NCUA’s schedule of other assets, contributed capital earns clean audit opinion

The federal credit union regulator’s schedule of other assets and contributed capital as of Sept. 30, 2021, presents information fairly and in conformity with U.S. generally accepted accounting principles (GAAP), the agency’s Office of Inspector General (OIG) said in a recent report.

The OIG said the audit, performed by KPMG, also showed 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. 21-04.

The schedule of “other assets,” the report shows, consists primarily of receivables from asset management estates, net, for the National Credit Union Share Insurance Fund (NCUSIF). The net balance was $265,778,227.

Contributed capital is the 1% capitalization deposit in the NCUSIF from insured credit unions. As of Sept. 30, contributed capital totaled $15,778,522,290, the report shows.

Report #OIG-21-08 November 15, 2021 – Audit of the NCUA’s Schedule of Other Assets and Contributed Capital as of September 30, 2021