EIN: 263016612
UEI: MMB1KMSW2F75
Audited by: Forvis-Mazars
Oversight agency: 21 [Department of the Treasury]
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Data as of August 31, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on May 27, 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 November 27, 2026 (87 days from today).
What is a management decision? →FAC accepted this audit on July 2, 2024 — management decision was due January 2, 2025.
FAC accepted this audit on August 7, 2023 — management decision was due February 7, 2024.
FAC accepted this audit on May 30, 2022 — management decision was due November 30, 2022.
Within their performance progress report applicable to a non-major federal award, SHFCU reported that the minimum compliance requirements were achieved. As a result of audit procedures, it was determined that a financial product reported as qualifying under the terms of the grant agreement was not in compliance with the identified target market requirements. As corrected, the removal of this disqualified financial product resulted in noncompliance with the minimum volume performance requirements as defined in the grant agreement. As such, we view this finding as a significant deficiency related to compliance with program benchmarks, not financial reporting or compliance with major federal awards. Cause: SHFCU did not maintain adequate internal controls to ensure financial products qualified in accordance with the identified target market requirements of the grant agreement prior to submission of the performance progress report. Effect or potential effect: SHFCU filed a performance progress report, indicating the minimum qualifying expenditures requirement had been achieved, and overall compliance with the grant agreement provisions. As corrected, SHFCU was not in compliance with the grant agreement?s minimum volume requirements within the stated period of performance. Recommendation: We recommend that SHFCU enhance their control processes to ensure that financial products are reported in accordance with the identified target market and performance goals as described in the federal award agreements. Such enhanced control processes should identify non-compliance with grant agreement provisions prior to submission of performance progress reports. Views of responsible officials and planned corrective action: Management agrees with the above finding. Please refer to the Corrective Action Plan for further responses to the above finding. Questioned Costs: n/a
Show full finding ▾Hide full finding ▴Section III - Federal Award Findings and Questioned Costs Finding 2021-1 Audit findings under 2 CFR section 200.516(a) Criteria: In accordance with the terms of a federal award granted for a non-major program, Self-Help Federal Credit Union (?SHFCU?) must expend a minimum defined volume of financial products within an identified target market, subject to stated period of performance measurement timeframes. Condition: Within their performance progress report applicable to a non-major federal award, SHFCU reported that the minimum compliance requirements were achieved. As a result of audit procedures, it was determined that a financial product reported as qualifying under the terms of the grant agreement was not in compliance with the identified target market requirements. As corrected, the removal of this disqualified financial product resulted in noncompliance with the minimum volume performance requirements as defined in the grant agreement. As such, we view this finding as a significant deficiency related to compliance with program benchmarks, not financial reporting or compliance with major federal awards. Cause: SHFCU did not maintain adequate internal controls to ensure financial products qualified in accordance with the identified target market requirements of the grant agreement prior to submission of the performance progress report. Effect or potential effect: SHFCU filed a performance progress report, indicating the minimum qualifying expenditures requirement had been achieved, and overall compliance with the grant agreement provisions. As corrected, SHFCU was not in compliance with the grant agreement?s minimum volume requirements within the stated period of performance. Recommendation: We recommend that SHFCU enhance their control processes to ensure that financial products are reported in accordance with the identified target market and performance goals as described in the federal award agreements. Such enhanced control processes should identify non-compliance with grant agreement provisions prior to submission of performance progress reports. Views of responsible officials and planned corrective action: Management agrees with the above finding. Please refer to the Corrective Action Plan for further responses to the above finding. Questioned Costs: n/a
Name of contact person: Pete Farquhar, Grants Manager During 2021, prior to report submission, management submitted a request to the CDFI Fund for target market expansion, consistent with indications from the CDFI Fund to eliminate geographic target market limitations. Management will enhance internal controls to ensure reporting adheres to approved target market geographies while awaiting a response from CDFI Fund to expanded target market requests.
FAC accepted this audit on July 17, 2019 — management decision was due January 17, 2020.
FAC accepted this audit on July 9, 2018 — management decision was due January 9, 2019.
FAC accepted this audit on June 13, 2017 — management decision was due December 13, 2017.
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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