Reminder: Annual Compliance, Certification and Reporting Obligations

Are you the Authorized Representative of an organization that has received a Community Development Financial Institutions Fund Award (CDFI Fund) Award and/or Allocation? If so, don’t forget that in order to maintain compliance with your Assistance and/or Allocation Agreement(s) you must complete and submit the annual compliance report(s) as specified in your agreement(s).

Failure to file annual compliance and certification reports or advise the CDFI Fund of certain Material Events may result in default and/or noncompliance with your organization’s Assistance and/or Allocation Agreement(s).

The due dates to submit annual compliance report(s) vary by fiscal year end date and type of award, as well as by the specific terms within each organization's individual Assistance and/or Allocation Agreement. This reminder is specifically for organizations with Assistance and/or Allocation Agreements, as well as Annual Certification and Data Collection Reports (ACRs), which have an upcoming report(s) due by March 31, 2023.

While the CDFI Fund is still currently not accepting NEW CDFI Certification Applications, Certified CDFIs are still required to submit an ACR in accordance with their existing ACR reporting schedule, as listed in AMIS, to maintain their certification

How to Check Your Report Date

The due dates(s) for your organization’s required report(s) can be found in the Assistance and/or Allocation Agreement(s) for your award(s) and on the Report Schedule in the Awards Management Information System (AMIS). Please review your Assistance and/or Allocation Agreement(s) to check if you are required to report at this time and for additional information about the annual compliance report requirements. 

Advise the CDFI Fund of Material Events

As specified in the terms of your organization’s Assistance and/or Allocation Agreement(s), please remember that your organization is required to advise the CDFI Fund of an occurrence of a Material Event, which should be submitted via a Service Request initiated in your organization’s AMIS account. CDFI Fund Recipients with active awards are required to submit a Material Events form within 30 days of the occurrence of a material event. New Market Tax Credit Program (NMTC Program) Allocatees are required to submit a Material Events form within 20 days of the occurrence of material event, including all necessary supporting documentation with the Material Events form submission. Please refer to your Assistance and/or Allocation Agreements(s) for guidance regarding submission of a Material Events form.

The CDFI Fund is reminding all Certified CDFIs, Certified CDEs, as well as program Recipients to review their recent organizational history to determine if a Material Events form should be submitted. Certified CDFIs that do not have an Assistance and/or Allocation Agreement should report changes in their organization’s fiscal year end through the AMIS Service Request portal.

Annual Certification Report Deadline Reminder

All Certified CDFIs are required to submit ACRs on an annual basis. CDFIs must submit their ACRs, in the Awards Management Information System (AMIS), within 90 days of the end of their organization’s fiscal year, unless directed otherwise by the CDFI Fund. 

For the 2023 reporting cycle, all Certified CDFIs, regardless of their date of Certification, will be required to submit an ACR. Currently Certified CDFIs will NOT lose their Certification or be placed into a cure based on responses to the 2023 ACR. However, an organization may still have its Certification terminated if they fail to submit their 2023 ACR by the required deadline. Submission of the ACR on an annual basis is a requirement of CDFI Certification.

The AMIS Reporting Schedule displays the due date for the ACR based on the organization’s fiscal year end. The ACR Reporting Schedule section is located at the bottom of the “Certification Related” page in AMIS. Additional information on the AMIS Reporting Schedule can be found in the AMIS Training Manual – Annual Certification and Data Collection Report available on the CDFI Fund’s website. Be sure to check whether your organization’s fiscal year end is correct on your AMIS Organizational Detail Page.

Failure to file the required ACR may result in a loss of certification status and may lead to additional sanctions for CDFIs that are program Recipients.

In addition, the CDFI Fund conducts ACR-focused conference calls which are intended to serve as a forum for Certified CDFIs and other ACR stakeholders to ask questions and discuss the ACR and its submission process. The 2023 reporting round call will be held on March 16 at 3:00 pm ET. Information is available on the CDFI Fund's website, located here.

For More Information

Information and instructions on submitting annual compliance and certification reports, as well as Material Events forms can be found on the CDFI Fund’s website at the following links:

If you have questions about the annual compliance and certification reports, or Material Events please submit a Service Request via your organization’s AMIS account. For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.

 

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