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.