EIN: 380480308
UEI: E7FPEGWGP1U8
Audited by: Doeren Mayhew
Oversight agency: 21 [Department of the Treasury]
View federal awards & risk assessment →
Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 18, 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 March 18, 2025 (543 days ago).
What is a management decision? →FAC accepted this audit on October 12, 2022 — management decision was due April 12, 2023.
FAC accepted this audit on September 24, 2019 — management decision was due March 24, 2020.
Finding Type Material Weakness. Criteria The Credit Union did not have proper internal controls surrounding the recognition of federal award amounts received. Condition The Credit Union received $600,000 in grant funding in February 2019 and designated the funds to fund the allowance for loan losses through provision expense. The Credit Union recognized the entire $600,000 in federal funds received during the period ended March 31, 2019, however, provision expense recorded was only $240,575 from the period when the grant was awarded at March 31, 2019. The unused portion of the grant funding should be deferred to the next period when the additional provision expense will be incurred. Cause Lack of proper written policies in accordance with 2 CFR 200, Subparts D and E (2 CFR 200.300 and 200.400, respectively) related to Post Federal Awards Requirements and Cost Principles that would provide guidance on proper financial statement reporting in conjunction with federal awards expenditures. Effect Income from federal awards was overstated by $359,425 which was subsequently corrected with an adjusting journal entry. Recommendation Appropriate written policies and procedures should be established to provide guidance on the appropriate recognition of deferred revenues and the related federal expenditures. View of Responsible Official and Planned Corrective Actions One Detroit Credit Union agrees with the finding and the recommended procedures expected to be implemented by September 30, 2019.
Show full finding ▾Hide full finding ▴Finding Type Material Weakness. Criteria The Credit Union did not have proper internal controls surrounding the recognition of federal award amounts received. Condition The Credit Union received $600,000 in grant funding in February 2019 and designated the funds to fund the allowance for loan losses through provision expense. The Credit Union recognized the entire $600,000 in federal funds received during the period ended March 31, 2019, however, provision expense recorded was only $240,575 from the period when the grant was awarded at March 31, 2019. The unused portion of the grant funding should be deferred to the next period when the additional provision expense will be incurred. Cause Lack of proper written policies in accordance with 2 CFR 200, Subparts D and E (2 CFR 200.300 and 200.400, respectively) related to Post Federal Awards Requirements and Cost Principles that would provide guidance on proper financial statement reporting in conjunction with federal awards expenditures. Effect Income from federal awards was overstated by $359,425 which was subsequently corrected with an adjusting journal entry. Recommendation Appropriate written policies and procedures should be established to provide guidance on the appropriate recognition of deferred revenues and the related federal expenditures. View of Responsible Official and Planned Corrective Actions One Detroit Credit Union agrees with the finding and the recommended procedures expected to be implemented by September 30, 2019.
Recommendation Appropriate written policies and procedures should be established to provide guidance on the appropriate recognition of deferred revenues and the related federal expenditures. View of Responsible Official and Planned Corrective Actions One Detroit Credit Union agrees with the finding and the recommended procedures expected to be implemented by September 30, 2019.
Finding Type Material Weakness. Federal Program Community Development Financial Institutions Program, CFDA #21.020. Criteria The Credit Union did not have proper internal controls surrounding the recognition of federal award amounts received. Condition As discussed at Finding 2019-001, the Credit Union improperly recognized the full $600,000 in grant funding received during the period ended March 31, 2019 when a portion of the amount should have been deferred. Cause Lack of proper written policies in accordance with 2 CFR 200, Subparts D and E (2 CFR 200.300 and 200.400, respectively) related to Post Federal Awards Requirements and Cost Principles that would provide guidance on proper financial statement reporting in conjunction with federal awards expenditures. Effect Income from federal awards was overstated by $359,425 which was subsequently corrected with an adjusting journal entry. Recommendation Appropriate written policies and procedures should be established to provide guidance on the appropriate recognition of deferred revenues and the related federal expenditures. View of Responsible Official and Planned Corrective Actions One Detroit Credit Union agrees with the finding and the recommended procedures expected to be implemented by September 30, 2019.
Show full finding ▾Hide full finding ▴Finding Type Material Weakness. Federal Program Community Development Financial Institutions Program, CFDA #21.020. Criteria The Credit Union did not have proper internal controls surrounding the recognition of federal award amounts received. Condition As discussed at Finding 2019-001, the Credit Union improperly recognized the full $600,000 in grant funding received during the period ended March 31, 2019 when a portion of the amount should have been deferred. Cause Lack of proper written policies in accordance with 2 CFR 200, Subparts D and E (2 CFR 200.300 and 200.400, respectively) related to Post Federal Awards Requirements and Cost Principles that would provide guidance on proper financial statement reporting in conjunction with federal awards expenditures. Effect Income from federal awards was overstated by $359,425 which was subsequently corrected with an adjusting journal entry. Recommendation Appropriate written policies and procedures should be established to provide guidance on the appropriate recognition of deferred revenues and the related federal expenditures. View of Responsible Official and Planned Corrective Actions One Detroit Credit Union agrees with the finding and the recommended procedures expected to be implemented by September 30, 2019.
Recommendation Appropriate written policies and procedures should be established to provide guidance on the appropriate recognition of deferred revenues and the related federal expenditures. View of Responsible Official and Planned Corrective Actions One Detroit Credit Union agrees with the finding and the recommended procedures expected to be implemented by September 30, 2019.
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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