EIN: 421353472
UEI: G999KDWQMX31
Audit also covers EIN: 364626868 · unlinked EINs have no separate FAC filing
Audited by: Eide Bailly LLP
Oversight agency: 21 [Department of the Treasury]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 28, 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 September 28, 2026 (28 days from today).
What is a management decision? →FAC accepted this audit on May 30, 2025 — management decision was due November 30, 2025.
FAC accepted this audit on April 11, 2023 — management decision was due October 11, 2023.
FAC accepted this audit on April 19, 2021 — management decision was due October 19, 2021.
FAC accepted this audit on May 18, 2020 — management decision was due November 18, 2020.
Uniform Guidance contains prohibitions on non-procurement transactions entered into by a non-Federal entity and imposes a duty upon the non-Federal entity to ensure that transactions are not entered into with certain parties that the Federal government has suspended or debarred or are otherwise excluded from participating in such transactions. During our testing, we noted that Neighborhood Finance Corporation entered into four transactions with individuals exceeding $25,000 for the year but did not verify the parties were not suspended or debarred or otherwise excluded from participating in such transactions. For each of these transactions, Neighborhood Finance Corporation performed an Office of Foreign Assets Control search. Neighborhood Finance Corporation?s established internal control processes and procedures to verify individuals are not suspended or debarred or otherwise excluded from participating in such transactions do not extend to the types of transactions covered by the program. Neighborhood Finance Corporation could enter into a covered transaction with an individual that is suspended or debarred or otherwise excluded from participating in such a transaction.
Show full finding ▾Hide full finding ▴Uniform Guidance contains prohibitions on non-procurement transactions entered into by a non-Federal entity and imposes a duty upon the non-Federal entity to ensure that transactions are not entered into with certain parties that the Federal government has suspended or debarred or are otherwise excluded from participating in such transactions. During our testing, we noted that Neighborhood Finance Corporation entered into four transactions with individuals exceeding $25,000 for the year but did not verify the parties were not suspended or debarred or otherwise excluded from participating in such transactions. For each of these transactions, Neighborhood Finance Corporation performed an Office of Foreign Assets Control search. Neighborhood Finance Corporation?s established internal control processes and procedures to verify individuals are not suspended or debarred or otherwise excluded from participating in such transactions do not extend to the types of transactions covered by the program. Neighborhood Finance Corporation could enter into a covered transaction with an individual that is suspended or debarred or otherwise excluded from participating in such a transaction.
Uniform Guidance contains prohibitions on non-procurement transactions entered into by a non-Federal entity and imposes a duty upon the non-Federal entity to ensure that transactions are not entered into with certain parties that the Federal government has suspended or debarred or are otherwise excluded from participating in such transactions. Neighborhood Finance Corporation entered into four transactions with individuals exceeding $25,000 for the year but did not verify the parties were not suspended or debarred or otherwise excluded from participating in such transactions. For each of these transactions, Neighborhood Finance Corporation performed an Office of Foreign Assets Control search. Neighborhood Finance Corporation will update the month end accounting close process to include searching the Excluded Parties List System for each loan funded with federal funds.
Provisions of assistance agreements require Neighborhood Finance Corporation to demonstrate maintained financial and managerial soundness as well as deployment of certain levels of assistance funds into its target market, as defined by each agreement, through annual reporting submitted to the CDFI Fund. During the performance of our audit, we noted that Neighborhood Finance Corporation reported to the CDFI Fund deployment of $1,866,387 of funds from award number 151FA013653 into its target market through December 31, 2018. Based on our testing, total deployment of such funds through December 31, 2018, supported by the records of Neighborhood Finance Corporation, was $1,386,888. Neighborhood Finance Corporation?s established internal control processes and procedures do not require review or approval of amounts included in required program reporting submissions by an individual separate from the person preparing the report. Neighborhood Finance Corporation reported to the CDFI Fund an incorrect amount of award number 151FA013653 assistance funds deployed as of December 31, 2018. The reported amount of $1,866,387 demonstrated attainment of the performance goal measure of $1,700,000 detailed in the assistance agreement, but actual funds deployed totaled $1,386,888. Neighborhood Finance Corporation informed the CDFI Fund of the difference during the year and the CDFI Fund allowed Neighborhood Finance Corporation to deploy the remaining funds during the year ended December 31, 2019.
Show full finding ▾Hide full finding ▴Provisions of assistance agreements require Neighborhood Finance Corporation to demonstrate maintained financial and managerial soundness as well as deployment of certain levels of assistance funds into its target market, as defined by each agreement, through annual reporting submitted to the CDFI Fund. During the performance of our audit, we noted that Neighborhood Finance Corporation reported to the CDFI Fund deployment of $1,866,387 of funds from award number 151FA013653 into its target market through December 31, 2018. Based on our testing, total deployment of such funds through December 31, 2018, supported by the records of Neighborhood Finance Corporation, was $1,386,888. Neighborhood Finance Corporation?s established internal control processes and procedures do not require review or approval of amounts included in required program reporting submissions by an individual separate from the person preparing the report. Neighborhood Finance Corporation reported to the CDFI Fund an incorrect amount of award number 151FA013653 assistance funds deployed as of December 31, 2018. The reported amount of $1,866,387 demonstrated attainment of the performance goal measure of $1,700,000 detailed in the assistance agreement, but actual funds deployed totaled $1,386,888. Neighborhood Finance Corporation informed the CDFI Fund of the difference during the year and the CDFI Fund allowed Neighborhood Finance Corporation to deploy the remaining funds during the year ended December 31, 2019.
Provisions of assistance agreements require Neighborhood Finance Corporation to demonstrate maintained financial and managerial soundness as well as deployment of certain levels of assistance funds into its target market, as defined by each agreement, through annual reporting submitted to the CDFI Fund. Eide Bailey noted that Neighborhood Finance Corporation reported to the CDFI Fund deployment of $1,866,387 of funds from award number 151FA013653 into its target market through December 31, 2018. Based on our testing, total deployment of such funds through December 31, 2018, supported by the records of Neighborhood Finance Corporation, was $1,386,888 Neighborhood Finance Corporation (NFC) noticed this error was made during submission of the 2018 compliance reporting due June 30, 2019. NFC completes the Use of Award reporting 90 days before compliance reporting. NFC worked with the CDFI Fund to correct this error and determine the impact on this particular Award grant. NFC corrected our Use of Award reporting to reflect the correct amount of grant fund deployment with the CDFI Fund in the year 2018 and 2019. NFC completed this process on April 8, 2020, with the CDFI Fund finding NFC to be non-compliant but not in Default of its Assistance Agreement for this particular grant award. NFC has adjusted the internal controls around the reporting process for our federal award programs. These adjustments include a formal documentation process between the Executive Director and VP Finance and Administration. During this process, operating systems are verified that they agree to the audited financial report and the Schedule of Expenditures of Federal Awards if applicable. The final supporting documentation is filed in one electronic file folder for future needs. This new process allows for more review of reporting before submission in a small work environment that puts a strain on segregation of duties.
FAC accepted this audit on April 3, 2019 — management decision was due October 3, 2019.
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2017-002
FAC accepted this audit on May 31, 2018 — management decision was due December 1, 2018.
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Show full finding ▾Hide full finding ▴FAC accepted this audit on March 29, 2017 — management decision was due September 29, 2017.
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