Finding 29094 (2022-001)

Criteria or specific requirement ? Per the fund assistance agreement, the Community Plus Federal Credit Union is required to complete and file various financial condition and performance reports. Condition ? One of the performance reports required to be filed with the Community Development Financial Institution Fund (?CDFI?), is the Uses of Award Report. This report has a due date of March 31, 2022; however, was not filed until June 2022. Questioned costs ? None. Context ? Out of a population of one Uses of Award Report submitted during the fiscal year, one was submitted outside of the specific date. Effect ? The CDFI was not provided with timely submission of the Uses of Award Report. Such submissions are required to allow for proper monitoring of the awarded funds. Cause ? The Uses of Award Report was not submitted timely due to Community Plus Federal Credit Union not having internal control procedures in place to identify the required submission dates. Identification as a repeat finding ? N/A Recommendation ? Community Plus Federal Credit Union should implement procedures to provide required annual reports within the submission deadlines. Views of responsible officials and planned corrective actions - See attachment.