EIN: 621632388
UEI: PM55TXQBLH78
Audited by: KraftCPAs PLLC
Oversight agency: 21 [Department of the Treasury]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on May 8, 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 November 8, 2024 (666 days ago).
What is a management decision? →FAC accepted this audit on June 29, 2023 — management decision was due December 29, 2023.
The period of performance compliance requirement related to total expenditures and close of financial products was not met. As of September 30, 2022, the Agency expended approximately 50% of the CDFI RRP Assistance of which approximately 36% was in closed financial products. Additionally, the Agency did not provide a narrative explanation of the failure. Cause: Since the federal award was over a two-year period, management believed that only 50% needed to be expended by the end of year one. Effect or potential effect: Noncompliance with the Period of Performance and Reporting requirements stated in the grant agreement is the result of finding 2022-002. Recommendation: We recommend that the Agency provide a narrative explanation of the failure to the grantor and utilize the remaining funds during the second year of the Period of Performance with the appropriate amount used towards the close of financial products. Views of responsible officials: Management acknowledges this finding and will address remediation in the accompanying corrective action plan in Appendix A.
Show full finding ▾Hide full finding ▴U.S. Department of Treasury: ALN # 24.024 Community Development Financial Institution: Rapid Response Program (CDFI RRP) Federal Award Identification 21RRP057411 Year 2022 Criteria: In accordance with the grant agreement, at the end of the first year of the Period of Performance (September 30, 2022), the Agency must expend 90% of the CDFI RRP assistance of which 50% much be in closed financial products. If the Agency fails to achieve any performance goal, they must provide a narrative explanation for the failure. Condition: The period of performance compliance requirement related to total expenditures and close of financial products was not met. As of September 30, 2022, the Agency expended approximately 50% of the CDFI RRP Assistance of which approximately 36% was in closed financial products. Additionally, the Agency did not provide a narrative explanation of the failure. Cause: Since the federal award was over a two-year period, management believed that only 50% needed to be expended by the end of year one. Effect or potential effect: Noncompliance with the Period of Performance and Reporting requirements stated in the grant agreement is the result of finding 2022-002. Recommendation: We recommend that the Agency provide a narrative explanation of the failure to the grantor and utilize the remaining funds during the second year of the Period of Performance with the appropriate amount used towards the close of financial products. Views of responsible officials: Management acknowledges this finding and will address remediation in the accompanying corrective action plan in Appendix A.
Finding 2022-002: Internal Control over Compliance with Period of Performance and Noncompliance of Period of Performance and Reporting Condition: The period of performance compliance requirement related to total expenditures and close of financial products was not met. As of September 30, 2022, the Agency expended approximately 50% of the CDFI RRP Assistance of which approximately 36% was in closed financial products. Additionally, the Agency did not provide a narrative explanation of the failure. Management Response: We acknowledge this finding. Corrective Action Plan: Management had prepared the budgeted expenditures below for the CDFI-RRP Award. Shared Equity Resources $ 1,300,000 Housing Resiliency Fund $ 100,000 Income Assistance $ 125,000 Mortgage Assistance $ 27,325 Admin Fee $ 273,940 Total Grant $ 1,826,265 Management has hired staff in Period 1 and provided marketing and training to fully execute the above $1.3MM expenditures related to the Shared Equity Resources portion of the award. THF was in the process of expending the final resources available from a corporate grant to support the Housing Resiliency Fund in Period 1 before utilizing the CDFI-RRP Award resources for this purpose. Management has been tracking the progress on the above budgeted uses and currently has utilized 96% of the grant resources as of June 30, 2023. Management will utilize 100% of the resources by the end of the second period of performance and be in compliance of utilizing 100% of the award by the end of Period of Performance 2. Tracking of utilization to date is below: [see report for table] This corrective action plan will be 100% completed by 09/30/23.
FAC accepted this audit on February 9, 2018 — management decision was due August 9, 2018.
FAC accepted this audit on February 20, 2017 — management decision was due August 20, 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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