The federal credit union regulator’s inspector general (IG), in a recent report, said an audit by KPMG of the agency’s schedule of other assets and contributed capital as of Sept. 30, 2020, found that the schedule presented information fairly and in conformity with U.S. generally accepted accounting principles.
KPMG also found, the National Credit Union Administration’s (NCUA) IG said, that there were no significant deficiencies related to internal control for the schedule considered to be material weaknesses; and there were no instances of noncompliance with other matters that are required to be reported under Government Auditing Standards or OMB Bulletin No. 19-03.
“Other assets,” the report shows, consists primarily of receivables from asset management estates, net, for the National Credit Union Share Insurance Fund (NCUSIF); and advances and prepayments for the NCUSIF and the NCUA operating fund. The NCUSIF contributed capital consists of the 1% capitalization deposit of insured shares collected from federally insured credit unions.
Report #OIG-20-08: Audit of the NCUA’s Schedule of Other Assets and Contributed Capital as of Sept. 30, 2020 (Nov. 13, 2020)