Finding 584057 (2023-002)

Section III - Federal Award Findings and Questioned Costs Finding 2023-2 Criteria The Federal program, AL 21.020 Community Development Financial Institutions Program (“CDFI Program”), requires a Uses of Award Report for the year ended June 30, 2023 to be submitted by September 30, 2023. Statement of Condition The reporting to the CDFI Fund was submitted timely but did not include the correct expenditures per the SEFA included in the audit. Questioned Costs None Effect or Potential Effect The Company is in non-compliance with specific requirements of the major Federal program. Context and Cause GAC did not have procedures in place to ensure Federal awards expended were tracked accurately throughout the year to report the correct expenditures to the CDFI Fund. Recommendation GAC must establish controls to properly monitor expenditures of Federal awards expended in compliance with the CDFI programs and accurately report to the CDFI Fund.