Priority Trust Credit Union

Finding 2025-004: Compliance Finding & Significant Deficiency: Reporting Criteria: Section A of the grant agreement, Annual Reports, requires that a Financial Statement Audit (FSA) Report be submitted to the CDFI through AMIS. For the Credit Union’s fiscal year ending March 31, 2025, the FSA was due September 30, 2025. Condition: Priority Trust Credit Union filed the report on November 5, 2025, 36 days after the due date. Effect or potential effect: Late submission of the CDFI grant’s required reports may increase scrutiny by the CDFI over the Credit Union’s grant administration. This may result in losing future funding or potential repayment grant funds. Recommendation: We recommend the Credit Union establish a procedure to track reporting due dates and ensure all of the reporting as required by the grant agreement are filed timely. Questioned costs: None. Views of responsible o􀇆cials: Management agrees with the finding. A process as described above will be established and implemented during the current year.