Step 2: Reporting
In 2016, the Community Development Financial Institutions Fund (CDFI Fund) launched a new mandatory Annual Certification and Data Collection Report (ACR) for all Certified Community Development Financial Institutions (CDFIs). The ACR, which must be completed in the CDFI Fund’s Awards Management Information System (AMIS), allows the CDFI Fund to annually assess CDFIs’ compliance with Certification guidelines and collect data that provides insights into the CDFI industry.
CDFIs must submit an ACR within 90 days of the end of their organization’s fiscal year. 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. CDFIs will use data from their last complete fiscal year to complete the ACR. Please note that CDFIs may report unaudited financial data in their ACR submissions. In addition, those organizations certified during the current fiscal year will not be required to submit the ACR until the following year.
In addition, organizations must report Material Events to the CDFI Fund as required by the Assistance Agreement or to maintain Certification. The CDFI Fund defines a Material Event as an occurrence that affects an organization’s strategic direction, mission, or business operation, and, thereby, its status as a Certified CDFI and/or its compliance with the terms and conditions of its Assistance Agreement. Failure on the part of a Certified CDFI or program Award Recipient to submit a Material Event form, if necessary, can be cause for decertification, default, and/or sanctions.
In order to receive regular notifications on reporting guidance and deadlines, CDFIs should ensure that contact information in AMIS is updated on a routine basis.
Please note: The CDFI Fund is currently requesting public comment on a new CDFI Certification Application and reporting tools.
Please learn more here.
