Core Issue: Multipli Credit Union lacks written procedures for cash management and allowable costs, violating Uniform Guidance requirements.
Impacted Requirements: Non-compliance with 2 CFR 200.302(b)(6) and 2 CFR 200.302(b)(7) puts transactions at risk.
Recommended Follow-up: Draft and adopt necessary written procedures to ensure compliance; management is already working on this.
Finding Text
Criteria: Uniform Guidance requires written procedures for cash management and determining the allowability of costs in accordance with Subpart E – Cost Principals. Condition: Multipli Credit Union did not have written procedures for cash management (2 CFR 200.302(b)(6)) and allowable costs determination (2 CFR 200.302(b)(7)) in accordance with Uniform Guidance requirements. Questioned Costs: $0 Cause: Multipli Credit Union’s written policies and procedures were not updated to include required Uniform Guidance policies. Effect: Employees of Multipli Credit Union could enter into a transaction that is not in compliance with Uniform Guidance requirements. Recommendation: We recommend Multipli Credit Union draft and adopt written procedures in accordance with Uniform Guidance requirements. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding and is in process of developing and implementing the appropriate policies and procedures.
Corrective Action Plan
Management agrees with the finding and is in process of developing and implementing the appropriate policies and procedures.