FAC Explorer

Finding 38312 (2022-022)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-04-25
Audit: 30078
Organization: Lowell Community Loan Fund, Inc. (MA)
Auditor: Anstiss & CO PC

AI Summary

  • Answer: The material weakness identified in Finding 2022-001 also affects the U.S. Department of Treasury grant.
  • Trend: This indicates ongoing issues that need to be addressed to ensure compliance and effectiveness.
  • List: Follow up on corrective actions related to Finding 2022-001 to mitigate the weakness for this grant.

Finding Text

U.S. Department of Treasury Community Development Investment Financial Institutions Rapid Response Program -Assistance Listing number 21.024 Grant Period - Year Ended December 31, 2022 Material Weakness 2022-002 The material weakness at Finding 2022-001 applies to this grant.

Corrective Action Plan

U.S. Department of Treasury Community Development Investment Financial Institutions Rapid Response Program - Assistance Listing number 21.024 Material Weakness Recommendation: Lowell Community Loan Fund, Inc. dba Mill Cities Community Investments put procedures in place to ensure proper accounting and reconciliation of revenue and net asset accounts. Views of Responsible Officials and Planned Corrective Action: Lowell Community Loan Fund, Inc. dba Mill Cities Community Investments agrees with the finding and the recommended procedures will be implemented.

Categories

Material Weakness

Other Findings in this Audit

  • 614754 2022-022
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.05M
21.020 Community Development Financial Institutions Program $300,000