EIN: 271832686
UEI: SDDAM4VGHZL5
Audit also covers EIN: 461076726
Audited by: Novogradac & Company LLP
Oversight agency: 21 [Department of the Treasury]
View federal awards & risk assessment →
Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on January 5, 2024. 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 July 5, 2024 (787 days ago).
What is a management decision? →Section III - Federal Award Findings and Questioned Costs Finding 2023-2 Criteria The Federal program, AL 21.020 Community Development Financial Institutions Program (“CDFI Program”), requires a Uses of Award Report for the year ended June 30, 2023 to be submitted by September 30, 2023. Statement of Condition The reporting to the CDFI Fund was submitted timely but did not include the correct expenditures per the SEFA included in the audit. Questioned Costs None Effect or Potential Effect The Company is in non-compliance with specific requirements of the major Federal program. Context and Cause GAC did not have procedures in place to ensure Federal awards expended were tracked accurately throughout the year to report the correct expenditures to the CDFI Fund. Recommendation GAC must establish controls to properly monitor expenditures of Federal awards expended in compliance with the CDFI programs and accurately report to the CDFI Fund.
Show full finding ▾Hide full finding ▴Section III - Federal Award Findings and Questioned Costs Finding 2023-2 Criteria The Federal program, AL 21.020 Community Development Financial Institutions Program (“CDFI Program”), requires a Uses of Award Report for the year ended June 30, 2023 to be submitted by September 30, 2023. Statement of Condition The reporting to the CDFI Fund was submitted timely but did not include the correct expenditures per the SEFA included in the audit. Questioned Costs None Effect or Potential Effect The Company is in non-compliance with specific requirements of the major Federal program. Context and Cause GAC did not have procedures in place to ensure Federal awards expended were tracked accurately throughout the year to report the correct expenditures to the CDFI Fund. Recommendation GAC must establish controls to properly monitor expenditures of Federal awards expended in compliance with the CDFI programs and accurately report to the CDFI Fund.
Management acknowledges that controls were not in place to properly monitor when Federal awards were expended in compliance with CDFI programs to accurately report to CDFI FUND, which will be addressed through comprehensive training with GAC’s CDFI award compliance consultants. The Vice President of Finance, GAC’s Executive Director, and the accounting/loan servicing team will participate in multiple rounds of Federal award compliance training. Further, a compliance specialist with an accounting background will be engaged to meet regularly with the Executive Director and Vice President of Finance to ensure proper monitoring of Federal awards and accurate CDFI FUND reporting. In addition, the GAC team will meet regularly to discuss new loan closings and whether the funds deployed should be sourced to Federal awards or other non-Federal tranches of funds.
FAC accepted this audit on December 20, 2017 — management decision was due June 20, 2018.
FAC accepted this audit on December 22, 2016 — management decision was due June 22, 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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