FAC Explorer

Finding 586351 (2022-002)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2024-01-25
Audit: 13531
Organization: Peoples Advantage Federal Credit Union (VA)
Auditor: Doeren Mayhew

AI Summary

  • Core Issue: The Credit Union reported an incorrect amount of federal expenditures, overstating the Use of Award Report by about $51,000.
  • Impacted Requirements: Accurate reporting of grant expenditures is required by the grant agreement to ensure compliance with the CDFI program.
  • Recommended Follow-Up: Implement a control process to reconcile actual grant fund usage with reported amounts to prevent future discrepancies.

Finding Text

CDFI Program – CFDA No. 21.024; Grant Nos. 21RRP057045: Grant period – December 31, 2022. Condition: The Credit Union incorrectly reported the amount of federal expenditures recognized on the Use of Award Report for the year ended December 31, 2022. Criteria: As outlined in the grant agreement, the use of grant awards for a performance period should be accurately reported to the CDFI via the Use of Award report. Questioned Costs: None Context: The amount reported in the Use of Awards Report was overstated by approximately $51,000. Effect: Use of grant funds as stipulated in the Grant Assistance Agreement may not be met or reported inaccurately. Cause: There was not a control in place to reconcile the actual amount of the grant funds utilized as reflected in the accounting records to the amount reported in the Use of Awards Report.

Categories

Period of Performance

Other Findings in this Audit

  • 9907 2022-000
    Significant Deficiency
  • 9908 2022-001
    Significant Deficiency
  • 9909 2022-002
    Significant Deficiency
  • 586349 2022-000
    Significant Deficiency
  • 586350 2022-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.024 Cdfi Rapid Response Program $730,506
21.020 Technical Assistance Award $125,000