Finding 371166 (2022-001)

Significant Deficiency
Requirement
Allowable Costs/Cost Principles
Questioned Costs
-
Year
2022
Accepted
2024-02-29
Audit: 292793
Organization: Multipli Credit Union (MO)
Auditor: Kpm CPAS PC

AI Summary

  • 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.

Categories

Allowable Costs / Cost Principles Cash Management

Other Findings in this Audit

  • 947608 2022-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.25M
21.020 Community Development Financial Institutions Program $118,253