EIN: 161039343
UEI: EE1WAJLXRVQ7
Audit also covers EIN: 223169112 · unlinked EINs have no separate FAC filing
Audited by: LUMSDEN & MCCORMICK, LLP
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 9, 2026. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by October 9, 2026 (29 days from today).
What is a management decision? →FAC accepted this audit on April 22, 2025 — management decision was due October 22, 2025.
FAC accepted this audit on April 3, 2024 — management decision was due October 3, 2024.
FAC accepted this audit on June 5, 2023 — management decision was due December 5, 2023.
FAC accepted this audit on May 25, 2021 — management decision was due November 25, 2021.
FAC accepted this audit on April 12, 2020 — management decision was due October 12, 2020.
Federal Program ? CFDA #11.307 Economic Adjustment Assistance Criteria ? The portion of the Revolving Loan Fund (RLF) capital base that is not loaned out must be made available for lending. The Economic Development Administration (EDA) requires recipients to have at least 75% of the RLF?s capital base loaned or committed at any given time (13 CFR 307.16). Condition ? The loan fund administered by NCDC has fallen below the required 75% utilization rate as required by the EDA. The utilization rate as of December 31, 2019 is 38.9%. Cause ? Due to a lack of qualified applicants, NCDC has been unable to issue new loans to keep pace with repayments of principal on existing loans. Effect ? NCDC is not in compliance with the required utilization rate. NCDC previously segregated funds into a separate bank account. On June 27, 2018 NCDC received a risk rating from the EDA that allowed NCDC to recover sequestered excess funds. At its discretion, EDA could opt to terminate a portion of the RLF if available cash exceeds 50% of the RLF capital base for more than 24 months. Questioned Costs ? None. Context ? NCDC?s utilization rate at December 31, 2019 of 38.9% is approximately $487,000 below the required 75% rate. Over the past five years, loans made by NCDC have ranged between $125,000 and $400,000 each. Auditors? Recommendation ? We recommend that management of NCDC continue their efforts to seek qualified borrowers. Views of Responsible Officials of the Auditee ? Management continues to seek qualified borrowers and administer the revolving loan fund in accordance with the terms of the agreement. Since 2015, management has been using a consultant to assist in finding qualified borrowers.
Show full finding ▾Hide full finding ▴Federal Program ? CFDA #11.307 Economic Adjustment Assistance Criteria ? The portion of the Revolving Loan Fund (RLF) capital base that is not loaned out must be made available for lending. The Economic Development Administration (EDA) requires recipients to have at least 75% of the RLF?s capital base loaned or committed at any given time (13 CFR 307.16). Condition ? The loan fund administered by NCDC has fallen below the required 75% utilization rate as required by the EDA. The utilization rate as of December 31, 2019 is 38.9%. Cause ? Due to a lack of qualified applicants, NCDC has been unable to issue new loans to keep pace with repayments of principal on existing loans. Effect ? NCDC is not in compliance with the required utilization rate. NCDC previously segregated funds into a separate bank account. On June 27, 2018 NCDC received a risk rating from the EDA that allowed NCDC to recover sequestered excess funds. At its discretion, EDA could opt to terminate a portion of the RLF if available cash exceeds 50% of the RLF capital base for more than 24 months. Questioned Costs ? None. Context ? NCDC?s utilization rate at December 31, 2019 of 38.9% is approximately $487,000 below the required 75% rate. Over the past five years, loans made by NCDC have ranged between $125,000 and $400,000 each. Auditors? Recommendation ? We recommend that management of NCDC continue their efforts to seek qualified borrowers. Views of Responsible Officials of the Auditee ? Management continues to seek qualified borrowers and administer the revolving loan fund in accordance with the terms of the agreement. Since 2015, management has been using a consultant to assist in finding qualified borrowers.
Corrective Action: Management continues to seek qualified borrowers and administer the revolving loan fund in accordance with the terms of the agreement. Since 2015, management has been using a consultant to assist in finding qualified borrowers. Contact: Michael Dudley, Finance Manager. Anticipated Completion Date: By December 31, 2020.
2018-001
FAC accepted this audit on April 22, 2019 — management decision was due October 22, 2019.
GSA_MIGRATION
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GSA_MIGRATION
2015-001
FAC accepted this audit on April 25, 2018 — management decision was due October 25, 2018.
GSA_MIGRATION
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GSA_MIGRATION
2015-001
FAC accepted this audit on April 19, 2017 — management decision was due October 19, 2017.
GSA_MIGRATION
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GSA_MIGRATION
2015-001
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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