EIN: 742746185
UEI: D3ZGKY8GBJT6
Audited by: MAXWELL LOCKE & RITTER 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 December 11, 2023. 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 June 11, 2024 (808 days ago).
What is a management decision? →Federal Program: Capital Magnet Fund (CMF) – Assistance Listing #21.011 - Award #181CM050456; Passed through the Community Development Financial Institutions. Criteria: Pursuant to the terms of the grant agreement and in accordance with compliance requirements of Uniform Guidance, program income in the form of principal and equity repayments of the CMF Award earned during the Investment Period must be reinvested by the Corporation. The program income must be committed within twelve months of the end of the Corporation’s fiscal year in which the Corporation received the program income. Condition /Context: As of August 31, 2023, the Corporation had not fully committed the program income that was received within the prior fiscal year. Questioned Costs: None Effect: Noncompliance with the Program Income requirements under Uniform Guidance. Cause: In order for the Corporation to commit funds with developers, the development projects much meet specific CMF grant qualifications. The Corporation was not able to fully commit the program income funds by the deadline, as the Corporation was still locating development projects that met all the CMF grant qualifications. Recommendations: The Corporation should obtain an extension on the program income deadline from the granting agency, if possible, when the Corporation is unable to commit to development projects due to timing and CMF grant requirements. Views of Responsible Officials and Planned Corrective Actions: See Schedule of Corrective Action Plan
Show full finding ▾Hide full finding ▴Federal Program: Capital Magnet Fund (CMF) – Assistance Listing #21.011 - Award #181CM050456; Passed through the Community Development Financial Institutions. Criteria: Pursuant to the terms of the grant agreement and in accordance with compliance requirements of Uniform Guidance, program income in the form of principal and equity repayments of the CMF Award earned during the Investment Period must be reinvested by the Corporation. The program income must be committed within twelve months of the end of the Corporation’s fiscal year in which the Corporation received the program income. Condition /Context: As of August 31, 2023, the Corporation had not fully committed the program income that was received within the prior fiscal year. Questioned Costs: None Effect: Noncompliance with the Program Income requirements under Uniform Guidance. Cause: In order for the Corporation to commit funds with developers, the development projects much meet specific CMF grant qualifications. The Corporation was not able to fully commit the program income funds by the deadline, as the Corporation was still locating development projects that met all the CMF grant qualifications. Recommendations: The Corporation should obtain an extension on the program income deadline from the granting agency, if possible, when the Corporation is unable to commit to development projects due to timing and CMF grant requirements. Views of Responsible Officials and Planned Corrective Actions: See Schedule of Corrective Action Plan
Schedule of Corrective Action Plan (Auditee Prepared) Year Ended August 31, 2023 Finding 2023-001 Planned Corrective Action: Beginning in March 2023, the Corporation alerted Capital Magnet Fund of a potential issue committing the required amount of funds by August 31, 2023. The Corporation asked for an extension, but it was not granted. As of August 31, 2023, the Corporation was under committed by $700,000 and is working diligently to commit the funds to a qualified development as soon as possible. For Questions: Katie Claflin, Senior Director of Communications and Development Estimated Completion Date: March 26, 2024
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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