In 2016 the Community Development Financial Institutions Fund (CDFI Fund) launched a new mandatory Annual Certification Report for all certified Community Development Financial Institutions (CDFIs) including credit unions. The Annual Certification Report, which must be completed in the CDFI Fund’s Awards Management Information System (AMIS), allows the CDFI Fund to annually assess certified CDFIs’ compliance with certification rules.
The CDFI certification report is technically cumbersome for credit unions. CU Strategic Planning does the report affordably to remove the burden on credit unions.
How Does this Affect Your Credit Union?
In 2016 the Community Development Financial Institutions Fund (CDFI Fund) launched a new mandatory Annual Certification Report for all certified Community Development Financial Institutions (CDFIs) including credit unions. The Annual Certification Report, which must be completed in the CDFI Fund’s Awards Management Information System (AMIS), allows the CDFI Fund to annually assess certified CDFIs’ compliance with certification rules.
The CDFI certification report is technically cumbersome for credit unions. CU Strategic Planning does the report affordably to remove the burden on credit unions.
How Do I Complete the Report?
CDFIs use data from their last complete fiscal year to complete the report for most organizational financial information (fiscal year (FY) 2017 in most cases). The CDFI Fund offers lengthy and complex instructions in multiple documents describing how to complete the report, a glossary of terms to ensure proper completion, a form to report significant changes at your credit union and instructions on how to upload the report into the CDFI Fund AMIS system provided by the CDFI Fund.
Deadlines
The reporting deadline for Report Year 2018:
ACR Due Date for Report Year 2018: Tuesday, July 31, 2018
CDFIs certified on or after January 1, 2018 are not required to submit an ACR for Report Year 2018.
The ACR form for the Report Year 2018 will be available for completion and submission on Thursday May, 31 2018.
The CDFI Fund will provide a notification to all contacts identified in the certified CDFIs’ AMIS contact list when the ACR Report Year 2018 is available for completion and submission. Please make sure your CDFI’s contact information in your CDFI’s AMIS account is updated regularly for future notifications on reporting guidance and deadlines.
Teleconferences
The CDFI Fund will host two (2), one-hour teleconferences on Thursday, June 21, 2018 at 3:00pm ET and Thursday, July 19, 2018 at 3:00pm ET to provide additional assistance in completing the ACR.
These calls are intended to serve as a forum for Certified CDFIs to ask questions and discuss the ACR.
How to remove the compliance burden
Contact Mike Beall at (202) 802-0036 or mike@creditunionstrategicplanning.com. CU Strategic Planning does all of the work so you don’t have to be burdened with the tediousness of figuring out the complexities.
CU Strategic Planning is only accepting ACR clients until July 9, 2018.