Finding 2023-001: Reporting
Condition
Northwest Side Community Development Corporation did not accurately report certain information on its Transaction Level Report (TLR) and Uses of Award reports for the year ended December 31, 2022.
Corrective Action Plan
For the TLR:
The Senior Business Lende...
Finding 2023-001: Reporting
Condition
Northwest Side Community Development Corporation did not accurately report certain information on its Transaction Level Report (TLR) and Uses of Award reports for the year ended December 31, 2022.
Corrective Action Plan
For the TLR:
The Senior Business Lender and/or Loan Portfolio Specialist will assemble required business loan details and client demographic and business financial documentation. The Grants Coordinator will input TLR data points into the CDFI AMIS reporting system.
The Director of Fund Development and/or Operations Manager will verify and validate the data inputs in AMIS and compare the values found on original documents (materials in client loan application files). The Director of Fund Development will submit the TLR in AMIS.
The Senior Business Lender and Operations Manager will review that all supporting documents in client loan files are saved and organized for future review.
For Uses of Award Reports:
The Grants Coordinator will request annual expenditure reports from the CFO for each active CDFI award. The Grants Coordinator will input the expenses into the Uses of Award reports in the CDFI AMIS reporting system for each active CDFI grant.
After the fiscal year accounting is completed, the CFO will determine the amount of interest earned by CDFI grant funds held in interest-bearing accounts (prior to loan deployment or expenditure).
If greater than $500 interest was earned on CDFI grant funds in NWSCDC interest-bearing accounts during the just-completed fiscal year, the CFO will notify the Director of Fund Development and Office Administrator of the amount. The Director of Fund Development will submit written request to the Office Administrator to remit the required payment to HHS as described in the CDFI grant agreement. The Office Administrator will generate a check, through the usual payment approval process.
Following this, the Director of Fund Development will review and verify the data inputs and submit the Uses of Award Report(s) in AMIS. The accounting system will retain the financial records for Uses of Award reporting.
Person(s) Responsible
Senior Business Lender, Loan Portfolio Specialist, Operations Manager, Grants Coordinator, Director of Fund Development, CFO, and Office Administrator.
Timing for Implementation
This policy is in effect when approved by the Executive Director. The above-named staff have already begun following this procedure for the revision of recent TLR and Use of Award reports and preparation of current reports in May and June 2024. The Grants Coordinator position was filled on April 1, 2024.