Finding Text
Criteria: Management is responsible for accurately reporting the category of activity and description of the activity for federal funds expended in the Use of Awards report. Condition & Cause: The Use of Awards report submitted to CDFI reported $1,779,869 of federal funds being spent on financial products when the actual amounts expended were deployed to the Credit Union's capital reserves. This error was due to the employee preparing the Use of Awards report mistakenly entering the wrong category and description. Effect: The Credit Union reported the incorrect category and description for the $1,779,869 of federal funds expended in its Use of Awards report.