Finding Text
Criteria ? In accordance with the grant agreement, at the end of each year of the period of performance, UMEZ must have closed financial products in an eligible market and/or UMEZ?s approved target market in an amount equal to or greater than 50% of the total CDFI assistance amount by the end of year 1 of the period of performance, June 30, 2022. Condition ? The period of performance compliance requirement related to close of financial products was not met. Cause ? UMEZ did not meet prescribed performance obligations due to staff turnover within the underwriting department. Effect ? This results in UMEZ needing to close more financial products in the next period of performance year. Questioned Costs ? None noted. Context - Sample of all financial products closed during the first year of the period of performance. Identification as a Repeat Finding ? Not a repeat finding. Recommendation ? We recommend that adequate measures be taken to make sure that all financial goals are met within the prescribed period of performance. Views of Responsible Officials ? See management?s corrective action plan.