced training and awareness for federal award compliance, including a better understanding of the applicable federal regulations and reporting requirements. EFFECT or POTENTIAL EFFECT - The potential effect is incomplete reporting of expenditures in the SEFA and recognition of grant income in the proper reporting period. QUESTIONED COSTS - Not applicable as the final SEFA is properly stated.