FAC Explorer

Finding 972586 (2023-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-05-08
Audit: 305745
Organization: Natco Credit Union (IN)
Auditor: Doeren Mayhew

AI Summary

  • Core Issue: Some loans included in our sample were not eligible under the CDFI Rapid Response Program grant agreement.
  • Trend: Out of 40 loans tested, 4 were found to be outside the eligible target market.
  • Recommended Follow-up: Review the selection process for loans to ensure compliance with eligibility criteria.

Finding Text

During our audit, we determined the population of loans provided for sampling purposes to include loans not eligible under the CDFI Rapid Response Program grant agreement. As a result, we noted four (4) loans of the forty (40) selected for testing, to be outside of the eligible target market. See below for loans selected which did not meet eligibility: 1. ***6039 2. ***1431 3. ***7204 4. ***6451

Categories

Eligibility Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 396144 2023-001
    Material Weakness
  • 396145 2023-002
    Material Weakness
  • 972587 2023-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $1.58M
21.033 Cdfi Equitable Recovery Program $826,279
21.020 Community Development Financial Institutions Program $325,000