Rapid Response Program Resource Series:
Session 1: CDFI Fund's RRP Financial Audits
vs. A-133 Single Audits
Thursday, August 26 at 2:00 PM ET
Inclusiv Invites you to the first session of the Rapid Response Program (RRP) resource series. This webinar will focus on the specific differences between the traditional financial audits required for federal grant assistance and the A-133 Single Audits. A total of 244 Community Development Credit Unions (CDCUs) received over 400 million dollars in grant funding, most for the first time and at the maximum award.
Federal reporting regulations require the submission of a Single Audit whenever a recipient of federal funding spends more than $750,000 within a calendar year. If your credit union was a recipient of the RRP Funds, you may be required to do this for the first time. Please join us to learn about this process and what it entails!
We will be joined by a panel of Inclusiv experts, member credit unions with A-133 Single Audit experience and a CPA firm that has recent experience in the single audit for CDCUs.
Who should attend this webinar?
- Credit Unions that recently received a Rapid Response Program Award.
- Credit Unions that have received federal grant funding to exceed $750K in one single year.
To register for this webinar, click the link below:
A-133 Single Audit Quick Reference Checklist:
- CDFI “Single Audit” definition: "A Non-profit Recipient must complete an annual Single Audit pursuant to the Uniform Requirements (2 C.F.R. 200.501) if it expends $750,000 or more in Federal awards in its fiscal year, or such other dollar threshold established by OMB pursuant to 2 C.F.R. 200.501. If a Single Audit is required, it must be submitted electronically to the Federal Audit Clearinghouse (FAC) per the schedule in Section B."
- Inform your CPA firm that they may need to perform the A-133 Single Audit. Request a recommended referral if they do not perform the A-133 Single Audit.
- Request pricing. Some CPA firms charge approximately 10K to perform these types of Audits.
- Watch for notification of Assistance Agreement from CDFI which will contain terms and conditions for your RRP grant.
Eben Sheaffer is Inclusiv’s Chief Financial Officer and Chief Investment Officer. From 2010 to 2013 Eben served as the President of Neighborhood Trust Federal Credit Union, a $9 million full-service credit union and Inclusiv member located in New York, NY. Eben also serves as the Board Treasurer for the Lower East Side People's Federal Credit Union. Eben began his career in the investment industry in 1999.
He has worked as a Quantitative Analyst at Aurarian Capital Management, as a Financial Modeling Consultant for Thomson Financial, and as the technical lead for a Risk Management group at Brown Brothers Harriman. Eben holds a BA summa cum laude from the University of Massachusetts and a Master's of Science in Finance from Boston College. He is a Chartered Financial Analyst and a Certified Financial Risk Manager.
SVP, Finance and Strategic Investments, Latino Community Credit Union
Alison Yonas is responsible for overseeing the financial position of the credit union, garnering new resources, grants management, as well as external communications with certain stakeholders. Alison has an M.B.A. from the University of Pennsylvania’s Wharton School of Business, an M.A. in Latin American Studies from the Johns Hopkins School of Advanced International Studies, and a B.A. from Duke University. She began with LCCU in 2005, bringing over 10 years of experience.
Chief Financial Officer, One Detroit Credit Union
Melissa serves as the Chief Financial Officer of One Detroit Credit Union. She is a graduate of Madonna University and holds a CPA designation. Melissa has been working within the Credit Union industry for her entire career; first as an auditor with Doeren Mayhew, and then holding executive financial positions within Credit Unions. She is an advocate of the Credit Union movement and feels privileged to watch how Credit Unions have changed the lives of their members. Melissa believes in giving back to the community and has a passion for education. She believes in the mission of One Detroit to serve the people of our community who are overlooked by mainstream banking and is proud to be a part of the organization.
Jennifer N. Hoskins, CPA, MPA, CAMS
Nearman, Maynard, Vallez, CPAs, P.A.
Jennifer N. Hoskins received a Bachelor’s Degree in Business Administration with a major in accounting, and a Master’s Degree in Professional Accounting from the University of Miami in Coral Gables, Florida. Jennifer has successfully completed the requirements for the CPA (Certified Public Accountant) designation in the state of Florida. She has been with Nearman, Maynard, Vallez, CPAs, P.A., since she received her Master’s Degree in 1994. Jennifer has successfully completed the requirements for the CAMS (Certified Anti-Money Laundering Specialist) designation. As a Partner, Jennifer's responsibilities include planning and coordinating various projects as well as all phases of audit engagements. During the fieldwork, she follows the progress of the engagement, resolving accounting and auditing problems as they arise and discussing any specific concerns of the Supervisory Committee.