EIN: 640865228
UEI: QLXPCA1H9ML3
Audited by: CLIFTONLARSONALLEN
Oversight agency: 21 [Department of the Treasury]
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Showing data from August 28, 2026 — the Federal Audit Clearinghouse is under high demand right now, so this couldn't be refreshed. This is the most recent data on record, not necessarily today's.
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 30, 2025. 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 30, 2026 (154 days ago).
What is a management decision? →FAC accepted this audit on September 30, 2024 — management decision was due March 30, 2025.
FAC accepted this audit on June 22, 2023 — management decision was due December 22, 2023.
FAC accepted this audit on July 24, 2022 — management decision was due January 24, 2023.
FAC accepted this audit on September 29, 2021 — management decision was due March 29, 2022.
An original loan amount reported on the TLR submitted to the Community Development Financial Institutions (CDFI) Fund for the 2019 award year was incorrect. Questioned Costs: None Context: CLA selected a sample of forty (40) Financial Assistance (FA) loans comprised of Healthy Food Financing Initiative-FA loans (HFFI-FA), Persistent Poverty Counties-FA loans (PPC-FA), and Base-FA commercial, mortgage and consumer loans reported on the 2019 award year TLR. During our testing of loan amounts reported on the TLR, we noted that the original amount of a mortgage loan was reported incorrectly for one of the forty (40) loans selected for testing. The original amount reported for the mortgage loan on the TLR was $109,200, however, the actual amount disbursed per the loan agreement was $136,500. A variance of $27,300 was identified over $6,386,885 in disbursed loans tested. Cause: The original loan amount was inadvertently reported incorrectly on the 2019 award year TLR due to management oversight. Effect: Failure to report accurate data on the TLR may result in inaccurate assessment of the Company?s compliance with its Performance Goals. Repeat Finding: No Recommendation: Management should establish internal control policies and monitor compliance with those procedures to ensure that data reported on the TLR are reviewed and reconciled to the accounting records or loan agreements prior to submission to CDFI.
Show full finding ▾Hide full finding ▴2020 ? 003 Reporting Federal Agency: U.S. Department of the Treasury Federal Program Title: Community Development Financial Institutions Program CFDA: 21.020 Award Period: 11/19/2019 ? 12/31/2022 Award Numbers: 191FA051411 Type of Finding: Significant Deficiency in Internal Control over Compliance and Noncompliance Criteria or specific requirement: 12 CFR 1805.803(e)(2) (i) Each Recipient shall submit to the CDFI Fund a performance and financial report at the times that shall be specified in the Assistance Agreement (Annual Report). The Annual Report consists of several components which may include, but are not limited to, an institution level report, transaction level report, use of financial or technical assistance report, explanation of any Recipient noncompliance, and shareholder report. The Annual Report components shall be specified and described in the Assistance Agreement. (ii) The CDFI Fund will use the Annual Report to collect data to assess the Recipient's compliance with its Performance Goals and the impact of the CDFI Program and the CDFI industry. (iii) Recipients are responsible for the timely and complete submission of the Annual Report, even if all or a portion of the documents actually are completed by another entity or signatory to the Assistance Agreement. If such other entities or signatories are required to provide Annual Reports, or other documentation that the CDFI Fund may require, the Recipient is responsible for ensuring that the information is submitted timely and complete. The CDFI Fund reserves the right to contact such additional signatories to the Assistance Agreement and require that additional information and documentation be provided. Condition: An original loan amount reported on the TLR submitted to the Community Development Financial Institutions (CDFI) Fund for the 2019 award year was incorrect. Questioned Costs: None Context: CLA selected a sample of forty (40) Financial Assistance (FA) loans comprised of Healthy Food Financing Initiative-FA loans (HFFI-FA), Persistent Poverty Counties-FA loans (PPC-FA), and Base-FA commercial, mortgage and consumer loans reported on the 2019 award year TLR. During our testing of loan amounts reported on the TLR, we noted that the original amount of a mortgage loan was reported incorrectly for one of the forty (40) loans selected for testing. The original amount reported for the mortgage loan on the TLR was $109,200, however, the actual amount disbursed per the loan agreement was $136,500. A variance of $27,300 was identified over $6,386,885 in disbursed loans tested. Cause: The original loan amount was inadvertently reported incorrectly on the 2019 award year TLR due to management oversight. Effect: Failure to report accurate data on the TLR may result in inaccurate assessment of the Company?s compliance with its Performance Goals. Repeat Finding: No Recommendation: Management should establish internal control policies and monitor compliance with those procedures to ensure that data reported on the TLR are reviewed and reconciled to the accounting records or loan agreements prior to submission to CDFI.
Views of responsible officials and corrective actions: There is no disagreement with the audit finding. As noted in the accompanying schedule of findings, the reporting variance amounts to a 0.4% underreporting of total loan production presented in the Transaction Level Report ($27,300 of $6,386,885 sampled, of more than $67.6 million across three lines of lending in full report). Management will augment the data quality procedures of each lending department with additional steps to ensure the accuracy of data submitted annually to the CDFI Fund through the Transaction Level Report (TLR). These steps include - sampling a meaningful number of consumer, mortgage and commercial loans presented in the TLR at random and comparing reporting data with data in the corresponding loan packages; and testing the amount of each consumer, mortgage and commercial loan production as presented in the TLR against the Fiscal department?s records for loan disbursements and commitments in the fiscal year to ensure aggregate production amounts match. If one or both of these controls surface mismatched data, further review will be undertaken to correct reporting data. Name of the contact person responsible for corrective action: Carmen Jones, Grant Administration and Compliance Manager Planned completion date for corrective action: 12/31/2021
FAC accepted this audit on September 26, 2019 — management decision was due March 26, 2020.
GSA_MIGRATION
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2017-004
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GSA_MIGRATION
2017-005
FAC accepted this audit on September 27, 2018 — management decision was due March 27, 2019.
GSA_MIGRATION
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