Annual Management Report 

Fiscal Year 2022 

November 18, 2022 

250 E Street SW 

Washington, D.C. 20525 

202-606-5000/ 800-942-2677 
TABLE OF CONTENTS 

ABOUT THIS REPORT....................................................................................... i 

MESSAGE FROM THE CHIEF EXECUTIVE OFFICER .....................................ii 

I. MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)........ 1 

A. MISSION AND ORGANIZATIONAL STRUCTURE.......................... 1 

B. ORGANIZATIONAL CHART ............................................................ 1 

C. AGENCY ANNUAL PERFORMANCE REPORT AND PLAN........... 2 

D. ANALYSIS OF FINANCIAL STATEMENTS AND STEWARDSHIP 

INFORMATION (UNAUDITED)........................................................ 8 

E. ANALYSIS OF SYSTEMS, CONTROLS, AND LEGAL 

COMPLIANCE (UNAUDITED) ....................................................... 14 

II. FINANCIAL SECTION (UNAUDITED) .................................................. 20 

A. MESSAGE FROM THE CHIEF FINANCIAL OFFICER................... 20 

B. INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED

FINANCIAL STATEMENTS (UNAUDITED) ................................... 22 

C. MANAGEMENT’S RESPONSE TO AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (UNAUDITED) ................................... 60

D. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ....... 64

E. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

(UNAUDITED)................................................................................ 68

F. INDEPENDENT AUDITORS’ REPORT ON NATIONAL SERVICE

TRUST FUNDS FINANCIAL STATEMENTS (UNAUDITED) ....... 87

G. MANAGEMENT’S RESPONSE TO AUDIT OF NATIONAL SERVICE

TRUST FUNDS FINANCIAL STATEMENTS (UNAUDITED) ....... 116

H. NATIONAL SERVICE TRUST FUND FINANCIAL STATEMENTS 

(UNAUDITED).............................................................................. 120

I. NOTES TO NATIONAL SERVICE TRUST FUND FINANCIAL 

STATEMENTS (UNAUDITED) ..................................................... 124

III. OTHER INFORMATION (UNAUDITED).............................................. 130

A. SUMMARY OF FINANCIAL STATEMENT AUDIT & MANAGEMENT 

STATEMENT OF NO ASSURANCE ............................................ 130

B. PAYMENT INTEGRITY ................................................................. 132

C. CIVIL MONETARY PENALTY ADJUSTMENT FOR INFLATION . 133

D. NATIONAL SERVICE TRUST FUND STATUS REPORT 

(UNAUDITED).............................................................................. 134
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABOUT THIS REPORT 

The Annual Management Report (AMR) provides an overview of AmeriCorps’1 financial 

and performance results for the fiscal year (FY) spanning October 1, 2021 through 

September 30, 2022. The information, data, and analyses in this report provide an 

assessment of the agency’s yearly activities toward accomplishing its mission. 

The FY 2022 AMR includes AmeriCorps’ FY 2022 Financial Statements Audit Report, 

including AmeriCorps’ Statement of No Assurance regarding its internal controls over 

reporting, compliance, and operations. This report is published on the AmeriCorps 

website. 

AmeriCorps will produce its FY 2024 Congressional Budget Justification with the 

integrated Annual Performance Report (APR) to provide an overall assessment of 

agency performance. AmeriCorps will transmit this report to Congress in 2023. The 

Congressional Budget Justification will also be published on the AmeriCorps’ website. 

These reports meet the requirements of the Government Performance and Results Act 

Modernization Act of 2010, the Federal Financial Management Improvement Act, the 

Federal Managers’ Financial Integrity Act, the Government Corporation Control Act,

and the Federal Information Security Modernization Act, among others. These reports 

also follow applicable guidance from the Office of Management and Budget (OMB). 

This report is in the public domain. Authorization to reproduce it in whole or in part is 

granted with the citation: AmeriCorps FY 2022 Annual Management Report. 

For questions or inquiries related to this report, please contact the Office of the Chief 

Financial Officer at help@americorps.gov or at this mailing address: AmeriCorps, 250 E 

Street SW, Washington, D.C. 20525. 

1As of September 29, 2020, AmeriCorps is the operating name of the Corporation for National 

and Community Service. 

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MESSAGE FROM THE CHIEF EXECUTIVE OFFICER 

November 18, 2022 

AmeriCorps has a proven history of leveraging the nation’s greatest resource – the 

American people – to improve lives, strengthen communities, and foster civic 

engagement. Working hand in hand with local partners, AmeriCorps engages 200,000 

individuals in results-driven service at 36,000 locations across the country. 

AmeriCorps members and AmeriCorps Seniors volunteers help communities tackle their 

most pressing challenges, including addressing public health needs, preparing students 

for success in school, responding to natural disasters, supporting veterans and military 

families, preserving public lands, addressing climate change, and advancing racial 

and economic equity. 

AmeriCorps’ Fiscal Year 2022 Annual Management Report summarizes the agency’s 

accomplishments and financial information in accordance with federal guidance and 

laws. When I began my tenure as CEO almost one year ago, the agency was 

addressing its financial management challenges resulting from a lack of capacity and 

expertise. Those challenges continue, though since that time AmeriCorps has 

implemented corrective action plans, hired subject matter experts, and documented 

the agency’s dedication to improving core business operations in Goal 4 of 

AmeriCorps’ five-year strategic plan: effectively steward federal resources. While much 

work remains and will take time, the activities throughout FY 2022 as noted below 

demonstrate AmeriCorps’ steady progress and commitment to improving the agency’s 

financial management and grants management. Activities in this area include: 

• Implemented the Office of the Chief Financial Officer reforms and strategies 

aimed at improving key financial management systems and processes within a 

shared service platform to enhance accountability and standardize business 

processes, as well as increase staff capacity and knowledge to provide 

improved mission support. 

• Continued to prioritize effective compliance monitoring for the AmeriCorps grant 

portfolio, including enhancement of monitoring instruments, standardizing 

monitoring protocols, and using a grant risk model to inform monitoring decisions 

and align individual activities to specific risks. 

• Provided new tools to help grantees improve their compliance rates with criminal 

history checks. 

• Continued the agency’s Scaling Evidence-Based Models project to deepen 

understanding of the most effective program innovations and scale them to 

better service communities. As part of this initiative, the agency produced tools 

and resources to strengthen grantees’ work in evidence building and share 

effective practices to help scale evidence-based interventions. 

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• Competed and selected in August 2022 by the General Services Administration 

for AmeriCorps’ eGrants legacy system replacement to be a Technology 

Modernization Fund project. AmeriCorps received a $14 million investment, with 

technical assistance to improve team capability, troubleshoot issues, and 

support successful execution of this effort. The agency’s priority is to adopt 

modernized systems that will better meet its business needs, reduce 

administrative burdens to prospective grantees, and enhance the experience of 

AmeriCorps’ workforce and the public stakeholders that use the agency’s

systems. With a modern system, AmeriCorps and grantee organizations will be 

able to manage grants more quickly and efficiently to react as new and pressing 

community and national challenges arise. 

During the same time, the COVID-19 pandemic continued to affect the nation and 

exacerbate inequalities throughout the last year. AmeriCorps’ FY 2022 activities include: 

• AmeriCorps continued to provide pandemic assistance to millions of Americans –

supporting vaccination, contact tracing, testing, wellness checks, and other 

public health strategies; assisting food banks and meal delivery programs; and 

helping students stay on track in school. After an extensive outreach effort in 

partnership with the Centers for Disease Control and Prevention, AmeriCorps 

awarded the first round of Public Health AmeriCorps grants, totaling $71.1 million 

to support over 3,000 new AmeriCorps members. These members will provide 

surge capacity to meet state and local public health needs. 

• AmeriCorps continued to implement the historic $1 billion investment made 

through the American Rescue Plan (ARP) to expand service opportunities, 

increase living allowances, and support communities. In the past year, 

AmeriCorps State and National, AmeriCorps VISTA, and AmeriCorps Seniors 

invested $220,802,927 to support national service programs across the country, 

including salaries and expenses, using American Rescue Plan funds. 

• AmeriCorps released an Equity Action Plan in April 2022, reinforcing its 

commitment to advancing diversity, equity, inclusion, and accessibility and 

embedding it into the fabric of the agency. AmeriCorps established an Office of 

DEIA, hired the agency’s first Chief Diversity and Inclusion Officer, and continued 

to invest in supporting underserved communities. AmeriCorps is dedicated to 

creating structural and lasting change in AmeriCorps’ grantmaking, workplace,

and recruitment of a corps that reflects the diversity and lived experiences of the 

communities they serve. 

• AmeriCorps raised the living allowance for members in the AmeriCorps State and 

National and VISTA programs, as well as the stipend for volunteers in the 

AmeriCorps Seniors Foster Grandparent and Senior Companion programs. The 

President recently announced at the United We Stand summit a continued 

commitment to increase the member living allowance to make national service 

an accessible pathway to success for Americans of all backgrounds . 

• AmeriCorps joined the White House and other public and private partners to 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

launch the National Partnership for Student Success, a coordinated, researchbased, locally driven initiative. This partnership is designed to meet President 

Biden’s call for 250,000 more tutors and mentors to accelerate student recovery 

and success and provide the academic, mental health, and other supports 

students need to unlock their full potential. AmeriCorps has prioritized up to $20 

million in Volunteer Generation Funds from the American Rescue Plan to assist 

nonprofit organizations in recruiting and managing volunteers in these positions. 

• AmeriCorps utilized ARP funding to establish a centralized recruitment office to 

coordinate recruitment activities across the agency’s programs, develop and

implement outreach strategies and public awareness campaigns, and work with 

key stakeholders. 

• The agency demonstrated its commitment to evidence-building by supporting 

implementation of the Evidence Act. The agency also released a toolkit to help 

organizations and grantees successfully scale effective interventions while 

ensuring they can produce meaningful outcomes. 

These accomplishments are a snapshot of the ways AmeriCorps continues to work with 

government, nonprofit, private, and community organizations to unite Americans in 

service and make service a cornerstone to our democracy. Service holds the power to 

transform lives and tackle some of our nation’s most pressing issues, including alleviating 

poverty, advancing racial equity, combatting the growing threat of climate change, 

uniting Americans across divides, and building a more inclusive and equitable future for 

all. 

As part of achieving the agency’s five-year strategic plan, AmeriCorps is prioritizing 

becoming responsible stewards of taxpayer dollars and continue the agency’s missiondriven work. The agency looks forward to making continued progress on essential 

priorities, which in turn helps AmeriCorps better serve its partners, grantees, AmeriCorps 

members, and AmeriCorps Seniors volunteers who are making a difference every day in 

communities across the nation. 

In service, 

Michael D. Smith 

Chief Executive Officer 

AmeriCorps 
 

 

 

I. MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 

A. MISSION AND ORGANIZATIONAL STRUCTURE 

AmeriCorps’ mission is to engage Americans of all ages and backgrounds in 

community-based service to improve lives, strengthen communities, and foster civic 

engagement. AmeriCorps achieves its mission through the administration of its major 

programs and initiatives.2 

B. ORGANIZATIONAL CHART 

2 AmeriCorps’ authorizing statutes, which contain additional legislative detail for each program, can be

found at: Statutes and regulations | AmeriCorps 

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C. AGENCY ANNUAL PERFORMANCE REPORT AND PLAN 

This section provides information required by the Government Performance and Results 

Act Modernization Act of 2010.3 AmeriCorps’ Strategic Plan was released in March 2022, 

and the following section discusses the agency’s progress to achieving its strategic 

goals. AmeriCorps continues to collect and validate FY 2022 performance data and 

those indicators will be reported in AmeriCorps’ 2024 Congressional Budget Justification 

released with the President’s Budget. This section provides preliminary results. 

Goal 1 - Partner with Communities to Advance Racial Equity and 

Alleviate Poverty 

Objective 

No. Measure Data 

2022 

Targets 

2022 

Actuals 2023 2024 2025 2026 

1.1

Number of people 

helped 

(COVID/Health) 3,533,009 TBD 3,616,214 3,710,645 3,687,043 3,776,501 

1.2

Number of people 

helped (Climate) 429,081 TBD 425,108 427,564 339,450 342,055 

1.3

Number of people 

helped 

(Education/Economic 

Opp) 1,581,313 TBD 1,569,093 1,579,696 1,269,587 1,280,835 

1.4

Percent of all those 

served by 

AmeriCorps who are 

people in poverty TBD TBD 25 30 35 40 

1.5

Diverse Participants -

Numerical 

Performance Goal4 TBD TBD TBD TBD TBD TBD 

Performance Highlights 

In FY 2022, the agency continued to partner with communities to advance equity and 

alleviate poverty helping them address critical health, education, economic, and 

environmental challenges, many of which were exacerbated by the COVID-19 

pandemic. 

• In response to the pandemic, AmeriCorps members and AmeriCorps Seniors 

volunteers across all 50 states and U.S. territories provided pandemic assistance to 

more than 12.5 million Americans – supporting vaccination, contact tracing, testing, 

3 Government Performance Results Act, as amended; Pub. L. 111-352; Pub. L. 103-62 

4 This item reflects AmeriCorps’ intent to capture a measure for Objective 1.5 in the agency’s strategic plan: 

recruit a diverse corps of members and volunteers who reflect those we are serving. 

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wellness checks, and other public health strategies, assisting food banks and meal 

delivery programs; and helping students stay on track through virtual teaching, 

tutoring, mentoring, and other services. 

• With a $400 million investment from the Centers for Disease Control and Prevention, 

AmeriCorps launched Public Health AmeriCorps – a new program to provide surge 

capacity to meet state and local public health needs while developing workforce 

pathways for public health careers. AmeriCorps awarded the first round of Public 

Health AmeriCorps grants totaling $71.1 million to support over 3,000 new 

AmeriCorps members. 

• AmeriCorps expanded its efforts to integrate climate change adaptation, 

mitigation, and resilience across its programming and support efforts to reduce 

greenhouse gas emissions, conserve lands and waters, and adapt to the changing 

climate. Last year, 16,000 AmeriCorps members and AmeriCorps Seniors volunteers 

improved more than 400,000 acres of parks and public lands; treated 14,500 miles of 

trails or rivers; weatherized or retrofitted more than 7,000 homes or public structures; 

protected or restored nearly 1,000 structures after natural disasters; and provided 

environmental stewardship education and training to more than 200,000 individuals. 

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Goal 2 - Enhance the Experience for AmeriCorps Members and 

AmeriCorps Seniors Volunteers 

Objective 

No. Measure Data 

2022 

Targets 

2022 

Actuals 2023 2024 2025 2026 

Percentage of AmeriCorps 

members who complete 

2.1 their service term 81 TBD 83 85 87 89 

Percent completion of 

member/volunteer 

2.2

management system 

implementation plan 30 TBD 60 100 N/A N/A 

2.3

Percent of members offered 

professional development 55 TBD 60 65 70 75 

Percent of senior volunteers 

offered professional 

2.3 development 10 TBD 15 20 25 30 

Performance Highlights 

In FY 2022, the agency continued to enhance the experience for AmeriCorps members 

and AmeriCorps Seniors volunteers. 

• The agency made progress on its priority goal of increasing the AmeriCorps living 

allowance in order to advance racial and economic equity, remove barriers to 

service, recruit and retain more diverse members and volunteers that reflect the 

communities they serve, and empower members and volunteers to thrive and 

complete their terms of service. AmeriCorps State and National's FY 2022 minimum 

living allowance was $16,502. AmeriCorps VISTA also implemented increases to the 

minimum living allowance, raising it to $17,600 in FY 2022. 

• To improve the agency’s recruitment, in FY 2022 AmeriCorps created and staffed a

Centralized Recruitment Office to coordinate recruitment activities across the 

programs, develop and implement outreach strategies and public awareness 

campaigns, and support current grantees efforts to focus on recruitment. Given the 

challenges faced by organizations in every sector in terms of recruiting talent in the 

current labor market, AmeriCorps is working to increase its investments in the 

Centralized Recruitment Unit, hire additional recruitment staff in the Regional 

Offices, expand staff capacity to analyze data on recruitment, upgrade our IT 

efforts that support recruitment, and develop national promotional and recruitment 

materials. 

• AmeriCorps celebrated the tenth anniversary of FEMA Corps, a 10-year partnership 

between FEMA and the AmeriCorps NCCC program that engages 18‐26‐year‐olds 

in a year of full-time service to provide critical support to individuals and 

communities impacted by natural and man-made disasters while gaining 

professional development experience. As they assist individuals and families 

recovering from disasters, FEMA Corps members acquire skills, training, and 

experience to prepare them for emergency management careers at FEMA, state or 

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local government, or the nonprofit sector. FEMA values FEMA Corps as a workforce 

pipeline - the agency has hired 23 percent of FEMA Corps graduates and offered 

jobs to 70 percent of the most recent graduating class. 

Goal 3 - Unite Americans by Bringing Them Together in Service 

Objective 

No. Measure Data 

2022 

Targets 

2022 

Actuals 2023 2024 2025 2026 

3.1

Percentage of the American 

public aware (aided 

awareness) of AmeriCorps’

role bringing Americans 

together to serve 

communities 35 TBD 45 55 65 75 

3.1

Percentage of Americans 

who are favorable towards 

national service 30 TBD 36 45 55 66 

3.2

Number of incremental 

MSYs, VSYs and Volunteers 

above baseline 2,678 TBD TBD TBD TBD TBD 

3.3

Percent of members and 

volunteers will report they 

feel a strong affiliation to 

AmeriCorps 

Develop 

Tool TBD 

Launch 

Tool TBD TBD 90 

3.4

Number of States (and DC) 

in which 1-in-3 adults will 

volunteer at least once a 

year 29 TBD 35 41 47 51 

Performance Highlights 

In FY 2022, the agency continued to unite Americans by bringing them together in 

service. 

• AmeriCorps completed the FY 2022 Days of Service grant competition, resulting in 17 

awards to organizations based in 11 states and territories that will engage 

approximately 135,000 people in service. These grants, totaling $3 million, will support 

volunteer initiatives that foster civic engagement and unity during the September 

11th Day of Service and Remembrance and Martin Luther King, Jr., Day of Service in 

2023. 

• AmeriCorps’ Volunteer Generation Fund grants to State Service Commissions

supported the recruitment of an estimated more than 180,000 volunteers in FY 2022 

and built the capacity of a projected 6,100 nonprofit and community organizations 

to recruit and manage volunteers as well as increase the effectiveness of volunteers 

in addressing local challenges. 

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Goal 4 – Effectively Steward Federal Resources 

Objective 

No. Measure Data 

2022 

Targets 

2022 

Actuals 2023 2024 2025 2026 

4.1

Percent of frontline staff report a 

60 TBD 65 70 75 80 

healthy balance between 

providing training and technical 

assistance to grantees, 

sponsors, & partners and grant 

making and administrative 

functions on behalf of grantees, 

sponsors, & partners. 

Percent of grantees are satisfied 

that AmeriCorps executed 

award actions in a timely 

4.1 manner. 60 TBD 65 70 75 80 

Percent completion of grant 

management system 

4.2 implementation plan 30 TBD 60 100 N/A N/A 

Number of overdue grant 

4.3 closeouts ≤ 25 TBD ≤ 20 ≤ 15 ≤ 10 ≤ 5

ASN - Annual improper 

payments $ (% of total 

4.3 program) >$10M $21.5M >$10M >$10M >$10M <$10M 

FGP - Annual improper 

payments $ (% of total 

4.3 program) >$10M $21.8M >$10M >$10M <$10M <$10M 

RSVP - Annual improper 

payments $ (% of total 

4.3 program) <$10M $7.8M <$10M >$10M <$10M <$10M 

SCP - Annual improper 

payments $ (% of total 

4.3 program) <$10M $9.8M <$10M >$10M <$10M <$10M 

Reduce the number of repeat 

4.3 material weaknesses to zero <9 TBD <9 <9 <9 0 

Reduce the number of repeat 

4.3 significant deficiencies to zero <9 TBD <2 <2 <2 0 

Percent of total annual 

contract volume that goes to 

small businesses and FAR 

4.3 socioeconomic programs 2 TBD 4 6 8 10 

Performance Highlights 

In FY 2022, the agency continued to address challenges impacting our progress toward 

effectively stewarding Federal resources. Efforts included: 

• Investing in the Office of the Chief Financial Officer reforms and strategies such as 

hiring key financial management leadership and staff, implementing process 

improvements to core functions, and completing corrective action plan milestones. 

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• Strengthening the agency’s program monitoring activities to include enhancing

monitoring tools and refining a grant risk model to inform monitoring decisions and 

align individual activities to specific risks. 

• Assessing new tools provided to grantees that will help improve their compliance 

rates with criminal history checks, resulting in greater compliance. 

• Providing support to grantees through tools and resources that strengthen awardees 

work in evidence building and share effective practices to help scale evidencebased interventions. 

Goal 5 – Make AmeriCorps One of the Best and Most Equitable 

Places to Work in the Federal Government 

Objective 

No. Measure Data 2022 Target 

2022 

Actual 2023 2024 2025 2026 

Employee engagement score on the 

Partnership for Public Service Best Places 

5.1 to Work index 63 TBD 68 73 78 83 

Performance Highlights 

In FY 2022, the agency continued to carry out efforts to make AmeriCorps one of the 

best and most equitable places to work in the Federal government. For example, 

AmeriCorps hired qualified staff in financial management positions and awarded 

performance bonuses to those who demonstrated exceptional and outstanding results. 

Additionally, AmeriCorps continued to conduct a comprehensive workforce analysis. 

Preliminary findings include the following actions from which the agency could benefit: 

• Strengthening information management practices through implementation of 

new or updated procedures, workflows, policies, and training; 

• Implementing a Customer Relationship Management system to manage 

engagements with external organizations, which would strengthen role clarity 

and performance in this area; 

• Increasing training and development opportunities to close competency gaps. 

More robust training and templates to improve work efficiency, processes, and 

grow expertise to close competency gaps; and 

• Strengthening communication flow across programs to improve accountability 

and clarify roles and responsibilities. 

AmeriCorps is currently assessing these results and anticipates implementing related 

improvements. As the agency strengthens its related processes, it looks forward to 

sharing progress in future performance reports. Finally, AmeriCorps will release FY 2022 

Federal Employee Viewpoint Survey results in quarter 1 of FY 2023. 

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D. ANALYSIS OF FINANCIAL STATEMENTS AND STEWARDSHIP 

INFORMATION (UNAUDITED) 

The accompanying FY 2022 financial statements have been prepared to report the 

financial position, financial condition, and results of operations, consistent with the 

requirements of 31 U.S.C. § 3515(b). The statements are prepared from records of 

Federal entities in accordance with Federal generally accepted accounting principles 

(GAAP) and the formats prescribed by OMB. 

Table of Key Measures 

(in thousands) 

Unaudited Unaudited Unaudited 

Balance Sheet 2022 2021 %Change 

Assets 

Fund Balance with Treasury 

Investments, Net and Related 

Receivables 

Accounts Receivable, Net 

Advances to Others 

Property and Equipment, Net 

$ 2,562,211 

1,078,367 

2,383 

38,575 

2,688 

$ 2,364,927 

1,011,223 

3,267 

87,091 

3,236 

8% 

7% 

(27%) 

(56%) 

(17%) 

Total Assets $ 3,684,224 $ 3,469,744 6% 

Liabilities 

Accounts Payable 

Advances from Others 

Trust Service Award Liability 

Federal Employee Benefits Payable 

Other Liabilities 

$ 119,841 

106,157 

339,761 

13,701 

19,154 

$ 158,127 

6,445 

355,824 

13,915 

10,593 

(24%) 

1,547% 

(5%) 

2% 

75% 

Total Liabilities $ 598,614 $ 544,904 10% 

Net Position 

Total Unexpended Appropriations 

Total Cumulative Results of 

Operations Collections 

2,004,337 

1,081,273 

2,132,473 

792,367 

(6%) 

36% 

Total Net Position $ 3,085,610 $ 2,924,840 5% 

Total Liabilities and Net Position $ 3,684,224 $ 3,469,744 6% 

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Table of Key Measures 

(in thousands) 

Unaudited Unaudited 

Statement of Net Cost 2022 2021 %Change 

Gross Costs $ 995,834 $ 920,469 8% 

Less: Earned revenue (28,438) (21,050) (35%) 

Net Cost of Operations $ 967,396 $ 899,419 8% 

Unaudited Unaudited 

Statement of Budgetary Resources: 2022 2021 %Change 

Unobligated Balance from prior year 

budget authority, net (discretionary 

and mandatary) $ 1,691,843 $ 595,010 184% 

Appropriations (discretionary and 

mandatary) 1,537,162 2,475,596 (38%) 

Spending authority from offsetting 

collections (discretionary and 

mandatary) 126,103 12,735 890% 

Total Budgetary Resources $ 3,355,108 $ 3,083,341 9% 

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Balance Sheet (Unaudited) 

The Balance Sheet provides an overview of AmeriCorps’ financial position as of 

September 30, 2022 and 2021. The statement displays the current and future economic 

benefits owed or available for use (assets), amounts owed (liabilities) and the residual 

amount (net position) as of September 30th. 

Comparative Balance Sheet (in thousands) 

(Unaudited) 

Total Assets, 

Total Liabilities, 

$598,614 

Total Net Position, 

$3,085,610 

Total Assets, 

$3,469,744 

Total Liabilities, 

$544,904 

Total Net Position, 

$2,924,840 

Total Assets Total Liabilities Total Net Position 

2022 2021 

Assets (Unaudited) 

As of September 30, 2022 and 2021, AmeriCorps had $3.68 billion and $3.47 billion in 

assets, respectively. Fund Balance with Treasury (FBWT) and Investments in Securities 

formed majority of the assets. The Balance Sheet also identities governmental and nongovernmental activities. 

FBWT is the largest asset class, representing 70 % of total assets. FBWT increased by 8% in 

FY 2022 due primarily to receipt of additional appropriated funds in FY2022. 

Investments are 29% of total assets making it the second largest class. Funding for the 

Trust investments comes from appropriations and interest earned that are invested in 

Treasury bills and securities. In FY 2022, there was a 7% increase in investments due 

primarily to an increase in investment activities. 

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70% 

29% 

0% 

1% 0% 

Assets (Unaudited) 

Fund Balance with 

Treasury 

Investments, Net and 

Related Receivables 

Accounts Receivable, 

Net 

Advances to Others 

Property and 

Equipment, Net 

Liabilities (Unaudited) 

AmeriCorps liabilities, or amounts owed, were $599 million and $545 million as of 

September 30, 2022 and 2021, respectively. The majority of the liabilities are $340 million 

in Trust Service Award and $120 million in Accounts payable. The Trust Service Award 

Liability represents estimates of unpaid and earned education award and interest 

forbearance costs that are likely to be paid. The Accounts Payables, on the other hand, 

represent funds due to grantees, suppliers, and contractors. 

Accounts Payable Liabilities (Unaudited) 

2% Other Liabilities 

20% 3% 

57% 18%

Advances from Others 

Trust Service Award 

Liability 

Federal Employee 

Benefits Payable 

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Net Position (Unaudited) 

AmeriCorps’ Net Position is the difference between assets and liabilities as of September 

30, 2022 and 2021. Changes in Net Position result from changes in the cumulative results 

of operations. 

Comparative Net Position (in thousands) 

Unexpended 

Appropriations , 

$2,004,337 

Cumulative Results 

of Operations , 

$1,081,273 

Net Position, 

$3,085,610 

Unexpended 

Appropriations , 

$2,132,473 

Cumulative Results 

of Operations , 

$792,367 

Net Position, 

$2,924,840 

(Unaudited) 

Unexpended Appropriations Cumulative Results of Operations Net Position 

2022 2021 

Statement of Net Cost (Unaudited) 

The AmeriCorps Statement of Net Cost measures the use of appropriated funds by 

programs (VISTA, NCCC, State and National, RSVP, FGP, SCP) authorized by Congress. 

The AmeriCorps net cost for the years ending September 30, 2022 and 2021 were $967 

million and $899 million, respectively. The 8% increase in operating cost in FY 2022 is 

mostly due to the increase in Service Award Expense. AmeriCorps State and National is 

the largest contributor to the agency’s overall cost of operations. The program cost 

includes grant expenses, direct and allocated personnel, and administrative cost. 

Comparative Net Cost (in thousands) 

(Unaudited) 

Gross Costs, 995,834 

Earned revenue, 

$(28,438) 

Net Cost of Operations, 

$967,396 Gross Costs, $920,469 

Earned revenue, 

$(21,050) 

Net Cost of Operations, 

$899,419 

Gross Costs Earned revenue Net Cost of Operations 

2022 2021 

12 
 

 

 

 

 

 

 

 

 

 

 

Statement of Budgetary Resources (Unaudited) 

The statement of budgetary resources represents AmeriCorps’ budgetary resources,

which comes from unobligated balances from prior-year appropriations, new 

appropriations, spending authority from offsetting collections, and receipts from other 

sources such as collections of disallowed costs from grantees at the end of the 

reporting fiscal year. In FY 2022, AmeriCorps had a 38% reduction in appropriations due 

to additional appropriations received from the American Rescue Plan. 

Comparative Budgetary Resources (in thousands)

(Unaudited)

Unobligated 

Balance from prior 

year budget 

authority, 

$1,691,830 

Appropriations , 

$1,537,161 

Spending 

authority from 

offsetting 

collections, 

$126,103 

Total 

Budgetary 

Resources, 

$3,355,108 

Unobligated 

Balance from 

prior year 

budget 

authority, 

$595,010 

Appropriations , 

$2,475,596 

Spending 

authority from 

offsetting 

collections, 

$12,735 

Total Budgetary 

Resources, 

$3,083,341 

Unobligated Balance from Appropriations Spending authority from Total Budgetary Resources 

prior year budget authority offsetting collections 

2022 2021 

13 
E. ANALYSIS OF SYSTEMS, CONTROLS, AND LEGAL COMPLIANCE 

(UNAUDITED) 

14
15 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

List of FY 2022 Material Weaknesses

Audit Area NFR 

# 

Description of Material Weakness First Year 

Reporte 

d 

Migration FY22- AmeriCorps did not devote sufficient resources to 2021 

to Shared 01 complete general ledger account configuration and 

Service* compatibility issues. Configuration and compatibility 

issues still exist: 

•Reclassification of pre-conversion entries erroneously 

recorded as direct fund instead of reimbursable fund. 

•Corrections of remaining prior year balances due to

de-obligation of open agreements that needed to be 

closed out. 

•Correction of pre-conversion entries relating to wrong 

posting logic in Momentum. 

Internal FY22- 1. AmeriCorps did not effectively implement all 2018 

Control 02 Corrective Action Plans (CAPs) to resolve the nine 

Program material weaknesses and one significant deficiency 

(FMFIA) reported in the prior year’s audit

2. AmeriCorps’ entity-level control risk assessment is not 

consistent with the prior years’ audit results nor with

observations of the current year’s result

3. AmeriCorps’ Grants Financial Management Process

Narrative updated as of March 2022 did not identify a 

control gap to verify the accuracy of AmeriCorps’

reporting of Advances and Prepayment 

Trust 

Obligation 

and 

Liability 

Model 

(TOLM) 

FY22-

03 

The data input validation to the Trust Obligation Liability 

Model (TOLM) is not scheduled to be completed until 

fiscal year 2023. Management’s methodology is

subject to change after an assessment of the 

underlying input data is completed. 

In addition, assumptions made in the TOLM and 

Calculator should consider expanding the subjective 

elements of the calculation to include changes in the 

way awards are utilized. 

2017 

Recoveries 

of Prior 

Year 

Obligations 

FY22-

04 

For 31 of 53 samples, AmeriCorps recorded amounts for 

Recoveries of Prior Year Unpaid Obligations that were 

significantly different from the supported recovery 

amounts in the net amount of $155,145,125 

($155,187,151 in absolute). For Prior Year Recoveries 

(PYR) related to a grant closeout, the recovery amount 

did not equal the difference of the total amount 

awarded through the time of the grant closeout, less 

2018 

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List of FY 2022 Material Weaknesses (continued)

First Year 

Description of Material Weakness Audit Area NFR # Reported

total reported expenditures through the time of the 

grant closeout. For PYR related to an amendment on 

an active grant, the recovery amount did not agree to 

the amount de-obligated per the Notice of Grant 

Award. 

General FY22- AmeriCorps continues to rely heavily on journal entries 2022 

Ledger 

Adjustment 

s 

05 (JEs) to correct financial reporting issues instead of 

fixing the root causes of the need for these JEs. 

Grants 

Accrual 

and 

Advances 

FY22-

06 

1. AmeriCorps has not assessed the accuracy of its 

Compound Method used to calculate its grant 

accrual. 

2. AmeriCorps utilizes a rate of error to assess whether 

the accrual calculated is within an acceptable range. 

However, AmeriCorps did not establish a threshold or 

range for assessing reasonableness with its approach 

including its calculation of its rate of error. Additionally, 

there is a flaw in AmeriCorps’ rate of error calculation,

as AmeriCorps is using the net difference, which 

understates the actual rate of error that exists if 

absolute difference for each quarter were used. 

3. AmeriCorps identified discrepancies in the grants 

payable and advance balances reported in the 

Momentum, Oracle, and PMS systems. 

4. AmeriCorps erroneously used the liquidation amount 

in their grant advance validation process instead of 

using the estimated advance offset. 

5. AmeriCorps overstated grant advances in 42 of 26 

samples. Extrapolating auditor test results, AmeriCorps 

likely overstated grant advances by $31.7 million or 85 

percent. 

6. AmeriCorps was unable to show evidence of how 

fixed priced grants were included in the grant accrual 

calculation or considered within the expenditures used 

to validate the accrual. 

2017 

Financial 

Systems 

and 

Reporting* 

FY22-

07 

Auditors identified issues with Preparing and Reviewing 

Financial Reports, Adequate Support for Financial 

Information in a Timely Manner, Year-end Financial 

Reporting, Trust Fund Financial Reporting, and Year-End 

Trust Fund Financial Reporting. Issues include: 

1. AmeriCorps did not complete compliant, technical, 

editorial, and consistency reviews of its interim Fiscal 

Year (FY) 2022 Annual Management Report (AMR). 

2017 

17 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

List of FY 2022 Material Weaknesses (continued)

First Year 

Audit Area NFR # Description of Material Weakness Reported

2. Auditors noted issues in AmeriCorps’ fluctuation

analysis of balances, including lack of documentation 

regarding financial account balance fluctuation 

expectations, generic and nonspecific explanations for 

significant fluctuations, and overstatement in the 

“Appropriations Received” line item on the Statement

of Changes in Net Position (SCNP) as of March 31, 2022. 

3. Inefficiencies were noted in AmeriCorps’ SF 132

Apportionment and Reapportionment Schedule to SF 

133 Report of Budget Execution and Budgetary 

Resources reconciliation. 

4. Excel spreadsheets were used to develop financial 

statements introducing vulnerability to human error. 

5. AmeriCorps interim financial reporting was not 

compliant with U.S. GAAP and OMB Circular A-136. 

6. AmeriCorps’ internal control failed to identify errors in

its consolidated financial statements as of and for the 

year ended September 30, 2022. 

7. AmeriCorps’ internal control failed to identify errors

on its Trust Fund Financial statements as of June 30, 

2022. 

Grant 

Undelivere 

d Orders 

and 

Related 

Grant 

Expenditur 

es** 

FY22-

08 

The difference between the Notice of Grant Award’s

(NGA) award amount and the Payment Management 

System (PMS) grant expenditures did not agree with 

the Undelivered Order (UDO) amount recorded in the 

General Ledger (GL) for 72 of the 108 grant samples 

selected. Additionally, expenditures for 15 grants 

reported in the PMS did not reconcile to the grant 

expenditures recorded in Momentum as of 06/30. 

2018 

Non-Grant 

Undelivere 

d Orders 

and 

Accounts 

Payable 

(Accounts 

Payable 

and 

Undelivere 

d OrdersProcureme 

nt) *** 

FY22-

09 

In 31of 45 procurement samples, the difference 

between the original procurement documents plus or 

minus modifications (if any) and the expenditures did 

not agree with the UDO amount recorded in the 

General Ledger (GL). 

For six samples tested, the appropriate authorization for 

the current or amended contract was missing. 

AmeriCorps’ current Accounts Payable (AP) accrual 

methodology needs improvement. As of the interim 

testing, AmeriCorps is awaiting the results of the AP 

lookback analysis for Q3 2022 to develop their new 

methodology. 

2018 

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List of FY 2022 Material Weaknesses (continued)

First Year 

Audit Area NFR # Description of Material Weakness Reported

Knowledge 

GAP 

throughout 

Financial 

Managem 

ent 

Operations 

FY22-

10 

The recurring annual disclaimer of opinion on 

AmeriCorps’ financial statements and the repeat 

material weaknesses are indicative of knowledge gaps 

at all levels of AmeriCorps’ financial management 

operation. Management has not demonstrated 

adequate knowledge and understanding of (1) 

Federal accounting standards, (2) Federal financial 

reporting, (3) effective financial management 

practices (i.e., people, processes, and systems), and 

(4) the proper internal control environment that 

mitigates risk. 

2022 

Advances FY22- AmeriCorps was unable to provide underlying support 2022 

from 13 for the advance liquidation amounts and was unable 

Others to provide sufficient documentation to explain the 

basis for the standard voucher entries nor provide 

additional documentation to support the amount 

recorded through the standard vouchers. 

Auditors were unable to ascertain the entire Advances 

from Others amount of $106,156,295 as of September 

30, 2022. 

Other FY21- AmeriCorps should reconcile the amounts reported for 2018 

Liabilities 1 other liabilities and verify all transactions are supported 

and properly classified and should strengthen internal 

reporting financial controls, including the proper 

posting of member payroll. 

Property & 

Equipment 

* 

AmeriCorps inconsistently applies its capitalization 

policy. 

2019 

Fund 

Balance 

with 

Treasury* 

1. Policies and procedures are not in place to govern 

the reconciliation of Fund Balance with Treasury 

business process. 

2. Inability to test a critical control for operating 

effectiveness due to resolution timing. 

2021 

Accounts 

Receivable 

* 

1. Inability to test critical controls for operating 

effectiveness due to resolution timing. 

2022 

* AmeriCorps Internal Control Program identified a material weakness in this process in FY2022. 

** AmeriCorps Internal Control Program identified a significant deficiency in this process in FY2022 

*** AmeriCorps Internal Control Program identified a material weakness in Accounts Payable and a significant 

deficiency in Procurement Management. 

19 
 

Financial Section (Unaudited) 

II. FINANCIAL SECTION (UNAUDITED) 

A. MESSAGE FROM THE CHIEF FINANCIAL OFFICER 

It is my privilege to join the CEO of AmeriCorps in presenting the FY 2022 Annual 

Management Report. The financial statements and accompanying information are an 

integral part of the AMR, providing an in-depth account of the activities and 

challenges to effectively steward taxpayer dollars and achieve a clean audit report. 

Further, the financial statements support AmeriCorps’ commitment to be transparent 

and accountable. 

In FY 2022, the Office of the Inspector General engaged to audit AmeriCorps' financial 

statements, and focused on areas of findings and recommendations the agency has 

begun to make progress on addressing. On September 12, 2022, the auditors issued a 

letter stating their intent to issue a disclaimer of opinion on the financial statements. 

AmeriCorps leadership has set a high expectation that accountability for financial 

management and reform is paramount at all levels of the agency. In FY 2022, 

AmeriCorps implemented a rigorous process to remediate significant, persistent 

challenges through corrective action plans that were refined using the auditors’

feedback and through ongoing engagement at all levels of the agency. Sustained 

improvements to our internal controls and core financial management functions has 

been a multi-year effort. 

This year, the agency continued increasing the quality, reliability, and value of core 

financial management services and enhanced operational productivity. FY 2022 

marked the second full year the agency utilized a shared services platform for financial 

management, procurement, and travel functions. Through this platform, the agency 

receives expert technical support. As a result, the agency has observed improved 

reporting capabilities in core areas, including status of funds, trial balance, and 

financial statements. The platform also provides access to detailed schedules of 

subledger accounts, detailed payroll reports with complete line of accounting, and 

detailed procurement and travel reports. Also, AmeriCorps can now run 

Governmentwide Treasury Account Symbol and DATA Act data automatically with 

minimal manual adjustments. 

There is still much work to do to improve and strengthen AmeriCorps’ ability to maintain 

the highest financial management and operational standards. Stabilization under 

shared services and modernization of legacy systems are two key initiatives intended 

to strengthen the agency’s stewardship of resources. These efforts will be 

accompanied by an aggressive focus to address root cause drivers, such as staff 

capacity and antiquated systems, while enforcing robust accountability mechanisms, 

and improving executive oversight. 

AmeriCorps continues to focus on key strategies and reforms to improve agency 

financial management, internal controls, and agency audit resolution, including 

20 
 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

investing in staff capacity and expertise, making needed improvements to agency 

corrective action planning and oversight, and providing more robust training to ensure 

consistent audit management and follow-up practices agencywide. AmeriCorps will 

continue to strengthen core business operations to make ambitious progress on a multiyear strategy towards improved agency audit management and audit resolution. 

As Chief Financial Officer, I remain committed to working with AmeriCorps’ leadership 

to improve core financial management service, streamline operations, closely monitor 

how the agency uses resources, and create sustainable business practices to ensure 

taxpayers’ dollars are utilized effectively in fulfilling the agency’s mission. 

In service, 

Malena Brookshire 

Chief Financial Officer 

AmeriCorps 

21 
Financial Section (Unaudited) 

B. INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED

FINANCIAL STATEMENTS (UNAUDITED)D)

22
 

OFFICE OF INSPECTOR GENERAL 

AUDIT OF AMERICORPS’ FISCAL YEAR 2022 

CONSOLIDATED FINANCIAL STATEMENTS 

OIG Report 23-01 

Prepared by: 

RMA Associates LLC 

1005 North Glebe Road, Suite 610 

Arlington, VA 22201 

23
 

 

 

 

 

 

 

 

 

 

 

November 19, 2022 

MEMORANDUM TO: Michael D. Smith 

Chief Executive Officer 

Assistant Inspector General for Audit 

FROM: Monique P. Colter 

SUBJECT: Audit of AmeriCorps’ Fiscal Year 2022 Consolidated Financial 

Statements, OIG Report 23-01 

We contracted with the independent certified public accounting firm of RMA Associates LLC 

(RMA) to audit the consolidated financial statements of AmeriCorps for the fiscal year (FY) 

ended September 30, 2022. The contract required RMA to express an opinion on whether 

AmeriCorps’ FY 2022 financial statements are fairly presented, in all material respects; report 

on internal controls over financial reporting; and report on compliance with the provisions of 

laws, regulations, contracts, and grant agreements. The contract also required RMA to conduct 

the audit in accordance with the Generally Accepted Government Auditing Standards (GAGAS), 

and other applicable standards. 

• Disclaimer of Opinion: AmeriCorps could not provide sufficient appropriate evidential 

matter to support the amounts in the consolidated financial statements due to inadequate 

processes, controls, and records to support transaction and account balances. As a result, 

RMA could not determine the effect of the lack of sufficient appropriate audit evidence on 

AmeriCorps’ financial statements as of and for the year ended September 30, 2022. 

Furthermore, due to the limitations described above, RMA was not able to perform the 

required tests of controls and compliance. 

• 12 material weaknesses and two significant deficiencies in AmeriCorps’ internal control 

over financial reporting. RMA reported the following material weaknesses and two 

significant deficiencies, Information Technology Security Controls (Modified Repeat) and 

Accounts Receivable and Allowance for Doubtful Accounts (Repeat), as described in Exhibits 

I and II of this report: 

1. Knowledge Gap throughout Financial Management Operations (New) 

2. Internal Controls Program (FMFIA)- (Modified Repeat) 

AmeriCorpsOIG.gov 

Hotline@AmeriCorpsOIG.gov 

Hotline: 800-452-8210 

AmeriCorps 

Office of Inspector General 

250 E St., SW, Suite 4100 

3. Financial Reporting (Modified Repeat) 

Washington, DC 20525 

24
 

 

 

 

 

 

 

4. General Ledger Adjustments (Modified Repeat) 

5. Undelivered Orders – Grants and Grant Activity (Modified Repeat) 

6. Undelivered Orders – Procurement and Accounts Payable (Modified Repeat) 

7. Trust Obligations and Liability Model (Modified Repeat) 

8. Recoveries of Prior Year Obligations (Modified Repeat) 

9. Grant Accruals and Advances (Modified Repeat) 

10. Advances from Others (New) 

11. Migration to Shared Service (Modified Repeat) 

12. Other Liabilities (Repeat) 

• RMA considered AmeriCorps’ compliance with certain provisions of laws, regulations, 

contracts, and grant agreements, noncompliance with which could have a direct and 

material effect on the financial statements. However, providing an opinion on compliance 

with those provisions was not an objective of our engagement, and accordingly, RMA does 

not express such an opinion. 

Had RMA been able to obtain sufficient appropriate audit evidence to express an opinion on 

the consolidated financial statements, other material weaknesses or significant deficiencies, or 

instances of noncompliance or other matters may have been identified and reported. 

In connection with the contract, we reviewed RMA’s report and related documentation and 

inquired of its representatives. Our review, as differentiated from an audit of the financial 

statements in accordance with GAGAS, was not intended to enable us to express, and we do 

not express, an opinion on the consolidated financial statements. 

RMA is responsible for the attached independent auditors’ report, dated November 18, 2022, 

and the conclusions expressed therein. However, our review disclosed no instances where 

RMA did not comply, in all material respects, with GAGAS. 

cc: Jenny Mauk, Chief of Staff 

Gina Cross, Chief Operating Officer 

Malena Brookshire, Chief Financial Officer 

Syed Murshed, Acting Chief Information Officer 

Fernando Laguarda, General Counsel 

Jill Graham, Chief Risk Officer 

Rachel Turner, Audits and Investigations Program Manager 

Debra Thomas, Partner, RMA Associates LLC 

AmeriCorpsOIG.gov AmeriCorps 

Hotline@AmeriCorpsOIG.gov Office of Inspector General 

Hotline: 800-452-8210 250 E St., SW, Suite 4100 

Washington, DC 20525 

25
 

 

 

1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Independent Auditor’s Report 

To the Board of Directors, Chief Executive Officer, and Inspector General of AmeriCorps: 

Report on the Audit of the Financial Statements 

We were engaged by AmeriCorps’ Office of Inspector General to audit the accompanying financial 

statements of AmeriCorps, which comprise the consolidated balance sheet as of September 30, 

2022, the related consolidated statements of net cost and changes in net position, and the combined 

statement of budgetary resources for the fiscal year then ended, and the related notes to the 

financial statements (referred to herein as the financial statements). 

Disclaimer of Opinion 

Due to the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, 

we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit 

opinion. Accordingly, we do not express an opinion on the fiscal year 2022 financial statements. 

Basis for Disclaimer of Opinion 

AmeriCorps could not provide sufficient appropriate evidential matter to support the amounts in 

the consolidated financial statements due to inadequate processes, controls, and records to support 

transaction and account balances. As a result, we cannot determine the effect of the lack of 

sufficient appropriate audit evidence on AmeriCorps’ financial statements as of and for the year 

ended September 30, 2022. Due to the limitations described above, we were not able to perform 

the required tests of controls and compliance. Furthermore, the financial statements and 

accompanying notes as of and for the year ended September 30, 2022 (1) were not in accordance 

with U.S. Generally Accepted Accounting Principles (U.S. GAAP), (2) were not in compliance 

with the Office of Management and Budget (OMB) Circular No. A-136, Financial Reporting 

Requirements, (OMB A-136), and (3) had mathematical errors and inconsistencies. 

Other Matter 

The financial statements of the prior period were engaged to be audited by a predecessor auditor. 

The predecessor auditor issued a disclaimer of opinion as of and for the year ended September 30, 

2021. The predecessor auditor report was dated November 8, 2021. 

Responsibilities of Management for the Financial Statements 

Management is responsible for the preparation and fair presentation of the financial statements in 

accordance with accounting principles generally accepted in the United States of America, and for 

the design, implementation, and maintenance of internal control relevant to the preparation and 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

fair presentation of financial statements that are free from material misstatement, whether due to 

fraud or error. 

Auditor's Responsibilities for the Audit of the Financial Statements 

Our responsibility is to express an opinion on these financial statements based on conducting the 

audit in accordance with the U.S. generally accepted auditing standards; the standards applicable 

to financial audits contained in the Government Auditing Standards, issued by the Comptroller 

General of the U.S.; and OMB Bulletin No. 22-01, Audit Requirements for Federal Financial 

Statements. Because of the matters described in the Basis for Disclaimer of Opinion paragraph, 

however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an 

audit opinion. 

Required Supplementary Information 

Accounting principles generally accepted in the United States of America require management’s 

discussion and analysis be presented to supplement the basic financial statements. Such 

information is the responsibility of management and, although not a part of the basic financial 

statements, is required by the Federal Accounting Standards Advisory Board (FASAB), who 

considers it to be an essential part of financial reporting for placing the basic financial statements 

in an appropriate operational, economic, or historical context. 

We were unable to apply certain limited procedures to the required supplementary information in 

accordance with auditing standards generally accepted in the United States of America because 

we were not provided with the information timely. We do not express an opinion or provide any 

assurance on the information. 

Other Information 

Management is responsible for the other information presented in the Annual Management Report. 

The Message from the Chief Executive Officer and Other Information are presented for purposes 

of additional analysis and are not a required part of the basic financial statements. Such information 

has not been subjected to the auditing procedures applied in the audits of the financial statements, 

and we do not express an opinion or any form of assurance thereon. 

In connection with our engagement to audit basic the financial statements, our responsibility is to 

read the other information and consider whether a material inconsistency exists between the other 

information that otherwise appears to be materially misstated. If, based on the work performed, 

we conclude that an uncorrected material misstatement of the other information exists, we are 

required to describe it in our report. 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Other Reporting Required by Government Auditing Standards 

Report on Internal Control over Financial Reporting 

In accordance with Government Auditing Standards, we are required to report material weaknesses 

and significant deficiencies. A deficiency in internal control exists when the design or operation 

of a control does not allow management or employees, in the normal course of performing their 

assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material 

weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a 

reasonable possibility that a material misstatement of the financial statement will not be prevented 

or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a 

combination of deficiencies, in internal control that is less severe than a material weakness, yet 

important enough to merit the attention of those charged with governance. 

Our consideration of internal control was for the limited purpose described in the first paragraph 

of this section and was not designed to identify all deficiencies in internal control that might be 

material weaknesses or significant deficiencies and therefore, material weaknesses or significant 

deficiencies may exist that were not identified. However, as described in Exhibit I and Exhibit II, 

we identified certain deficiencies in internal control that we consider to be material weaknesses 

and a significant deficiency, respectively. The status of prior year recommendations is in Exhibit 

III. 

Furthermore, we were not able to perform the applicable tests of controls due to the aforementioned 

scope limitation and inability to obtain sufficient appropriate audit evidence to enable us to express 

an opinion on the financial statements. 

Report on Compliance and Other Matters 

In connection with our engagement to audit the basic financial statements, we considered 

AmeriCorps’ compliance with certain provisions of laws, regulations, contracts, and grant 

agreements, noncompliance with which could have a direct and material effect on the financial 

statements. However, providing an opinion on compliance with those provisions was not an 

objective of our engagement, and accordingly, we do not express such an opinion. 

Furthermore, we were not able to perform the applicable tests of compliance due to the 

aforementioned scope limitation and inability to obtain sufficient appropriate audit evidence to 

enable us to express an opinion on the financial statements. 

Management’s Response to Audit Findings and Recommendations 

AmeriCorps’ Response to Audit Findings and Recommendations comments can be found in 

Exhibit IV. AmeriCorps did not express concurrence or nonoccurrence to our findings and 

recommendations. AmeriCorps’ response was not subject to the auditing procedures applied in the 

audit of the financial statements and, accordingly, we express no opinion on it. 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

The Purpose of the Other Reporting Required by Government Auditing Standards 

The purpose of the communication described in the Other Reporting Required by Government 

Auditing Standards section of this report is solely to describe deficiencies we consider to be 

material weaknesses and significant deficiencies, the scope of our testing of compliance and results 

of that testing, and not to provide an opinion on compliance. Accordingly, this communication is 

not suitable for any other purpose. 

Arlington, VA 

November 18, 2022 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Exhibit I – Material Weaknesses 

I. Knowledge Gap throughout Financial Management Operations (New) 

The recurring annual disclaimer of opinion on AmeriCorps’ financial statements and the repeat 

material weaknesses are indicative of knowledge gaps at all levels of AmeriCorps’ financial 

management operation. Management has not demonstrated adequate knowledge and 

understanding of (1) Federal accounting standards, U.S. GAAP promulgated by FASAB, (2) 

Federal financial reporting requirements provided by OMB A-136, (3) effective financial 

management practices (i.e., people, processes, and systems), and (4) the internal control 

environment necessary to mitigate the associated risks. Without the proper subject matter experts 

that can assist in creating sustainable processes and systems that operate effectively in a U.S. 

GAAP-compliant environment, AmeriCorps is unable to develop, implement, and execute an 

effective internal control environment, which includes people, processes, and systems. 

Furthermore, AmeriCorps’ inability to invest sufficient resources to recruit, train, and retain 

financial management personnel at all levels with the requisite knowledge, skill, and experience 

in sound financial management has led to its (1) ineffective operations, (2) repeat deficiencies in 

internal control, and (3) inadequate processes to address changes to accounting standards issued 

by FASAB and reporting requirements provided by OMB. Without sound financial 

management, AmeriCorps cannot report accurately to Congress, the public, and other 

stakeholders about its stewardship of Federal funds and credibly hold grantees accountable for 

their financial management practices. 

We recommend AmeriCorps: 

1. Complete a detailed performance diagnostic and gap analysis on AmeriCorps’ financial 

management personnel, processes, and systems, including a root cause analysis, and then 

develop, design, and implement a plan toward short- and long-term executable goals. (New) 

2. Perform intermediate assessments of the effectiveness of its executed plans and final 

evaluations of its financial management operations to ensure desired results are achieved. 

(New) 

3. Recruit financial leaders with relevant Federal financial management capabilities. (New) 

4. Implement core and specialized training to develop competencies in internal control and 

financial management, including the development of hands-on workshops to address existing 

and future standards, and financial management and reporting requirements. (New) 

II. Internal Controls Program (FMFIA) (Modified Repeat) 

An effective system of internal control is necessary to provide reasonable assurance that a 

Federal entity conducts its programmatic activities effectively and efficiently, has a reliable 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

financial reporting system, and complies with applicable laws and regulations. Without a fully 

functional internal controls program, AmeriCorps might not meet its financial, programmatic, 

and compliance objectives. Establishing internal controls that meet Federal standards is a core 

responsibility of the management of a Federal agency, as required by the Federal Managers 

Financial Integrity Act of 1982 (FMFIA), OMB Circular No. A-123, Management’s 

Responsibility for Enterprise Risk Management and Internal Control, (OMB A-123), and GAO's 

Standards for Internal Control in the Federal Government (GAO Green Book). In management’s 

statement of no assurance dated October 28, 2022, AmeriCorps acknowledged that its system of 

internal controls does not currently provide the necessary level of assurance in any of the three 

required areas. 

Although AmeriCorps made some improvements in developing and monitoring Corrective 

Action Plans (CAPs) and hired additional resources to help support financial operations, 

AmeriCorps continues to have internal control deficiencies. More specifically: 

• As management recognized, AmeriCorps lacked the capacity to effectively implement all its 

CAPs during FY 2022 sufficiently to resolve the nine material weaknesses and one 

significant deficiency reported in the prior year’s audit report. 

• AmeriCorps did not conduct tests of design and effectiveness to ensure its CAPs resolved 

the prior year’s findings. 

• AmeriCorps advised that it had completed CAPs for material weaknesses, but the new 

controls and revised procedures intended to address the prior year’s identified issues did not 

remedy them. 

• AmeriCorps’ entity-level control risk assessment is not consistent with the prior years’ audit 

results nor with observations of the current year’s results. AmeriCorps rated 15 of the 17 

entity-level control principles as medium risk and two as high risk. We disagree with some 

of these ratings: 

o Medium Risk - Principle 9 – Identify, Analyze, and Respond to Changes that could 

impact the internal control system.

1 AmeriCorps did not originally appreciate the 

magnitude of the risks associated with the data migration to the Administrative Resource 

Center (ARC) within the U.S. Treasury Department’s Bureau of Fiscal Services, such as 

interface issues between Momentum and Oracle, and did not devote the necessary level 

of effort and resources to clean-up and support financial information prior to the 

migration. These difficulties, which AmeriCorps knew of by FY 2022, plus the delays 

in implementing changes to the Trust Model, Grant Accrual, and Accounts Payable 

methodologies, together contributed substantially to this year’s disclaimer. Accordingly, 

we do not see how this principle could reasonably be regarded as medium risk. 

o Medium Risk - Principle 17 – Management remediates identified internal control 

deficiencies on a timely basis.

2 The repeated material weaknesses and disclaimer status 

since FY 2017 demonstrate that internal control deficiencies are not being remediated in 

a timely manner. The likelihood and impact of this risk are both extremely high. 

1 GAO’s Standards for Internal Control in the Federal Government (GAO Green Book), Section 9.01 2 GAO’s Standards for Internal Control in the Federal Government (GAO Green Book), Section 17.01 

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• AmeriCorps’ Grants Financial Management Process Narrative updated as of March 2022 did 

not identify a control gap to verify the accuracy of AmeriCorps’ reporting of Advances and 

Prepayments, which is adjusted based on the grant accrual estimate. Grants Payable and 

Advances has been reported as a material weakness for the previous three audit cycles and 

is again reported as a material weakness in FY 2022. 

We recommend AmeriCorps: 

5. Develop a process to understand the root causes and conditions behind each control 

deficiency and the discrepancies between the control deficiencies identified by AmeriCorps’ 

internal control testing and those reported by the external auditors. The document should 

consider the information presented to the Risk Management Council and their decisions, as 

well as any other considerations used in determining the classification of the control 

deficiency. Furthermore, this understanding should be used to develop and implement CAPs 

to address the deficiencies. (Modified Repeat) 

6. Require each department head to be responsible and accountable for timely developing and 

implementing CAPs and require each department’s staff to test the design and effectiveness 

of each CAP as implemented to ensure that it achieves the desired results. (New) 

7. Revise the Business Process Narratives to incorporate significant changes in the current 

financial and control environment. (New) 

III. Financial Reporting (Modified Repeat) 

OMB A-123 requires agency management to establish and maintain internal controls to achieve, 

among other objectives, reliable financial reporting. All aspects of AmeriCorps’ operations roll 

into its financial reporting and affect AmeriCorps’ ability to produce reliable financial statements 

and disclosures. AmeriCorps’ process for preparing and reviewing its financial statements 

continues to lack sufficient controls, and AmeriCorps did not produce financial information in a 

timely manner. When combined, the following deficiencies give rise to a material weakness in 

financial reporting: 

(1) Financial statements and accompanying notes were not prepared in accordance with U.S. 

GAAP, 

(2) Financial statements and accompanying notes were not prepared in compliance with the 

OMB A-136, 

(3) AmeriCorps did not provide sufficient quality control review and validation processes to 

identify inaccurate and abnormal balances in the financial statements, 

(4) The final draft of the Annual Management Report (AMR) was provided the late afternoon, 

November 14, 2022, which is the day before it was due with continued mathematical errors, 

inaccuracies, and prior year amounts that did not agree, and 

(5) AmeriCorps did not verify that its note disclosures were complete and accurate. 

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A. Preparing and Reviewing Financial Reports (Modified Repeat) 

AmeriCorps failed to correct errors identified and communicated by the auditors relating 

to its June 30, 2022, consolidated financial statements, and the same errors continued to 

exist in the Draft September 30, 2022, consolidated financial statements provided for audit. 

Therefore, AmeriCorps’ draft consolidated financial statements and accompanying notes 

as of and for the year ended September 30, 2022 were not in accordance with U.S. GAAP 

nor in compliance with OMB A-136. More specifically, AmeriCorps’ financial statements 

and accompanying notes had prior year balances that did not agree with the reported prior 

year financial statements, balances that did not agree with provided evidential matter, note 

disclosures that were missing, incomplete, inaccurate, or incorrect and misleading, 

mathematical errors, and formatting errors. 

For example, the following required note disclosures were missing on the Draft financial 

statements: 

• Liabilities Not Covered by Budgetary Resources 

• Commitments and Contingencies 

• Unobligated Balances Brought Forward 

• Restatement Disclosures 

• Statement of Budgetary Resources disclosure related to information about legal 

arrangements affecting the use of unobligated balances of budget authority such as time 

limits, purpose, and obligation limitations 

• Note 5, General Property, Plant, and Equipment, Net. did not disclose the roll forward 

of property, plant, and equipment. 

The following required note disclosures were not provided timely or at all: 

• Note 6, Advances and Prepayments 

• Note 12, Reconciliation of Net Cost to Net Outlays 

• Combining Statement of Budgetary Resources (if applicable to AmeriCorps) 

Additionally, AmeriCorps did not properly present financial information and identify other 

errors in its consolidated financial statements and accompanying notes. For instance: 

• ‘Benefit Program Contribution Payable’ and ‘Federal Employee [and Veteran] Benefits 

Payable’ has note references to Note 7, Liabilities not Covered by Budgetary 

Resources, but the amounts reported in the Balance Sheet do not agree to Note 7. 

• Certain balances and line items in the financial statement did not agree with the trial 

balance provided as of and for the year ended September 30, 2022. 

• AmeriCorps states that the financial statements were reclassified but did not annotate 

which financial statements and notes were reclassified. Additionally, the narrative in 

the note explained was unrelated to activities applicable to AmeriCorps. 

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B. Adequate Support for Financial Information in a Timely Manner (Modified Repeat) 

Similar to prior years, AmeriCorps continued to struggle throughout FY 2022 in preparing, 

reviewing, and providing documentation to support its reported financial activity. In some 

cases, the information was not provided timely or completely, and in others, it was not 

provided at all. For example: 

• AmeriCorps did not document financial account balance fluctuation expectations based on 

its operating environment and compare those expectations to the identified significant 

balance fluctuations for reasonableness. Additionally, the explanations provided for 

significant fluctuations were generic and did not specify the transactions, changes in 

operations, and trends that would provide insight into the root cause of the balance 

fluctuations. 

• The ‘Appropriations Received’ line item on the Statement of Changes in Net Position 

(SCNP) for the period ended March 31, 2022 reflected the sum of the prior year and current 

year annual appropriations in the total amount of $3.2 billion. The reported amount is 

overstated by $2.1 billion since appropriations received in FY 2022 totaled $1.1 billion. 

AmeriCorps’ internal controls did not identify this error in its review of the financial 

statements. 

• AmeriCorps reported ‘Unapportioned, Unexpired Accounts’ of approximately $200 

million for the year ended September 30, 2022. AmeriCorps was unable to provide 

evidential matter to substantiate the reported balance. 

• AmeriCorps did not reconcile its abnormal balances reported in the Government-wide 

Account (GWA) Statements. Specifically, the GWA Statement reported the following 

abnormal balances: 

o Gross Disbursements as of June 30, 2022 and September 30, 2022 reported 

abnormal balances of ($132.1) million and ($89.1) million, respectively. 

o Offsetting Collections as of September 30, 2022 reported an abnormal balance of 

($205.9) million. 

• A significant number of reclassification issues were identified between the Central 

Accounting Reporting System (CARS) and the Oracle system relating to the use of 

incorrect Business Event Transaction Codes (BETC)3

. Specifically, we noted material 

differences between the amounts recorded in CARS and Oracle related to the authority for 

$340.0 million, transfers for $1.4 million, gross disbursements for $128.7 million, and 

offsetting collections for $210.0 million. 

• AmeriCorps’ current process over the SF 132, Apportionment and Reapportionment 

Schedule, to SF 133, Report on Budget Execution and Budgetary Resources, reconciliation, 

is not adequately documented to ensure amounts are consistent and accurate. 

3 Business Event Type Code (BETC) indicates the type of activity being reported for a specific transaction (e.g., 

disbursements, payments, collections, borrowing, refund, etc.). 

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We recommend AmeriCorps: 

8. Develop and implement effective controls, including a quality assurance process, 

necessary to ensure that: (New) 

a. accounting and reporting are in accordance with U.S. GAAP and financial 

information is presented in compliance with OMB Circular A-136. 

b. account balances are accurate as of and through the reporting period. 

c. the proper validation, review, and approval over financial reporting and the AMR 

compilation. 

9. Develop, identify and make available the training necessary to ensure that staff obtain 

and update the skills necessary to ensure compliance with: (New) 

a. FASAB concept and accounting standards. 

b. OMB A-123. 

c. OMB A-136. 

d. GAO Disclosure checklist. 

e. Treasury’s U.S. Standard General Ledger annual update. 

f. the correct use of the Business Event Transaction Codes (BETC) when submitting 

transactions to Treasury. 

IV. General Ledger Adjustments (Modified Repeat) 

AmeriCorps did not properly design and implement internal controls over manual journal entries 

and other adjustments to the General Ledger (GL). Management continues to rely heavily on 

journal entries (JEs) to correct financial reporting issues instead of addressing the root causes 

driving the need for many JEs. For the nine months ended June 30, 2022, AmeriCorps used JEs 

to record approximately $19.3 billion in transactions (absolute value). 

(Reported in millions) June 30, 2020 June 30, 2021 June 30, 2022 

Count of JEs 120 395 337 

Total $ Value of JEs $22,539.1 $13,275.8 $19,348.6 

While the large dollar transactions in FY 2020 may have been attributable to clean-up efforts 

preceding the conversion to shared services, the use of manual journal entries continues to be 

substantial following the migration. 

Additionally, in our sample testing of JEs, AmeriCorps did not complete all the description fields 

for 5 of 45 and JEs were improperly posted to incorrect accounts in 3 of 45 journal entries tested. 

Therefore, the prior audit recommendations in Exhibit III remain open and unimplemented. 

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We recommend AmeriCorps: 

10. Develop and implement financial reporting internal controls to analyze and address the root 

causes of the need for journal entries and the corrective actions in financial management 

systems to reduce the necessity of future journal entries. (New) 

V. Undelivered Orders – Grants and Grant Activity (Modified Repeat) 

Undelivered orders (UDOs) reflect legally binding agreements for which AmeriCorps has not 

yet received the contracted good or service. AmeriCorps’ legally binding agreement for a grant 

is a Notice of Grant Award (NGA). Delivered orders and the related expenses are incurred and 

recognized when grantees incur allowable grant expenses. AmeriCorps was unable to support 

the initial UDO amounts, along with related grant expenditure activity. The combination of these 

deficiencies in aggregate results in a material weakness in internal control related to UDO’s grant 

activity. 

Therefore, AmeriCorps is unable to report accurately the amount of its UDOs, as required by 

GAO’s Green Book, which states, “Accurate and timely recording of transaction: Transactions 

are promptly recorded to maintain their relevance and value to management in controlling 

operations and making decisions. This applies to the entire process or life cycle of a transaction 

or event from its initiation and authorization through its final classification in summary records. 

In addition, management designs control activities so that all transactions are completely and 

accurately recorded.”. 

The difference between the NGA award amount and the Payment Management System (PMS) 

grant expenditures did not agree with the UDO amount recorded in the GL for 72 of the 108 

grant UDO samples selected. AmeriCorps was unable to reconcile the total differences of 

approximately $57.6 million. There should be no differences in the UDO balance between 

Momentum, where the Grants UDO is recorded, and the UDO balance derived from the net grant 

awards from NGA and the grant expenditure from PMS. 

In addition, expenditures for 15 grants reported in the PMS did not reconcile to the grant 

expenditures recorded in Momentum. 

Therefore, the prior audit recommendations in Exhibit III remain open and unimplemented. 

VI. Undelivered Orders - Procurement and Accounts Payable (Modified Repeat) 

UDOs reflect legally binding agreements for which AmeriCorps has not yet received the 

contracted good or service. Delivered orders and the related expenses are incurred and 

recognized when AmeriCorps obtains goods and services from the public or other Federal 

entities. AmeriCorps was unable to support the initial UDO amounts, along with related 

contracted activities and accounts payables. The combination of these deficiencies in aggregate 

results in a material weakness in internal control related to UDO activity and accounts payable. 

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Therefore, AmeriCorps is unable to report accurately the amount of its UDOs, as required by 

GAO’s Green Book, which states, “Accurate and timely recording of transaction: Transactions 

are promptly recorded to maintain their relevance and value to management in controlling 

operations and making decisions. This applies to the entire process or life cycle of a transaction 

or event from its initiation and authorization through its final classification in summary records. 

In addition, management designs control activities so that all transactions are completely and 

accurately recorded.”. 

AmeriCorps was unable to support the activity in its UDOs for 31 of 45 non-grant UDO samples. 

The original procurement documents plus or minus any modifications, and the expenditures did 

not agree with the UDO amount recorded in the GL. The total difference was $36.1 million, and 

the absolute value was $72.2 million. In addition, for six of the samples selected, the appropriate 

authorization for the current or amended contract was missing. 

Finally, AmeriCorps has not implemented prior audit recommendations to document key 

controls in its accounts payable accrual methodology. Therefore, the prior audit 

recommendations remain open and unimplemented. 

We recommend AmeriCorps: 

11. Determine the root cause behind the differences noted in the UDO balance derived from the 

procurement documents and the expenditures and the recorded GL amount and take the 

appropriate steps in resolving the reason behind the variances that are occurring. (New) 

12. Strengthen controls to ensure proper authorization signatures on all contracts and 

amendments that require bi-lateral signatures for the proper execution of the award. (New) 

13. Develop and implement its Accounts Payable (AP) accrual methodology and perform tests 

of design and effectiveness over its UDO and AP accrual process. (Modified Repeat) 

Additional open repeat recommendations from the FY 2019 and 2021 audit report can be found 

in Exhibit III, Status of Prior Year Recommendations. 

VII. Trust Obligations and Liability Model (Modified Repeat) 

The National Service Trust holds the funds set aside to pay the education awards of national 

service members who successfully complete their service terms. Responsibility for the education 

awards that have been earned or will be earned in the near future is the largest liability on 

AmeriCorps’ financial statements at $340 million. The liability is estimated based on historical 

data, including the number of filled member slots, the percentage of members who earn an 

education award by successfully completing their service terms, the rate and time at which 

members use the education awards that they have earned, and similar factors. In first quarter of 

FY 2019, AmeriCorps began to apply a new actuarial model (the Trust Obligation Liability 

Model or TOLM) to the member data. Although AmeriCorps originally committed to perform 

data validation in the third quarter of 2023, the validation is not scheduled to be completed until 

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FY 2024. Further, management advised that the methodology is subject to change after the 

agency conducts its data validation, depending on the results. 

We recommend AmeriCorps: 

14. Verify and validate the underlying input data to the TOLM. (New) 

15. After the verification and validation, reassess its assumptions and consider expanding the 

subjective elements of the calculation (i.e., those based on changes to the economy and the 

job market) to include changes in the way awards are utilized. (New) 

VIII. Recoveries of Prior Year Obligations (Modified Repeat) 

Although AmeriCorps represented that its CAPs in this area were fully implemented, the changes 

have not resolved the substantial issues in the agency’s reporting of its Recoveries of Prior Year 

Obligations. We sampled 53 prior-year recovery transactions and determined that the recovery 

amount per the support for 31 of 53 samples differed significantly from the amount reported by 

AmeriCorps. As a result, AmeriCorps overstated its Prior Year Recoveries by $155.1 million 

(net) or 57 percent. The overstatement of Prior Year Recoveries arose because: 

• Grant closeout samples did not equal the difference of the total amount awarded less 

total reported expenses. 

• Prior year recoveries resulting from amendment(s) on an active grant did not agree to 

the amount de-obligated per the NGA. 

Overstatement of Prior Year Recoveries may lead to a potential violation of Antideficiency Act, 

misunderstanding of future budgetary needs, and agency may overstate its needs for 

Congressional Appropriations. 

We recommend AmeriCorps: 

16. Establish a requirement for the Office of Grant Administration (OGA) or an appropriate 

AmeriCorps official to prepare a summary report, as part of the closeout process, verifying 

all required grantee information has been received and accepted, and the recovery amount 

reconciles to the underlying support (e.g., Notice of Grant Award for de-obligation, Final 

Federal Financial Report, Payment Management Services, etc.). (New) 

17. Develop and implement financial reporting internal controls to analyze and address the root 

causes of the reconciliation errors. (New) 

IX. Grant Accruals and Advances (Modified Repeat) 

AmeriCorps must record grant accrual estimates in order to recognize its grant expenses for a 

given quarter due to the timing difference between when AmeriCorps receives disbursement data 

from its grantees and the time it must report its grant disbursements. This affects the Grant 

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Expenses, Grants Payable, Grant Advances, and Undelivered Order line items. AmeriCorps has 

developed and implemented a grant accrual methodology using the data from PMS. AmeriCorps 

has not assessed the accuracy of its Compound Method used to calculate its grant accrual. 

Specifically, AmeriCorps has not: 

• Determined whether the weights used in the method needed to be adjusted based on more 

recent data available and has not documented the origin of these weights nor the basis and 

relationship between the weights and grantee expenditures. 

• Validated the accrual amount against the quarterly expenditure reported on grantees' Federal 

Financial Reports (FFRs) since June 30, 2020 to assess accuracy of its grant accrual 

calculation. 

• Established a threshold or range for assessing reasonableness with its approach including its 

calculation of its rate of error. To gauge the relationship between the grant accrual estimate 

calculated by its Compound Method and the expenditures reported by the eGrants FFRs, 

AmeriCorps looks at the maximum error which is the largest difference between the two data 

sets over the 21 quarters ending June 30, 2020, which was approximately $22 million. It is 

not clear how this amount is utilized to determine reasonableness in AmeriCorps’ overall 

process. 

• Completed its research related to discrepancies in the grants payable and advance balances 

reported in the Momentum, Oracle, and PMS systems. 

• Assessed a reasonable materiality threshold for its grant advance validation. Currently, the 

materiality threshold is $11.0 million, which is not reasonable because errors may go 

undetected due to their high materiality threshold, considering financial statement line item 

for Advances and Prepayments is approximately $38 million. 

• Provided evidence of how fixed-priced grants are included in the grant accrual calculation or 

considered within the expenditures used to validate the accrual. 

There are flaws with AmeriCorps’ rate of error calculation. AmeriCorps calculates its rate of 

error by taking the average net difference between the Compound method calculation and the 

expenditures reported from the eGrants FFRs. The use of the net difference may be misleading 

as it understates the actual rate of error that exist the absolute difference was used for each 

quarter. The errors in each quarter are independent of each other and using absolute difference 

provides a clear picture of the true valuation of the error for each quarter. 

Further, our testing found that of a sample of 46 grants with advances totaling $9.8 million, 42 

items (91 percent) were overstated by $9.5 million, or 97 percent. Extrapolating our test results, 

AmeriCorps has likely overstated the Advances and Prepayments line by $31.7 million or 85 

percent. Overstatement of the grant advance could lead readers to assume that grantees are 

drawing down federal funds well in advance of incurring expenses or drawing down funds 

without corresponding expenses which can be misinterpreted as mishandling or waste of Federal 

funds. 

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Finally, AmeriCorps has not fully implemented its current accounts payable accrual 

methodology and thus, the amount reported in the financial statements may be materially 

misstated. 

We recommend AmeriCorps: 

18. Revamp the grant accrual processes to include internal controls such as reconciliations, 

calculation documentation, quality control reviews, and basis for the accrual methodologies 

to mitigate the risk of error. (Modified Repeat) 

19. Provide training to all personnel involved in the grant processing to ensure proper 

classification of funds in the Oracle system and ensure timely resolution of the variances 

between identified between the Momentum, Oracle, and PMS systems. (New) 

X. Advances from Others (New) 

AmeriCorps receives payments from other Federal agencies for the provisions of goods or 

services, which are typically documented in an Interagency Agreement (IAA). Payments 

received in advance of AmeriCorps providing the related goods or services are recorded as 

Advances from Others. AmeriCorps was unable to provide adequate supporting documentation 

to substantiate the balance for Advances from Others. The only support provided for the 

liquidations of advances was the Reimbursable Analysis performed by Treasury’s 

Administrative Resources Center (ARC). The analysis includes a reconciliation of the 

reimbursable expenses to the revenue balance and provides the proposed revenue recognition 

(collection/liquidation) and the expenditures details to support the revenue. However, 

management did not provide the underlying support for the expenditure amounts (e.g., invoices) 

used in the analysis. Without the invoices and a quality control review of them against the 

information provided to ARC, errors may go undetected. 

Therefore, the same prior audit recommendations remain open and unimplemented. See Exhibit 

III, Status of Prior Year Recommendations. 

We recommend AmeriCorps: 

20. Develop standard operating procedures to ensure all balances recorded in the Reimbursable 

Analysis are supported by underlying source documentation (e.g., invoices). (New) 

21. Assess the training necessary to ensure advance liquidations are properly maintained, 

documented, and are readily available for examination. (New) 

XI. Migration to Shared Service (Modified Repeat) 

Changes in conditions affecting the entity and its environment often require changes to the 

entity’s internal control system, as existing controls may not be effective for meeting objectives 

or addressing risks under changed conditions. Management analyzes the effect of identified 

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changes on the internal control system and responds by revising the internal control system on a 

timely basis, when necessary, to maintain its effectiveness. Further, changing conditions often 

prompt new risks or changes to existing risks that need to be assessed. As part of analyzing and 

responding to change, management performs a risk assessment to identify, analyze, and respond 

to any new risks prompted by the changes. As part of the FY 2022 risk assessment, OCRO 

determined risks associated with the changes going to a shared service provider platform. 

However, management did not take action in response to the identified risks. AmeriCorps did 

not devote sufficient resources to complete general ledger account configuration and 

compatibility issues. Existing risks may require further assessment to determine whether the 

defined risk tolerances and risk responses need to be revised. 

Therefore, the prior audit recommendations remain open and unimplemented. 

XII. Other Liabilities 

Two FY 2019 recommendations for this material weakness are in progress, with a scheduled 

completion date of September 30, 2022. As a result, CAP completion and implementation 

documentation were not available for review and assessment and RMA did not perform audit 

procedures over this area in FY 2022. 

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Exhibit II – Significant Deficiencies 

I. Information Technology Security Controls (Modified Repeat) 

AmeriCorps relies extensively on information technology (IT) systems to initiate, authorize, 

record, process, summarize and report financial transactions in the preparation of its financial 

statements. Internal controls over these financial and supporting operations are essential to 

ensure the integrity, confidentiality, and reliability of critical data while reducing the risk of 

errors, fraud, and other illegal acts. 

To balance high levels of service and reduce costs, AmeriCorps’ Office of Information 

Technology has outsourced the operation, maintenance, and support of most of its IT systems. 

This was also the second year that AmeriCorps outsourced its financial operations to a shared 

service provider. Shared service provider systems interface with Momentum for the purpose of 

retrieving grants management data from eSPAN. Outsourcing introduces special considerations 

and risks regarding the protection of information and information systems. Despite the 

outsourcing of IT systems, AmeriCorps, by law, retains responsibility for complying with the 

requirements of the security control implementation. 

With respect to AmeriCorps’ internal IT systems, we noted that certain new control activities 

have been introduced to address prior weaknesses. Examples include conducting background 

investigations and reinvestigations of current IT employees and enhancing physical access 

controls to safeguard personally identifiable information. 

Nevertheless, AmeriCorps continues to face challenges in the consistent implementation of its 

information security program and monitoring of security controls. We identified new and 

continued control weaknesses in the information security program that need to be addressed, 

most importantly pertaining to configuration management controls, including vulnerability 

management, access controls, and organization-wide risk management. 

Configuration Management 

• AmeriCorps did not resolve critical and high-risk vulnerabilities within the timeframes 

specified by its internal operating policies. As a result, vulnerabilities related to patch 

management, configuration management, and unsupported software continue to expose 

AmeriCorps’ network to critical and high-severity vulnerabilities. An independent 

penetration test performed by the OIG noted exploitable vulnerabilities that could 

compromise a complete system. The vulnerability could allow unauthorized access to the 

target's system, and there were no effective controls to identify malicious activities on the 

system. If an exploitable system were compromised, the malicious attacker could operate 

for an extended time without detection. In addition, testing showed an unacceptable number 

of users who succumbed to a phishing attempt by interacting with the content of a spam 

email. (Modified Repeat) 

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• AmeriCorps did not consistently maintain an up-to-date inventory of hardware assets 

connected to the network. Specifically, the required fields used to track the assets were not 

completed. (New) 

Mobile Device Management System did not manage all mobile devices. The Mobile Device 

Management (MDM) software did not protect all its mobile devices. Also, of those mobile 

devices covered by the MDM, the security features to prevent the execution of unauthorized 

software were not implemented. Security and operating system updates were not updated 

within a prescribed period, and users were not prevented from installing/downloading 

unauthorized software on their official mobile devices. (Modified Repeat) 

Access Control 

• AmeriCorps did not consistently implement mandatory enforcement of Personal Identity 

Verification (PIV) multifactor4 for all privileged and non-privileged users. (Modified 

Repeat) 

Security Management 

• AmeriCorps did not develop, document, and communicate an overall Supply Chain Risk 

Management strategy, implementation plan, and related policies and procedures to guide and 

govern supply chain risk management activities. (Repeat) 

• AmeriCorps did not ensure individuals with access to personal identifiable information (PII) 

completed annual privacy-role-based training. (Repeat) 

• AmeriCorps did not consistently implement its policies, procedures, and processes to manage 

the cybersecurity risks associated with operating and maintaining its information systems. 

Specifically, AmeriCorps did not perform an annual assessment, including security and 

privacy controls and risk assessment for one of the four systems selected for testing in 

accordance with its policies. The most recent security control assessment and risk assessment 

for Momentum was conducted in January 2021. (New) 

Contingency Planning 

• AmeriCorps did not update the Continuity of Operations Plan (COOP) within its annual 

review process. The last version of COOP was in 2020. (New) 

Many of these weaknesses can be attributed to inconsistent enforcement of the agency-wide 

information security program across the enterprise partly caused by the turnover in personnel 

and leadership changes. These deficiencies can increase the risk of unauthorized access to 

AmeriCorps’ systems used to capture, process, and report financial transactions and balances. 

Effective system security begins with strong governance, including agency-level oversight and 

controls monitoring of AmeriCorps’ field offices. This includes ensuring accountability within 

4 Multifactor authentication requires two or more credentials when logging on to information systems. Credentials include something an individual 

knows, such as a password, and something an individual possess, such as a PIV card or fingerprint. 

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the Office of Information Technology leadership for accomplishing milestones and achieving 

measurable results in support of a strategy to achieve an effective level of information security 

at AmeriCorps. 

By not effectively implementing and enforcing IT policies and procedures and working towards 

automation, continuous monitoring, and consistent application of controls, there is an increased 

risk that financial information and PII may be inadvertently or deliberately misused and may 

result in improper disclosure or theft without detection. Without remediating all significant 

security vulnerabilities, systems could be compromised resulting in potential harm to the 

confidentiality, integrity, and availability of AmeriCorps’ financial and sensitive data. 

Therefore, the prior audit recommendations in Exhibit III remain open and unimplemented. 

Prior Year Significant Deficiency 

In addition, the following significant deficiency has been carried forward: 

• Accounts Receivable and Allowance for Doubtful Accounts – six FY 2019 recommendations 

for this significant deficiency are in progress, with scheduled completion dates that range 

from March 31, 2023 to September 30, 2023. As a result, CAP completion and 

implementation documentation was not available for review and assessment and RMA did 

not perform audit procedures over this area in FY 2022. 

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Exhibit III – Status of Prior Year Recommendations 

AmeriCorps’ latest full scope financial statement audit was in fiscal year 2019. As there was no financial statement audit conducted in 

FY 2020, we are presenting the status of FY 2019 recommendations in FY 2022. The scope of audit in FY 2021 was limited, and we 

are also presenting the status of FY 2021 recommendations in FY 2022. These open recommendations were not duplicated as 

recommendations in the report on internal control and report on compliance (reports). The modified repeat recommendations in FY 

2022 were recommendations from FY 2019 and FY 2021 but were adapted to the FY 2022 results. The summary of the status of the FY 

2019 and FY 2021 financial statement audit recommendations in FY 2022 is in Table 1. The detail of each FY 2019 recommendation is 

presented in Table 2 and the detail of each FY 2021 recommendation is presented in Table 3. 

Table 1: Summary of the Status of FY 2019 and FY 2021 Financial Statement Audit Recommendations in FY 2022 

Status in FY22 

Count of 

Recommendations 

in FY19 

FY19 Audit Report 

Recommendation Number 

Count of 

Recommendations 

in FY21 

FY21 Audit Report 

Recommendation Number 

Recommendation Closed 10 2, 8, 9, 14, 15, 29, 30, 34, 42, 54 2 5, 9 

Open and Modified Repeat 

Recommendations 

55 14 

Total: 65 16 

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Table 2: Status in FY 2022 and Detail Description of Each Recommendation from FY 2019 Financial Statement Audit 

FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

Material 

Weakness 

(MW) 

Internal 

Control 

Program 

(FMFIA) 

2 

Provide training to AmeriCorps officials participating in the entity-level control 

assessment to ensure that they have a full understanding of the internal control 

principles and how these principles relate to their operations. The training shall 

also address how the outstanding audit recommendations concerning their 

operations should be considered when assessing the entity-level controls. 

Closed 

5 

Revise the FY 2019 AmeriCorps Grants Financial Management Business Process 

Narrative to address the control gap concerning the verification of the Advances to 

Others balance accuracy. 

Repeat – MW 

Open Recommendation 

8 

Update AmeriCorps’ Standard Operating Procedure: Statement on Standards for 

Attestation Engagements (SSAE) 18 Report Review to explain how AmeriCorps 

will address the SSAE 18 audit reporting gaps for its external systems’ service 

providers and establish time requirement for conducting the SSAE 18 report 

reviews. 

Closed 

Material 

Weakness 

Financial 

System and 

Reporting 

9 

Establish a process to maintain executed agreements with Federal trading partners 

and track all associated costs against the inter-agency agreements from inception 

until the agreement close-out. 

Closed 

10 

Develop comprehensive policies and procedures for the financial statements 

preparation process and related internal controls. The policies and procedures 

should address, among other subjects: 

a. The process to determine and document AmeriCorps balance fluctuation 

expectations. Expectations should be documented based on a combination of 

internal and external operating factors, and program and financial relevant 

information available. 

b. The materiality threshold used to determine significant balance fluctuations that 

require further research should be more conservative than that used by external 

auditors. 

Repeat – MW 

Open Recommendation 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

c. Detailed process to research significant balance fluctuations. AmeriCorps 

should research and explain all significant balance fluctuations at the account 

and transaction level. Maintain and have the supporting documentation readily 

available. 

d. Research and retain supporting documents required for any identified account 

balance differences derived from its abnormal balance review or the tie point 

analysis. 

e. Address fatal and non-fatal Government-wide Treasury Account Symbol Trial 

Balance edit failures. 

f. Address all balance differences and retain supporting documentation of related 

research. 

g. Document and maintain support for all prior period adjustments and changes to 

Net Position accounts, Cumulative Result of Operations, and Unexpended 

Appropriations. 

11 

Monitor outstanding balances resulting from financial system configuration issues 

and fix these issues prior to data migration to the future shared service provider 

(Department of Treasury’s Administrative Resource Center) in FY 2021. While 

waiting to transition, AmeriCorps should strengthen its current trial balance review 

including tie-point analysis and review of abnormal balances. 

Repeat – MW 

Open Recommendation 

12 

Coordinate with the future shared service provider to ensure that its accounting 

platform is compatible with AmeriCorps operations and the type of accounting 

transactions that the AmeriCorps process. 

Repeat – MW 

Open Recommendation 

13 

Develop a plan to clean up AmeriCorps balances prior to migration to the shared 

service provider’s system (Department of Treasury’s Administrative Resource 

Center). The plan should include coordination with the future service provider to 

review AmeriCorps’ balances in detail to ensure they are properly supported and 

can be mapped into the Administrative Resource Center’s platform. Maintain all 

documentation regarding meeting minutes and any mapping of account balances 

developed as part of the migration effort. 

Repeat – MW 

Open Recommendation 

14 Complete its efforts to be fully compliant with the Office of Management and 

Budget Circular No. A-11, Preparing, Submitting, and Executing the Budget. Closed 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

15 

Provide mandatory training to AmeriCorps accounting staff on the proper use of 

object class, sub general ledger accounts, and document/transaction types on all 

obligation and expense transactions. 

Closed 

16 Validate and ensure Journal entries are properly supported, documented, and are 

readily available for examination. 

Repeat – MW 

Open Recommendation 

17 

Strengthen coordination between Accounting and Financial Management Services 

and the Office of Budget to ensure that transactions are recorded accurately and 

timely. 

Repeat – MW 

Open Recommendation 

18 

Develop and implement policies and procedures for the Journal entries (JE) process 

that include: 

a. tracking the sequence of JEs for completeness; 

b. appropriate use of JEs; 

c. determining and maintaining relevant documentation to support each JEs; 

d. use of specific and accurate JE descriptions; and 

e. timely review and approval of JEs for accuracy and propriety. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Trust 

Obligations 

and Liability 

Model 

21 

Complete the Trust Accounting Handbook to clearly reflect the assumptions used 

in the Trust Obligation and Liability Model and the Monthly Obligation and 

Liability Calculator, including establishing control activities; finalize materiality 

thresholds applied; update accounting transactions, and clearly identify periods 

when adjustments will be made regardless of materiality. 

Repeat – MW 

Open Recommendation 

22 

Develop for a more standardized, secure, and automated method to estimate the 

Trust obligations and Trust Service Award Liability that ensures minimal human 

errors. As part of the ongoing AmeriCorps transition to shared service, coordinate 

with the service provider to determine methods that would enhance the security and 

quality of the existing estimation models. 

Repeat – MW 

Open Recommendation 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

23 

Strengthen controls to ensure the Trust modeling is performed by trained personnel 

to: 

a. Conduct detailed analysis and validation of data sources. 

b. Review and ensure the reasonableness of assumptions used and document the 

rationale behind estimation assumptions. 

c. Consider changes in conditions or programs that require further research and 

analysis. Update the assumptions when necessary. 

d. Compare estimates with subsequent results to assess the reliability of the 

assumptions and data used to develop estimates. 

Repeat – MW 

Open Recommendation 

24 

Document and implement policies and procedures to include the following: 

a. establish a thorough and robust quality control process to ensure that the Trust 

Obligation and Liability Model (TOLM) and Monthly Obligation and Liability 

Calculator (Calculator) are reviewed by qualified AmeriCorps personnel prior 

to relying on its outputs to record transactions. All errors identified for which 

management ultimately decided against making updates to the TOLM or 

Calculator should be documented along with an explanation as to how 

management arrived at the final decision; 

b. perform monthly reviews and reconciliations of the recorded new and 

outstanding obligations to ensure the accounting information is valid and proper; 

review obligation amounts to ensure amounts accurately reflect the status of the 

obligation; 

c. review obligations to verify that amounts, timeframe (i.e., grant dates are 

correctly reflected in the obligation); 

d. ensure obligations are sufficiently supported (i.e., by documentary evidence); 

and 

e. perform complete reconciliations of all outstanding obligations monthly, and 

ensure any discrepancies identified are promptly researched and resolved. 

Repeat – MW 

Open Recommendation 

25 

Coordinate with the Office of the Chief Risk Officer (OCRO) to properly identify 

the National Service Trust Fund’s financial reporting risks and incorporate those 

risks into the OCRO’s annual testing of key controls. 

Repeat – MW 

Open Recommendation 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

26 

Develop a succession plan to ensure the required expertise is available in 

anticipation of planned employee turnover, particularly with respect to the complex 

trust calculations. AmeriCorps needs to: 

a. Train, mentor, and work to retain qualified employees; 

b. Cross-train employees so that knowledge of the model will reside with multiple 

staff rather than with one person; and 

c. Implement a peer review process to carry out the necessary quality control 

reviews of the Trust Obligation and Liability Model and the Monthly Obligation 

and Liability Calculator. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Coordinate with the program and grant officers to gather and analyze key grant 

programs’ (AmeriCorps State and National and Senior Corps) historical data and 

the grantees’ spending pattern to develop the following key factors for grant accrual 

estimation: 

• Percentage of AmeriCorps grantees who drawdown funds in advance versus 

those on a reimbursable basis and their related grant amounts to its grant 

spending as a whole. If different key programs have different spending patterns, 

perform this analysis at the program level; 

• An inventory of relevant and reliable grant data to be used for the grant accrual 

assumptions and documentation to support what data is considered relevant and 

Grants 

Accrual 

Payable and 

Advances 

27 reliable; 

• Grantees' incurred but not reported (IBNR) reporting pattern from when the 

expenses have been incurred to the time those expenses are included the 

grantees' Federal Financial Reports (FFR). Grantee surveys may be conducted 

to confirm the reasonableness of an IBNR estimate methodology. When 

Repeat – MW 

Open Recommendation 

alternative procedures are used, management should provide its data-based 

analysis to validate its assertion; and 

• Post-accrual analysis to compare the accrual (without the IBNR) and the 

expenditures reported in the FFRs for the same quarter. Thresholds should be 

established and documented based on materiality and the degree of risk that 

management is willing to accept. When grantees' reported spending pattern 

deviates from its methodology, an analysis should be performed to determine 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

whether any deviation is acceptable, or the methodology should be further 

refined to reflect the actual grantees' reported expenditure pattern. 

28 

Revise and implement policies and procedures for the grant accrual methodology 

so that: 

• A validation process is established for management to verify the accuracy of the 

grant accrual, so that management can make any necessary adjustments to 

improve the precision of the grant accrual and to account for grant advances and 

payables to ensure the resulting amounts are materially consistent with grantees’ 

drawdown and spending patterns; and 

• It addresses how the calculations are used to arrive at the Grants Payable and 

Advances to Other line items in the financial statements. 

Repeat – MW 

Open Recommendation 

29 

Develop a process to validate grant advances, incurred but not reported and payable 

estimates. Such validation should be performed for all program elements included 

in the estimation process and over a few years to show a trend of the estimates. 

Unusual fluctuations, if any, should be investigated and the research conclusions 

documented. 

Closed 

30 Centralize the storage of all procurement documents in contract files and maintain 

them electronically. Closed 

Material 

Weakness 

31 Strengthen internal control to ensure procurement documents are properly 

approved and retained. 

Repeat – MW 

Open Recommendation 

32 Analyze procurement undelivered orders balances quarterly to verify that balances 

are still valid for those without financial activities for an extended period. 

Repeat – MW 

Open Recommendation 

Undelivered 

Orders and 

Accounts 

Payable -

Procurement 

33 Research, resolve and document the disposition of any abnormal undelivered 

orders transactions/balances. 

Repeat – MW 

Open Recommendation 

34 Correct the financial system’s posting logic to ensure all future transactions are 

recorded properly in accordance with United States Standard General Ledger. Closed 

35 

Document the accounts payable accrual methodology to include the recognition 

and reporting of the incurred but not reported. The methodology should also 

document key controls related to review and approval process of the accrual 

estimation; materiality and how it is applied; reviewing, approving, and recording 

of invoices prior to processing payments; inputs to be used in the validation; 

Modified Repeat – MW 

FY 22 Recommendation 

#13 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

consideration of payment types; and the basis for including or excluding typical 

factors in estimating accruals, such as period of performance, type of contract, 

billing patterns, and others. 

36 

Conduct validation assessment of amounts accrued for the incurred but not reported 

on a periodic basis. As part of the validation, AmeriCorps should consider the 

following: 

a. Subsequent activities against the amount estimated to determine the level of 

precision in the estimation; 

b. Trend the validation results and adjust the incurred but not reported estimation 

process to address any recurring significant fluctuations; and 

c. Update the incurred but not reported estimation process as necessary to reflect 

changes in payment patterns. 

Repeat – MW 

Open Recommendation 

37 

Evaluate the materiality thresholds used in the accrual estimation to ensure it is 

appropriate to prevent misstatements. The materiality threshold used should be 

appropriate that, in the aggregate, identified misstatements would not rise to a level 

that will significantly impact management’s assertions on the financial statements. 

Repeat – MW 

Open Recommendation 

38 Implement controls to ensure that transactions interfaced from eGrants are reflected 

in Momentum for the correct amounts, accounts, and number of transactions. 

Repeat – MW 

Open Recommendation 

Former 

Material 

Weakness 

Property and 

Equipment5 

40 Update AmeriCorps policy to recognize and record capitalized costs in the period 

incurred. 

Repeat 

Open Recommendation 

41 

Update AmeriCorps policy to include requirements for compliance with 

accounting standards; track direct labor and other indirect costs, including hours, 

worked and payroll costs dedicated to existing and new software-in-development 

projects; track and amortize tenant improvement costs in accordance with the lease 

agreement. 

Repeat 

Open Recommendation 

42 Review the GMM contract status to ensure proper and timely deobligation of any 

remaining unliquidated obligations that are no longer needed. Closed 

5 Property and Equipment was removed from a material weakness as the conditions related to the finding were not found in the FY 2021 testing. Therefore, the 

recommendations in FY 2019 remain open. 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

43 

Consult with the future shared service provider and other stakeholders to determine 

the feasibility of procuring and using project management software to track project 

costs from the inception to completion. The results of the analysis should be 

documented and made readily available. 

Repeat 

Open Recommendation 

44 

Establish and implement periodic training on capitalization accounting standard, 

and AmeriCorps Capitalization Policy for accounting, program, Office of Facility 

Support Services, and information technology staff. 

Repeat 

Open Recommendation 

46 

Determine the root cause behind the differences noted in the Undelivered Orders 

balance between Momentum and the Undelivered Orders balance derived from the 

net of grant award amount from the Notice of Grant Award and the grant 

expenditures from the Payment Management System and take the appropriate steps 

in resolving the reason behind the variances that are occurring. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Undelivered 

Orders -

Grants 

47 

Determine the root causes and resolve discrepancies in the grant award amounts 

recorded in the NGA in eGrants and in Momentum to prevent such differences 

from occurring in the future. 

Repeat – MW 

Open Recommendation 

48 Determine the root causes and resolve expenditure differences between the 

Payment Management System and Momentum. 

Repeat – MW 

Open Recommendation 

49 

Strengthen controls around the review of expired grant obligations by ensuring that: 

a. All financial, performance and other required reports are submitted no later than 

90 calendar days after the end date of the period of performance. 

b. Document justifications for all required reports submission extensions granted 

to the grantee. 

Repeat – MW 

Open Recommendation 

50 Update the AmeriCorps transaction code posting logic for recording grant 

expenditures to comply with the United States Standard General Ledger guidance. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Recoveries of 

Prior Year 

Obligations 

51 

Establish a requirement for Grant Officer/Portfolio Managers to provided 

documented certification that all required grantee information has been received, 

accepted, and documented before the grant is closed out. 

Repeat – MW 

Open Recommendation 

53 

Establish a control requiring the Grant Officer/Portfolio Manager to provide 

documented certification, upon grant closeout, verifying the total award amount to 

total award expenses for the deobligated recovery amount. 

Repeat – MW 

Open Recommendation 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

54 Determine the cause for the travel cost recovery difference to ascertain what 

corrective action is needed and to prevent issues from recurring. Closed 

55 

Inform all Grant Officers/Portfolio Managers to ensure that a reduction in funding 

to the award of a grant should be documented in eGrants which would result in 

modified Notice of Grant Awards. (new) 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

56 

Reconcile the amounts reported in Other Liabilities to supporting documents to 

verify that Other Liabilities are supported by valid transactions and properly 

classified. 

Repeat – MW 

Open Recommendation 

Other 

Liabilities 57 

Strengthen financial reporting internal controls and ensure that financial statements 

accounting line items are reviewed and reconciled to supporting documents prior 

to recording. The internal control activities should ensure proper posting of 

Member Payroll related liabilities on the Balance Sheet. 

Repeat – MW 

Open Recommendation 

58 

Develop a multi-year strategy to better strategically prioritize and allocate 

resources to address the new and continuing weaknesses identified and work 

towards automation, continuous monitoring, and consistent application of controls. 

Repeat - SD 

Open Recommendation 

Significant 

Deficiency 

(SD) 

59 

Enforce the agency-wide information security program across the enterprise and 

improve performance monitoring to ensure controls are operating as intended at all 

facilities. 

Repeat - SD 

Open Recommendation 

60 

Strengthen and refine the process for communicating AmeriCorps facility-specific 

control deficiencies to AmeriCorps facility personnel, and coordinate remediation 

of the control deficiencies. 

Repeat - SD 

Open Recommendation 

IT Security 

Controls 61 

Strengthen and refine the process for holding system owners and information 

system security officers accountable for remediation of control deficiencies and 

ensuring that the appropriate security posture is maintained for AmeriCorps 

information systems. 

Repeat - SD 

Open Recommendation 

62 Strengthen and refine the process for holding contractors accountable for 

remediation of control deficiencies in AmeriCorps information systems. 

Repeat - SD 

Open Recommendation 

63 Implement all detailed recommendations in the FY 2019 FISMA Evaluation report. Repeat - SD 

Open Recommendation 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

64 Reconcile the Accounts Receivable subsidiary ledger to the general ledger 

monthly. 

Repeat – Control 

Deficiency (CD) 

Open Recommendation 

Significant 

Deficiency 

65 

Reevaluate the policies and procedures for calculating the allowance for doubtful 

accounts. Related policies and procedures should include: (a) CFO Office’s staff’s 

periodic review of the accounts receivable aging report, (b) assessment of the 

collectability of outstanding balances based on the age of the debt, collections 

attempted and received thus far and other information about the debtor and (c) 

determination for possible write-offs. 

Repeat – CD 

Open Recommendation 

66 Revise the Allowance for Doubtful Accounts methodology to be consistent with 

the Debt Management Policy. 

Repeat – CD 

Open Recommendation 

AR & 

Allowance for 

Doubtful 

Accounts 

67 

Develop a process and proactively monitor and follow-up on delinquent accounts 

receivables. Document any procedures performed and results reached as part of 

the follow-up process. 

Repeat – CD 

Open Recommendation 

68 

Track and revise collection efforts based on data analysis to understand vendor 

payment characteristics. A reasonable timeframe for write-offs should be 

established for accounts receivable without any activity. Once an outstanding 

receivable is deemed uncollectible, it should be written off in accordance with 

management’s established policy. 

Repeat – CD 

Open Recommendation 

69 

Establish a documented process between accounting and the Office of Chief Risk 

Officer (OCRO) to ensure that key controls related to the Accounts Receivable 

cycle are properly identified and implemented. These key controls should be 

considered for testing as part of OCRO’s annual internal control assessments. 

Repeat – CD 

Open Recommendation 

NonCompliance 

Single Audit 

Compliance 

70 Develop, implement, and document procedures to identify all AmeriCorps grantees 

that are required to submit single audit reports with their due dates. 

Repeat – NonCompliance 

Open Recommendation 

71 

Develop, implement, and document procedures on timely follow-up for those 

grantees whose audits have become past due, and to ascertain why report 

submission was late, when the audit report will be submitted to the Federal Audit 

Clearinghouse, and what corrective action has been taken to prevent a report 

submission delay in future. 

Repeat – NonCompliance 

Open Recommendation 

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FY19 Audit 

Report 

Finding Area 

FY19 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

72 Develop a practice to capture the single audit data to assess the effectiveness of the 

single audit report submission for all its grantees. 

Repeat – NonCompliance 

Open Recommendation 

73 

Develop, implement, and document procedures for implementing Office of Budget 

and Management (OMB) approved single audit report submission extensions, so 

that OMB approved extension approvals are documented and tracked as part of the 

single audit monitoring process. 

Repeat – NonCompliance 

Open Recommendation 

74 

Update the Single Audit Resolution Policy to: 

• Reflect the current monitoring process to track all audit findings related to 

AmeriCorps-funded grants, and 

• Address AmeriCorps’ responsibilities as the cognizant/oversight agency and 

how these responsibilities would be carried out. 

Repeat – NonCompliance 

Open Recommendation 

75 

Develop and implement procedures to monitor the effectiveness of the single audit 

monitoring process in accordance with the Uniform Grant Guidance, 2 Code of 

Federal Regulation §200.513 Responsibilities, (a) (3) (iv), related to monitoring the 

effectiveness of single audit findings follow-up and the effectiveness of single 

audits in improving grantee accountability and in their use by AmeriCorps in 

making award decisions. 

Repeat – NonCompliance 

Open Recommendation 

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Table 3: Status in FY 2022 and Detail Description of Each Recommendation from FY 2021 Financial Statement Audit 

FY21 Audit 

Report 

Finding Area 

FY21 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY21 

Recommendations in 

FY22 

Material 

Weakness 

Migration to 

Shared 

Service 

1 

Perform a risk assessment over the current state of the conversion to ARC and work 

jointly with ARC, senior leadership, Office of Chief Risk Officer, and functional 

groups affected by the risk to develop a mitigation strategy and execute a realistic 

and properly designed corrective action plan. 

Repeat – MW 

Open Recommendation 

2 

Fix incorrect outstanding balances, missing data, and missing supporting contract 

documentation resulting from financial system configuration issues and ensure 

future interfaces with Oracle do not have the same issues. 

Repeat – MW 

Open Recommendation 

3 

Continue coordinating with ARC to ensure that its accounting platform is 

compatible with AmeriCorps’ operations and the type of accounting transactions 

that AmeriCorps processes. 

Repeat – MW 

Open Recommendation 

4 

Conduct a review of transactions processed in Momentum and already migrated to 

Oracle through interface or reported in Oracle using journal entries, to ensure that 

correct object class codes were applied. 

Repeat – MW 

Open Recommendation 

Material 

5 

For each material weakness and significant deficiency, develop an appropriate and 

actionable corrective plan (CAP) that specifies the interim steps for long-term 

CAPs, milestones and target completion dates, person(s) responsible for executing 

the corrective action and the resources available to assist, sufficient and appropriate 

documentation required, and quality review and approval process. 

Closed 

Weakness 

Internal 

Controls 

6 

Develop a process to explain the discrepancies between material weaknesses 

reported on the CEO Statement of Assurance and those identified by the external 

auditors, and document the explanation, as well as the basis for classifying internal 

control findings as either material weakness or significant deficiency. 

Modified Repeat – MW

 FY 22 

Recommendation #5 

Program 

(FMFIA) 7 Complete updating or revising the business process narratives to adapt to the 

significant changes in the current financial and control environment. 

Repeat – MW 

Open Recommendation 

8 

Establish controls and training to ensure that each functional office/unit performs 

an independent assessment of internal controls to inform the CEO’s statement of 

assurance, even if unfavorable outcomes are expected. This proactive approach will 

promote the early detection of potential findings and allow for prompt remediation. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 32 

57
 

 

 

 

 

 

 

 

 

 

 

1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

FY21 Audit 

Report 

Finding Area 

FY21 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY21 

Recommendations in 

FY22 

Material 

Weakness 

9 

Develop a strategic plan and corrective actions that will include steps and 

milestones to eventually achieve an audit opinion on AmeriCorps’ financial 

statement. The plan should align directly with and describes in detail the 

implementation plans, specific steps to be taken, resources to be devoted to 

implementation, responsible personnel and their assigned duties, clear 

accountability, project management and target dates to complete. It should also 

include a quality assurance plan to verify effective and timely implementation. 

Closed 

10 

Develop and implement audit readiness procedures to ensure that audit information 

is complete, accurate, has undergone proper quality control procedures, and readily 

available or can be retrieved timely. The audit readiness procedures should include 

audit coordination protocol with ARC that clearly define roles and responsibilities 

of all parties involved in the process. 

Repeat – MW 

Open Recommendation 

Develop comprehensive policies and procedures to document its financial 

statement preparation process. The policies and procedures should clearly delineate 

responsibilities among various members of the Accounting and Financial 

Financial 

System and 

Reporting 

Management Service (AFMS) group and team leads and those performed by 

AmeriCorps’ shared services provider, clarifying the responsibility of AmeriCorps 

for the accuracy of the reported information. The policies and procedures should 

address the following aspects: 

11 

a. The process to determine and document AmeriCorps’ balance fluctuation 

expectations based on a combination of internal and external operating factors, 

and program and financial relevant information available. 

b. Detailed process to research significant balance fluctuations. AmeriCorps 

should research and explain all significant balance fluctuations at the account 

and transaction level. Maintain and have the supporting documentation readily 

available. 

c. Research and retain supporting documents required for any identified account 

balance differences derived from its abnormal balance review or the tie point 

analysis. 

d. Address fatal and non-fatal Government-wide Treasury Account Symbol edit 

failures prior to GTAS certification. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 33 

58
 

 

 

 

 

 

 

 

 

 

1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

FY21 Audit 

Report 

Finding Area 

FY21 Audit 

Report Rec. 

Number 

Recommendation Description 

Status of FY21 

Recommendations in 

FY22 

e. Document resolution for all balance differences and retain supporting 

documentation of related research. 

12 

Continue working with Administrative Resource Center to review and correct 

AmeriCorps’ balances in detail to ensure they are properly supported and that 

balances migrated to the ARC platform are complete, accurate, and reliable. 

Repeat – MW 

Open Recommendation 

13 

Strengthen its policies and procedures over the processing of JEs going forward 

now that AmeriCorps has transitioned to the shared service environment. The 

policies and procedures should cover the following: 

a. A process to track the sequence of JE transactions for completeness. 

b. A policy as to when it is appropriate to use a JE and approval procedures for JEs 

recorded to ensure segregation of duties. 

c. A requirement to provide a fact-specific description of the purpose of the JE, 

along with adequate supporting documentation. 

d. Documentation needed to support JEs and how it will be maintained. 

Repeat – MW 

Open Recommendation 

14 Validate and ensure JEs are properly supported, documented, and are readily 

available for examination. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Grant Accrual 

Payable and 

Advances 

15 

Develop a process to validate grant advances, IBNR and payable estimates. Such 

validation should be performed over a few years to show a trend of the estimates. 

Any benchmarks to assess reasonableness should be vetted for completeness and 

reliability. For example, the use of eGrants FFRS should be vetted to ensure 

inclusion of IBNR. Large (exceeding AmeriCorps acceptable range) and unusual 

fluctuations, if any, should be investigated and the research conclusions 

documented by management. Fluctuations should be reviewed at the absolute 

variances level and not using net differences. 

Modified Repeat – MW 

FY 22 Recommendation 

#18 

16 

Validate that the underlying data used in the accrual methodology, such as the use 

of grantee Undelivered Order balances to allocate accrual amounts, is reliable by 

ensuring previously reported conditions are remediated and recommendations are 

implemented. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 34 

59
Exhibit IV – Management’s Response

C. MANAGEMENT’S RESPONSE TO AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (UNAUDITED) 

60
1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Exhibit IV – Management’s Response 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 35 

61
1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 36 

62
OFFICE OF INSPECTOR GENERAL 250 E St., SW, Suite 4100 

HOTLINE: 1.800.452.8210 Washington, DC 20525 HOTLINE@AmeriCorpsOIG.gov | AmeriCorpsOIG.gov 

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Financial Section (Unaudited) 

D. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 

AmeriCorps 

Consolidated Balance Sheets 

As of September 30, 2022 and 2021 

(in thousands) 

Unaudited Unaudited 

2022 2021 

Assets 

Intragovernmental: 

Fund Balance with Treasury (Note 2) $ 2,562,211 $ 2,364,927 

Investment, Net (Note 3) 1,078,367 1,011,223 

Accounts Receivable, Net (Note 4) 1,319 1,931 

Advances and Prepayments (Note 6) 68 894 

Total Intragovernmental 3,641,965 

With the Public: 

Accounts Receivable, Net (Note 4) 1,064 

General Property, Plant, and Equipment, Net (Note 5) 2,688 

Advances and Prepayments (Note 6) 38,507 

3,378,975 

1,336 

3,236 

86,197 

Total With the Public 42,259 90,769 

Total Assets $ 3,684,224 $ 3,469,744 

Liabilities 

Intragovernmental: 

Accounts Payable $ 1,299 

Advances from Others and Deferred Revenue (Note 7) 105,992 

Other Liabilities 

Benefit Program Contributions Payable 3,371 

Deferred Lease Liability 2,170 

Advances from Others (Note 17) 5,250 

Others 360 

$ 1,580 

6,360 

2,220 

2,485 

-

-

Total Intragovernmental 118,442 

With the Public: 

Accounts Payable (Note 16) 118,542 

Federal Employee Benefits Payable 13,701 

Advances from Others and Deferred Revenue (Note 7) 165 

Other Liabilities 

Trust Service Award Liability (Note 15) 339,761 

Accrued Funded Payroll and Leave 5,974 

Liability for Non-Fiduciary Deposit Funds and Undeposited Collections 2,029 

12,645 

156,547 

13,915 

85 

355,824 

3,826 

2,062 

Total With the Public 480,172 532,259 

Total Liabilities $ 598,614 $ 544,904 

Net Position 

Total Unexpended Appropriations $ 2,004,337 

Total Cumulative Results of Operations 1,081,273 

$ 2,132,473 

792,367 

Total Net Position $ 3,085,610 $ 2,924,840 

Total Liabilities and Net Position $ 3,684,224 $ 3,469,744 

The accompanying notes are an integral part of these principal financial statements. 

64
 

 

Financial Section (Unaudited) 

AmeriCorps 

Consolidated Statements of Net Cost 

For the Years Ended September 30, 2022 and 2021 

(in thousands) 

Unaudited Unaudited 

2022 2021 

Gross Program Costs 

VISTA 

Gross Costs $ 129,606 $ 139,033 

Less: Earned Revenue (5,132) (8,109) 

Net Program Costs $ 124,474 $ 130,924 

NCCC 

Gross Costs $ 55,534 $ 50,434 

Less: Earned Revenue (6,723) (6,459) 

Net Program Costs $ 48,811 $ 43,975 

STATE AND NATIONAL 

Gross Costs $ 580,198 $ 508,329 

Less: Earned Revenue (16,578) (5,682) 

Net Program Costs $ 563,620 $ 502,647 

STATE COMISSION 

Gross Costs $ 26,569 $ 20,158 

Less: Earned Revenue -0- -0-

Net Program Costs $ 26,569 $ 20,158 

SENIOR CORPS 

Gross Costs $ 194,237 $ 192,682 

Less: Earned Revenue (5) (209) 

Net Program Costs $ 194,232 $ 192,473 

Other Programs 

Gross Costs $ 9,690 $ 9,833 

Less: Earned Revenue -0- (591) 

Net Program Costs $ 9,690 $ 9,242 

Net Cost of Operations $ 967,396 $ 899,419 

The accompanying notes are an integral part of these principal financial statements. 

65
 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

AmeriCorps 

Consolidated Statements of Changes in Net Position 

As of September 30, 2022 and 2021 

(in thousands) 

Unaudited Unaudited 

2022 2021 

Unexpended Appropriations 

Beginning Balances $ 2,132,423 $ 1,098,387 

Adjustments 

Corrections of Errors (Note 18) 495 -0-

Beginning Balances, as Adjusted $ 2,132,918 $ 1,098,387 

Appropriations Received $ 1,150,636 $ 

Appropriations Transferred In/Out 1,750 

Other Adjustments (28,649) 

Appropriations Used (1,252,318) 

2,121,102 

-0-

(33,441) 

(1,053,575) 

Net Change in Unexpended Appropriations $ (128,581) $ 1,034,086 

Total Unexpended Appropriations - Ending $ 2,004,337 $ 2,132,473 

Cumulative Results of Operations 

Beginning Balances 

Adjustments 

Corrections of Errors (Note 18) 

$ 792,417 

(495) 

$ 634,702 

91 

Beginning Balances, as Adjusted $ 791,922 $ 634,793 

Other Adjustments 

Appropriations Used 

Nonexchange Revenue 

Donations and Forfeitures of Cash and Cash Equivalents 

Imputed Financing (Note 11) 

Other 

Net Cost of Operations 

$ (2,635) 

1,252,318 

2,841 

43 

4,427 

(247) 

(967,396) 

$ (1,278) 

1,053,575 

3,316 

23 

3,760 

(2,403) 

(899,419) 

Net Change in Cumulative Results of Operations $ 289,351 $ 157,574 

Cumulative Results of Operations - Ending $ 1,081,273 $ 792,367 

Net Position $ 3,085,610 $ 2,924,840 

The accompanying notes are an integral part of these principal financial statements. 

66
 

 

Financial Section (Unaudited) 

AmeriCorps 

Combined Statements of Budgetary Resources 

For the Years Ended September 30, 2022 and 2021 

(in thousands) 

Unaudited Unaudited 

2022 2021 

Budgetary Resources 

Unobligated balance from prior year budget authority, net 

(Note 9) $ 1,691,843 $ 595,010 

Appropriations 1,537,162 2,475,596 

Spending authority from offsetting collections 126,103 12,735 

Total Budgetary Resources $ 3,355,108 $ 3,083,341 

Status of Budgetary Resources 

New obligations and upward adjustments (total) 

Unobligated balance, end of year: 

Apportioned, unexpired accounts 

Unapportioned, unexpired accounts 

$ 2,092,898 

849,980 

252,628 

$ 1,548,278 

527,650 

857,644 

Unexpired unobligated balance, end of year 

Expired unobligated balance, end of year 

1,102,608 

159,602 

1,385,294 

149,769 

Unobligated balance, end of year (total) (Note 9) 1,262,210 1,535,063 

Total Budgetary Resources $ 3,355,108 $ 3,083,341 

Outlays, Net 

Outlays, net (total) 

Distributed Offsetting Receipts 

$ 1,255,709 

(2,648) 

$ 1,159,916 

(1,298) 

Agency outlays, net $ 1,253,061 $ 1,158,618 

The accompanying notes are an integral part of these principal financial statements. 

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Financial Section (Unaudited) 

E. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

(UNAUDITED) 

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (UNAUDITED) 

A. Reporting Entity 

AmeriCorps provides opportunities for Americans to make an ongoing, intensive 

commitment to service through the following programs: 

• AmeriCorps State and National, 

• AmeriCorps VISTA, 

• AmeriCorps NCCC, 

• AmeriCorps State Service Commission Support Grants (State Commission 

Support), 

• AmeriCorps Seniors. 

B. Mission of the Reporting Entity 

AmeriCorps was created by the National and Community Service Trust Act of 1993 

(Public Law 103-82). AmeriCorps’ mission is to improve lives, strengthen communities, 

and foster civic engagement through service and volunteering. To meet its mission, 

AmeriCorps provides grants and other assistance to states, local communities, and 

nonprofit organizations to help communities meet critical challenges in the areas of 

education, healthy futures, environmental stewardship, economic opportunity, disaster 

services, and assisting veterans and military families through volunteer service. 

C. Basis of Presentation 

The financial statements have been prepared to report the financial position and results 

of operations of AmeriCorps. The Balance Sheet presents the financial position of the 

agency. The Statement of Net Cost presents the agency’s operating results. The 

Statement of Changes in Net Position displays the changes in the agency’s net position, 

which results from changes to Unexpended Appropriations and Cumulative Results of 

Operations. The Statement of Budgetary Resources presents the sources, status, and 

uses of the agency’s resources and follows the rules for the Budget of the United States

Government in accordance with Office of Management and Budget OMB Circular A11, Preparation, Submission, and Execution of the Budget. 

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Financial Section (Unaudited) 

The statements are a requirement of the Chief Financial Officers Act of 1990, the 

Government Management Reform Act of 1994, the Accountability of Tax Dollars Act of 

2002, and other applicable legislation. They have been prepared from, and are fully 

supported by, the books and records of AmeriCorps in accordance with the formats 

prescribed by Office of Management and Budget (OMB) Circular No. A-136, Financial 

Reporting Requirements, and with U.S. Generally Accepted Accounting Principles 

(GAAP) for federal entities as prescribed by the Federal Accounting Standards Advisory 

Board (FASAB). The financial statements and associated notes are presented on a 

comparative basis. Unless specified otherwise, all amounts are presented in thousands 

of dollars. 

D. Basis of Accounting 

AmeriCorps presents the Balance Sheet, Statement of Net Cost, and Statement of 

Changes in Net Position on a consolidated basis, which is a summation of the 

AmeriCorps programs. The Statement of Budgetary Resources is presented on a 

combined basis, which is the summation of Budgetary Resources, Status of Budgetary 

Resources, and Outlays, Net. Transactions are recorded on both an accrual accounting 

basis and a budgetary basis. Under the accrual method, revenues are recognized 

when earned, and expenses are recognized when incurred, without regard to receipt 

or payment of cash. Budgetary accounting facilitates compliance with legal 

requirements on the use of federal funds. The balances and activity of budgetary 

accounts are used to prepare the Statements of Budgetary Resources. 

E. Accounting for Intragovernmental and Transactions With the Public 

Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 4700, provides guidance for 

reporting and reconciling intragovernmental balances. The Statement of Federal 

Financial Accounting Standards (SFFAS 1), Accounting for Selected Assets and

Liabilities, defines recognition, measurement, and disclosure requirements for 

intragovernmental assets and liabilities. 

Intragovernmental assets and liabilities represent transactions that are made between 

Federal reporting entities. Intragovernmental assets are claims that other Federal 

reporting entities owe to AmeriCorps. Intragovernmental liabilities are claims that 

AmeriCorps owes to other Federal reporting entities. With the public assets and liabilities 

represent transactions with public entities, such as state and local government or any 

agency, office or department run by a state and local government. With the public 

assets are claims that public entities owe to AmeriCorps. With the public liabilities are 

claims that AmeriCorps owes to public entities. 

Intragovernmental asset and liability transactions should be reported separately from 

asset and liability transaction with the public. 

For additional information, see Note 6, Advances and Prepayments; and see Note 8, 

Liabilities Not Covered by Budgetary Resources. 

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Financial Section (Unaudited) 

F. Fund Balance with Treasury 

Fund Balance with Treasury (FBWT) is an asset of a reporting entity and a liability of the 

General Fund. FBWT represents the aggregate amount of the agency’s accounts with

the Department of Treasury (Treasury) available to pay current liabilities and finance 

authorized purchases, except as restricted by law. AmeriCorps’ Fund Balance with

Treasury balances are primarily appropriated expenditure, receipt, trust, and deposit 

fund accounts remaining as of the end of the fiscal year. Appropriated funds recorded 

in expenditure accounts are available to pay current liabilities and finance authorized 

purchases. 

AmeriCorps does not maintain bank accounts of its own, has no disbursing authority, 

and does not maintain cash held outside of Treasury. 

For additional information see Note 2, Fund Balance with Treasury. 

G. Revenue and Other Financing Sources 

AmeriCorps recognizes revenue as exchange or non-exchange revenue in 

accordance with SFFAS 7, Accounting for Revenue and Other Financing Sources and

Concepts for Reconciling Budgetary and Financial Accounting, AmeriCorps recognizes 

exchange revenue at the time that goods or services are provided to a public or 

intragovernmental entity. Non-exchange revenues are recognized primarily from 

interest penalties and administrative fees, but also includes donations. These are 

reported in the Consolidated Statements of Changes in Net Position. 

Other financing sources, other than exchange and non-exchange revenue, include 

additional inflows of resources that increase results of operations during the reporting 

period. AmeriCorps’s other financing sources come from unexpended appropriation

transfers-in and non-expenditure transfers-in and are recognized as financing sources 

when used. Other financing sources also include: (1) transfers-in/out without 

reimbursement; and (2) imputed financing with respect to costs subsidized by another 

Federal entity. Transfers-In/Out Without Reimbursement: Transfers in/out without 

reimbursement include intragovernmental transfers of capitalized assets. These are 

reported in the Consolidated Statement of Changes in Net Position. 

AmeriCorps recognizes imputed financing when it receives good and services from 

other Federal entities at no cost or at a cost less than the full cost to the providing entity. 

AmeriCorps recognizes imputed costs when certain costs of the providing entity are not 

fully reimbursed. These are reported in the Consolidated Statement of Changes in Net 

Position. 

For additional information, See Note 11, Imputed Financing; and see Note 14, 

Reconciliation of Net Cost to Net Outlays

H. Investment, Net 

AmeriCorps has the authority in accordance with the standards and requirements 

provided in TFM, Volume I, Part 2, Chapter 4700 to invest in U.S. Government securities. 

70
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

The securities include marketable Treasury securities and/or nonmarketable, marketbased securities issued by the Bureau of the Fiscal Service. Market-based securities are 

Treasury securities that are not traded on any securities exchange but mirror the prices 

of marketable securities with similar terms. It is expected that investments will be held 

until maturity; therefore, they are classified as investment securities held to maturity and 

are carried at historical cost, adjusted for amortization of premiums and discounts. The 

amortization of premiums and discounts are recognized as adjustments to interest 

income using the interest method of effective interest amortization over the term of the 

respective issues. Interest on investments is accrued as it is earned. 

For additional information see Note 3, Investments, Net. 

I. Accounts Receivable, Net 

Accounts Receivable consists of amounts owed to AmeriCorps by federal agencies 

and the general public. Claims with other federal agencies are resolved in accordance 

with the business rules published in Appendix 10 of Treasury Financial Manual, Volume I, 

Part 2, Chapter 4700. 

FASAB issued Technical Bulletin 2020-1, Loss Allowance for Intragovernmental 

Receivables which clarified previously issued guidance. An allowance recorded to 

recognize an intragovernmental receivable at net realizable value on the financial 

statements does not alter the underlying statutory authority to collect the receivable or 

the legal obligation of the other intragovernmental entity to pay. 

For additional information see Note 4, Accounts Receivable, Net. 

K. General Property, Plant, and Equipment, Net 

General property, plant, and equipment, net represent furniture, fixtures, equipment, 

and information technology hardware and software which are recorded at original 

acquisition cost and are depreciated or amortized using the straight-line method over 

their estimated useful lives. Major alterations and renovations are capitalized, while 

maintenance and repair costs are expensed as incurred. AmeriCorps’ capitalization

threshold is $50,000 for individual purchases and $250,000 for bulk purchases. Property, 

equipment, and software acquisitions that do not meet the capitalization criteria are 

expensed upon receipt. Applicable standard governmental guidelines regulate the 

disposal and convertibility of agency property, equipment, and software. The useful life 

classifications for capitalized assets are as follows: 

Description Useful Life (Years) 

Equipment 10 

Telecommunication Equipment 6 

Automated Data Processing Equipment 3 

Software 2 

For additional information see Note 5, General Property, Plant and Equipment, Net. 

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Financial Section (Unaudited) 

L. Advances and Prepayments 

In accordance with SFFAS 1, Accounting for Selected Assets and Liabilities, advances 

are cash outlays made by a Federal entity to its employees, contractors, grantees, or 

others to cover a part or all of the recipients' anticipated expenses or as advance 

payments for the costs of goods and services the entity receives. Prepayments are 

payments made by a Federal entity to cover certain periodic expenses before those 

expenses are incurred. Financing payments (such as progress payments, performancebased payments, etc.) on work in process are generally recognized as a cost for work 

performed and not included in advances and prepayments. 

For additional information see Note 6, Advances and Prepayments.

M. Liabilities 

Liabilities represent the amount of funds likely to be paid by AmeriCorps as a result of 

transactions or events that have already occurred. 

AmeriCorps reports its liabilities under two categories, Intragovernmental and With the 

Public. Each of these categories may include liabilities that are covered by budgetary 

resources and liabilities not covered by budgetary resources. 

Liabilities covered by budgetary resources are liabilities funded by a current 

appropriation or other funding source. These consist of accounts payable and accrued 

payroll and benefits. Accounts payable represent amounts owed to another entity for 

goods ordered and received and for services rendered except for employees. Accrued 

payroll and benefits represent payroll costs earned by employees during the fiscal year 

which are not paid until the next fiscal year. 

Liabilities not covered by budgetary resources are liabilities that are not funded by any 

current appropriation or other funding source. These liabilities consist of accrued annual 

leave, Actuarial FECA, and the amounts due to Treasury for collection. 

For additional information, see Note 6, Advances and Prepayments and see Note 8, 

Liabilities Not Covered by Budgetary Resources. 

J. Expenses 

In accordance with SFFAC 5, Definitions of Elements and Basic Recognition Criteria

for Accrual-Basis Financial Statements, expenses are recognized in the same period 

when there are outflows, usage of assets, or incurrences of liabilities (or a combination) 

from carrying out functions related to AmeriCorps’s activity and related programs.

N. Annual, Sick, and Other Leave 

Annual leave is accrued as it is earned, and the accrual is reduced as leave is taken. 

The balance in the accrued leave account is adjusted to reflect current pay rates. 

Liabilities associated with other types of vested leave, including compensatory, restored 

leave, and sick leave in certain circumstances, are accrued at year-end, based on 

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Financial Section (Unaudited) 

latest pay rates and unused hours of leave. Funding will be obtained from future 

financing sources to the extent that current or prior year appropriations are not 

available to fund annual and other types of vested leave earned but not taken. 

Nonvested leave is expensed when used. Any liability for sick leave that is accrued but 

not taken by a Civil Service Retirement System (CSRS) covered employee is transferred 

to the Office of Personnel Management (OPM) upon the retirement of that individual. 

Credit is given for sick leave balances in the computation of annuities upon the 

retirement of Federal Employees Retirement System (FERS) covered employees. 

For additional information, see Note 6, Advances and Prepayments; and see Note 8, 

Liabilities Not Covered by Budgetary Resources. 

O. Accrued and Actuarial Workers’ Compensation

The Federal Employees' Compensation Act (FECA) administered by the U.S. 

Department of Labor (DOL) addresses all claims brought by AmeriCorps employees for 

on-the-job injuries. The DOL bills each agency annually as its claims are paid, but 

payment of these bills is deferred for two years to allow for funding through the budget 

process. Similarly, employees that AmeriCorps Service terminates without cause may 

receive unemployment compensation benefits under the unemployment insurance 

program also administered by the DOL, which bills each agency quarterly for paid 

claims. Future appropriations will be used for the reimbursement to DOL. The liability 

consists of (1) the net present value of estimated future payments calculated by DOL, 

and (2) the unreimbursed cost paid by DOL for compensation to recipients under the 

FECA. 

For additional information, see Note 6, Advances and Prepayments

P. Retirement Plans 

AmeriCorps employees participate in either the CSRS or the FERS. The employees who 

participate in CSRS are beneficiaries of AmeriCorps matching contributions, equal to 

seven percent of pay, distributed to their annuity accounts in the Civil Service 

Retirement and Disability Fund. 

Prior to December 31, 1983, all employees were covered under the CSRS program. From 

January 1, 1984 through December 31, 1986, employees had the option of remaining 

under CSRS or joining FERS and Social Security. Employees hired as of January 1, 1987 

are automatically covered by the FERS program. Both CSRS and FERS employees may 

participate in the federal Thrift Savings Plan (TSP). FERS employees receive an automatic 

agency contribution equal to one percent of pay and AmeriCorps matches any 

employee contribution up to an additional four percent of pay. For FERS participants, 

AmeriCorps also contributes the employer’s matching share of Social Security.

FERS employees and certain CSRS reinstatement employees are eligible to participate 

in the Social Security program after retirement. In these instances, AmeriCorps remits the 

employer’s share of the required contribution.

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Financial Section (Unaudited) 

AmeriCorps recognizes the imputed cost of pension and other retirement benefits 

during the employees’ active years of service. OPM actuaries determine pension cost 

factors by calculating the value of pension benefits expected to be paid in the future 

and communicate these factors to AmeriCorps for current period expense reporting. 

OPM also provides information regarding the full cost of health and life insurance 

benefits. AmeriCorps recognized the offsetting revenue as imputed financing sources to 

the extent these expenses will be paid by OPM. 

AmeriCorps does not report on its financial statement information pertaining to the 

retirement plans covering its employees. Reporting amounts such as plan assets, 

accumulated plan benefits, and related unfunded liabilities, if any, is the responsibility 

of the OPM, as the administrator. 

For additional information, See Note 11, Imputed Financing

Q. Other Post-Employment Benefits 

AmeriCorps employees eligible to participate in the Federal Employees' Health Benefits 

Plan (FEHBP) and the Federal Employees' Group Life Insurance Program (FEGLIP) may 

continue to participate in these programs after their retirement. The OPM has provided 

the AmeriCorps with certain cost factors that estimate the true cost of providing the 

post-retirement benefit to current employees. The AmeriCorps recognizes a current cost 

for these and Other Retirement Benefits (ORB) at the time the employee's services are 

rendered. The ORB expense is financed by OPM and offset by AmeriCorps through the 

recognition of an imputed financing source. 

For additional information, See Note 11, Imputed Financing

R. Use of Estimates 

The preparation of the accompanying financial statements in accordance with 

generally accepted accounting principles requires management to make certain 

estimates and assumptions that affect the reported amounts of assets, liabilities, 

revenues, and expenses. Actual results could differ from those estimates. 

S. Contingencies 

Liabilities are deemed contingent when the existence or amount of the liability cannot 

be determined with certainty pending the outcome of future events. AmeriCorps 

recognizes contingent liabilities in the accompanying balance sheet and statement of 

net cost when it is both probable and can be reasonably estimated. AmeriCorps 

discloses contingent liabilities in the notes to the financial statements when the 

conditions for liability recognition are not met or when a loss from the outcome of future 

events is more than remote. 

T. Reclassification 

Due to the migration to Treasury’s Administrative Resource Center (ARC), AmeriCorps is 

continuing to analyze certain FY 2021 balances to determine if they should be 

74
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

reclassified, retitled, or combined with other financial statement line items for 

consistency with the current year presentation 

U. Classified Activities 

Accounting standards require all reporting entities to disclose that accounting 

standards allow certain presentations and disclosures to be modified, if needed, to 

prevent the disclosure of classified information. 

NOTE 2. FUND BALANCE WITH TREASURY (UNAUDITED) 

The Fund Balance with Treasury (FBWT) is an asset account that shows the available 

budget spending authority for AmeriCorps. Collections and disbursements increase or 

decrease the balance in the FBWT account. Funds are available only for the purposes 

for which they are appropriated, and AmeriCorps reports changes to this account to 

the Treasury through monthly reporting. 

Fund Balance with Treasury account balances as of September 30, 2022 and 2021 

respectively were as follows (in thousands, unaudited): 

Unaudited Unaudited 

2022 2021 

Status of Fund Balance with 

Treasury: 

Unobligated Balance 

Available 

Unavailable 

Obligated Balance Not Yet 

Disbursed 

Net of Unamortized Discount 

Non-Budgetary FBWT 

Total 

$ 

$ 

849,980 

646,187 

2,137,373 

(1,073,357) 

2,028 

2,562,211 

$ 

$ 

527,650 

1,007,413 

1,838,674 

(1,010,870) 

2,060 

2,364,927 

No discrepancies exist between the Fund Balance reflected on the Consolidated 

Balance Sheet and the balances in the Treasury accounts. 

The available unobligated fund balances represent the current period amount 

available for obligation or commitment. At the start of the next fiscal year, this amount 

will become part of the unavailable balance as described in the following paragraph. 

The unavailable unobligated fund balances consist primarily of funds that are 

precluded from obligation by law. These balances are available for upward 

adjustments of obligations incurred only during the period for which the appropriation 

was available for obligation or for paying claims attributable to the appropriations. 

75
Financial Section (Unaudited) 

The obligated balance not yet disbursed includes accounts payable, accrued 

expenses, and undelivered orders that have reduced unexpended appropriations but 

have not yet decreased the fund balance on hand. 

NOTE 3. INVESTMENTS, NET (UNAUDITED) 

Investments, Net as of September 30, 2022 consist of the following (in thousands): 

Intragovernmental: 

Cost 

(Unaudited) 

Amortization 

Method 

(Unaudited) 

Amortized( 

Premium) 

Discount 

(Unaudited) 

Interest 

Receivable 

(Unaudited) 

Investments 

Net 

(Unaudited) 

Market 

Value 

Disclosure 

(Unaudited) 

Market-based 

Bills $ 545,381 Interest $ 3,370 $ - $ 548,751 $ 546,166 

Notes 527,977 Interest 1,456 183 529,616 518,589 

Total $ 1,073,358 $ 4,826 $ 183 $ 1,078,367 $ 1,064,755 

Investments, Net as of September 30, 2021 consist of the following (in thousands): 

Intragovernmental: 

Cost 

(Unaudited) 

Amortization 

Method 

(Unaudited) 

Amortized 

(Premium) 

Discount 

(Unaudited) 

Interest 

Receivable 

(Unaudited) 

Investments 

Net 

(Unaudited) 

Market 

Value 

Disclosure 

(Unaudited) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market-based 

Bills $ 641,000 Interest $ 140 $ - $ 641,140 $ 641,141 

Notes 369,870 Interest 97 116 370,083 369,726 

Total $ 1,010,870 $ 237 $ 116 $ 1,011,223 $ 1,010,867 

NOTE 4. ACCOUNTS RECEIVABLE, NET (UNAUDITED) 

Accounts Receivable, Net balances as of September 30, 2022 and 2021 respectively, 

were as follows (in thousands): 

Intragovernmental 

Accounts Receivable 

Unaudited 

2022 

$ 1,319 

Unaudited 

2021 

$ 1,931 

Total Intragovernmental Accounts 

Receivable $ 1,319 $ 1,931 

With the Public 

Accounts Receivable 

Allowance 

$ 1,383 

(319) 

$ 2,393 

(1,057) 

Total Public Accounts Receivable 1,064 1,336 

Total Accounts Receivable $ 2,383 $ 3,267 

76
 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

Accounts Receivable represents amounts due to AmeriCorps primarily under federal 

and nonfederal reimbursable agreements, grantee audit resolution determinations, 

outstanding travel advances due from employees and Criminal History Check 

requirements. An allowance for doubtful accounts is established for reporting purposes 

based on experience. 

Historical experience has indicated that the majority of the receivables are collectible. 

There are no material uncollectible accounts as of September 30, 2022 and 2021. 

NOTE 5. GENERAL PROPERTY, PLANT, AND EQUIPMENT, NET (UNAUDITED) 

Schedule of General Property, Plant, and Equipment, Net as of September 30, 2022 (in 

thousands): 

Accumulated 

Major Class 

Leasehold 

Acquisition 

Cost 

(Unaudited) 

Amortization/ 

Depreciation 

(Unaudited) 

Net Book 

Value 

(Unaudited) 

Improvements 

Furniture & Equipment 

$ 5,125 

1,532 

$ 2,526 

1,443 

$ 2,599 

89 

Total $ 6,657 $ 3,969 $ 2,688 

Schedule of General Property, Plant, and Equipment, Net as of September 30, 2021 (in 

thousands): 

Major Class 

Leasehold 

Improvements 

Furniture & Equipment 

$ 

Acquisition 

Cost 

(Unaudited) 

5,126 

1,532 

$ 

Accumulated 

Amortization/ 

Depreciation 

(Unaudited) 

2,069 

1,353 

$ 

Net Book 

Value 

Unaudited) 

3,057 

179 

Total $ 6,658 $ 3,422 $ 3,236 

NOTE 6. ADVANCES AND PREPAYMENTS (UNAUDITED) 

Advances and Prepayments are made in contemplation of the future performance of 

services, receipt of goods, incurrence of expenditures, or receipt of other assets, 

excluding those made as Outstanding Contract Financing Payments. 

77
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

(In Thousands) 

Intragovernmental 

Advances and Prepayments 

Total Intragovernmental Other Assets 

$ 

$ 

Unaudited 

2022 

68 

68 

$ 

$ 

Unaudited 

2021 

894 

894 

With the Public 

Grant Advances 

Total Other Assets 

$ 

$ 

38,507 

38,575 

$ 

$ 

86,197 

87,091 

NOTE 7. ADVANCES FROM OTHERS AND DEFERRED REVENUE (UNAUDITED) 

Advances from others and deferred revenue are amounts received for goods or 

services to be delivered or performed in the future, and reflect amounts that have yet 

to be earned, and are not otherwise classified as advances or repayments. 

In FY2022, advances were received from FEMA ($5.7 million), and the CDC ($110.5 

million) to leverage national service resources in support of improving disaster response, 

recovery, readiness, preparedness, and mitigation efforts to tackle problems in 

communities and make a positive public health impact. 

Over 5 years, the CDC will contribute an estimated $400 million, and FEMA will 

contribute an estimated $57.4 million. 

NOTE 8. LIABILITIES NOT COVERED BY BUDGETARY RESOURCES (UNAUDITED) 

The liabilities for AmeriCorps as of September 30, 2022 and 2021, include liabilities not 

covered by budgetary resources (in thousands). Congressional action is needed before 

budgetary resources can be provided. Although future appropriations to fund these 

liabilities are likely and anticipated, it is not certain that appropriations will be enacted 

to fund these liabilities. 

78
Financial Section (Unaudited) 

Unaudited Unaudited 

(In Thousands) 

Intragovernmental Benefit Program Contributions 

Payable 

Intragovernmental – FECA 

Intragovernmental – Unemployment 

Insurance 

$ 

2022 

1,296 

688 

$ 

2021 

1,403 

554 

Intragovernmental Deferred Lease Liabilities 

Federal Employee [and Veteran] Benefits Payable 

Unfunded Leave 

Actuarial FECA 

Other Liabilities 

2,170 

5,136 

8,384 

2,485 

4,370 

8,689 

Advances from others - GSA 5,250 -

Total Liabilities Not Covered by Budgetary Resources 

Total Liabilities Covered by Budgetary Resources 

$ 22,924 

575,690 

$ 17,501 

527,403 

Total Liabilities $ 598,614 $ 544,904 

FECA and the Unemployment Insurance liabilities represent the unfunded liability for 

actual workers compensation claims and unemployment benefits paid on AmeriCorps’s

behalf and payable to the DOL. AmeriCorps also records an actuarial liability for future 

workers compensation claims based on the liability to benefits paid ratio, provided by 

DOL and multiplied by the average of benefits paid over three years. 

Unfunded leave represents a liability for earned leave and is reduced when leave is 

taken. The balance in the accrued annual leave account is reviewed quarterly and 

adjusted as needed to accurately reflect the liability at current pay rates and leave 

balances. Accrued annual leave is paid from future funding sources and, accordingly, 

is reflected as a liability not covered by budgetary resources. Sick and other leave is 

expensed as taken. 

NOTE 9. UNOBLIGATED BALANCES (UNAUDITED) 

(In Thousands) 

Unaudited 

2022 

Unaudited 

2021 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unobligated Balance Brought Forward From Prior Year, October 1 $ 1,535,063 $ 546,912 

Recoveries of Prior Year Obligations 412,386 81,539 

Other Changes in Unobligated Balances (255,606) (33,441) 

Unobligated Balance From Prior Year Budget Authority, Net 

(Discretionary and Mandatory) $ 1,691,843 $ 595,010 

79
Financial Section (Unaudited) 

NOTE 10. LEASES (UNAUDITED) 

AmeriCorps leases office space through the General Services Administration. General 

Services Administration charges AmeriCorps a Standard Level Users Charge that 

approximates commercial rental rates for similar properties. The NCCC also leases 

housing facilities for its campuses. Additionally, AmeriCorps leases motor vehicles on an 

annual basis through General Services Administration under an Interagency Fleet 

Management Service agreement for the NCCC. The leases are renewable with no 

purchase or escalation clause. The following schedule presents future minimum rental 

commitments under operating leases as of September 30, 2022 (in thousands). 

$ 629 $ 74,346 

(in thousands) 

Fiscal Year Vehicles Other Total 

Unaudited 

2022 

Space Facilities 

2023 $ 12,424 $ 784 $ 129 $ 13,337 

2024 13,131 793 125 14,049 

2025 13,887 803 125 14,815 

2026 14,696 813 125 15,634 

2027 15,563 823 125 16,511 

Total $ 69,701 $ 4,016 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2021 (in thousands) 

Unaudited 

2021 

(in thousands) 

Fiscal Year Space Facilities Vehicles Other Total 

2022 $ 10,144 $ 774 $ 162 $ 11,080 

2023 10,458 784 159 11,401 

2024 10,782 794 159 11,735 

2025 11,117 804 159 12,080 

2026 11,462 814 159 12,435 

Total $ 53,963 $ 3,970 $ 798 $ 58,731 

The operating lease amount does not include estimated payments for leases with 

annual renewal options. 

80
 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

NOTE 11. IMPUTED FINANCING (UNAUDITED) 

AmeriCorps recognizes certain inter-entity costs for goods and services that are 

received from other federal entities at no cost or at a cost less than the full cost. Certain 

costs of the providing entity that are not fully reimbursed are recognized as imputed 

cost and are offset by imputed revenue. Such imputed costs and revenues relate to 

employee benefits and claims to be settled by the Treasury Judgement Fund. 

AmeriCorps recognizes as inter-entity costs the amount of accrued pension and postretirement benefit expenses for current employees. The assets and liabilities associated 

with such benefits are the responsibility of the administering agency, OPM. For the 

periods ending September 30, 2022 and 2021, respectively, inter-entity costs were as 

follows (in thousands, unaudited): 

Unaudited Unaudited 

2022 2021 

Office of Personnel Management $ 4,427 $ 3,760 

Total Imputed Financing Sources $ 4,427 $ 3,760 

NOTE 12. UNDELIVERED ORDERS AT THE END OF THE PERIOD (UNAUDITED) 

For year ended September 30, 2022, budgetary resources obligated for undelivered 

orders were as follows (in thousands): 

With the 

Intragovernmental Public Total 

(Unaudited) (Unaudited) (Unaudited) 

Paid Undelivered Orders $ 68 $ 38,507 $ 38,575 

Unpaid Undelivered 

Orders 10,367 1,664,745 1,675,112 

Total Undelivered Orders $ 10,435 $ 1,703,252 $ 1,713,687 

For year ended September 30, 2021, budgetary resources obligated for undelivered 

orders were as follows (in thousands): 

With the 

Intragovernmental Public Total 

(Unaudited) Unaudited) (Unaudited) 

Paid Undelivered Orders $ 894 $ 86,198 $ 87,092 

Unpaid Undelivered Orders 6,359 1,318,261 1,324,620 

Total Undelivered Orders $ 7,253 $ 1,404,459 $ 1,411,712 

81
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

NOTE 13. EXPLANATION OF DIFFERENCES BETWEEN THE SBR AND THE BUDGET OF THE U.S. 

GOVERNMENT (UNAUDITED) 

SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for 

Reconciling Budgetary and Financial Accounting, calls for explanation of material 

differences between amounts reported in the Combined Statement of Budgetary 

Resources and the actual balances published in the Budget of the U.S. Government 

(the President’s Budget). The FY 2023 President’s Budget, with actual amounts for FY

2021, has been reconciled to the Combined Statement of Budgetary Resources. The FY 

2024 President’s Budget, with actual amounts for FY 2022, will not be published until 

February 2024. (Note Presentation in Millions.) 

The Technology Modernization Fund (TMF) has invested in a total of 29 projects across 

17 federal agencies. 18 of these investments were made with American Rescue Plan 

funding to address urgent IT modernization challenges. AmeriCorps received $14M in 

TMF American Rescue Plan funding to support IT enhancement and rebuild of the 

eGrants system. 

New 

Obligations 

& Upward Distributed Net 

Budgetary Adjustments Offsetting Outlays 

Resources (Total) Receipts 

(In Millions) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 

Combined Statement of 

Budgetary Resources $ 3,083 $ 1,548 $ (1) $ 1,159 

Unobligated Balance 

Not Available 150 - - -

American Rescue Plan 

(ARP) (1,000) (220) - (218) 

Difference - Due to 

Rounding (61) 79 1 88 

Budget of the U.S. 1,029 Government $ 2,172 $ 1,407 $ - $ 

NOTE 14. RECONCILIATION OF NET COST TO NET OUTLAYS (UNAUDITED) 

The reconciliation of net outlays, presented on a budgetary basis, and the net cost, 

presented on an accrual basis, provides an explanation of the relationship between 

budgetary and financial accounting information (in thousands). 

82
 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

Reconciliation of Net Cost to Net Outlays 

Budget and Accrual Reconciliation 

For the Year Ended September 30, 2022 

(In Thousands) 

Intra 

Governmental 

(Unaudited) 

With the 

Public 

(Unaudited) 

Total 

(Unaudited) 

Net Operating Cost (SNC) $ 17,173 $ 950,223 $ 967,396 

Components of Net Cost Not Part 

of the Budgetary Outlays 

Property, Plant, and Equipment 

Depreciation Expense - (547) (547) 

Increase/(Decrease) in Assets: 

Accounts Receivable, Net (612) (272) (884) 

Securities and Investments 4,142 4,142 

Other Assets (826) (47,691) (48,517) 

(Increase)/Decrease in Liabilities: 

Accounts Payable (4,664) 37,816 33,152 

Federal Employee and Veteran 

Benefits Payable - (512) (512) 

Other Liabilities (100,068) 14,016 (86,052) 

Financing Sources: 

Imputed Cost (4,427) - (4,427) 

Total Components of Net Operating 

Cost Not Part of the Budgetary $ (106,455) 2,810 $ (103,645) Outlays $

Financing Sources: 

Donated Revenue - (43) (43) 

Total Components of the Budget 

Outlays That Are Not Part of Net $ - $ (43) $ (43) 

Operating Cost 

Miscellaneous Items 

Distributed Offsetting Receipts (2,648) - (2,648) 

Custodial/Non-Exchange 

Revenue - 2,841 2,841 

Non-Entity Activity 2,635 - 2,635 

Appropriated Receipts for 

Trust/Special Funds 1,455 385,070 386,525 

Total Other Reconciling Items $ 1,442 $ 387,911 $ 389,353 

Total Net Outlays (Calculated Total) $ (87,840) $ 1,340,901 $ 1,253,061 

83
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

NOTE 15. TRUST SERVICE AWARD (UNAUDITED) 

A. SERVICE AWARD LIABILITY 

Individuals who successfully complete terms of service in AmeriCorps programs earn 

education awards, which can be used to make payments on qualified student loans or 

for educational expenses at qualified educational institutions. The education award 

generally must be used within seven years of completion date of an approved term of 

national service. If the education award is transferred to an eligible individual or is a 

Summer of Service award (which was in the past available to youth enrolled in grades 6 

through 9), the use period is ten years. These awards, as well as interest forbearance 

payments on qualified student loans during the period members perform their service, 

are paid from the National Service Trust Fund. The Service Award Liability as of 

September 30, 2022 and 2021 is as follows: 

Unaudited Unaudited 

(In Thousands) 

Cumulative Education Awards Earned 

Cumulative Interest Forbearance Earned 

Total Cumulative Awards Earned 

Less: Cumulative Awards paid 

Less: Discount for Usage and Statistics 

Total Liability for Awards Earned 

Total Liability for Awards not yet Earned 

$ 

2022 

4,490,202 

132,749 

4,622,951 

(3,399,052) 

(931,129) 

292,770 

46,991 

$ 

2021 

4,326,854 

132,417 

4,459,271 

(3,282,989) 

(869,041) 

307,241 

48,583 

Total $ 339,761 $ 355,824 

As of September 30, 2022 and 2021, the National Service Trust received $190.6 million 

and $208,3 million respectively (unaudited). Under the provisions included in its annual 

appropriations and under 42 U.S.C. 12601a, AmeriCorps is also authorized to transfer 

additional amounts from subtitle C program funds to the National Service Trust to 

support the activities of national service participants. 

B. SERVICE AWARD EXPENSE 

Members serving in approved national service positions are eligible to earn a service 

award to pay for qualified education expenses. The National Service Trust also pays 

interest forbearance costs on qualified student loans during the period members 

perform community service. 

AmeriCorps estimates the expense for national service awards based on the increase in 

its cumulative service award liability during the year (see Note 6). The total service 

award liability as of September 30, 2022 and 2021 respectively, has been adjusted to 

reflect the fact that earned awards are not always used. 

84
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

Unaudited Unaudited 

(In Thousands) 2022 2021 

Estimated Education Awards $ 95,653 $ 44,782 

Estimated Interest Forbearance 5,109 2,351 

National Service Award Expense $ 100,762 $ 47,133 

NOTE 16. ACCOUNTS PAYABLE (UNAUDITED) 

AmeriCorps awards grants to nonprofit organizations, educational institutions, states, 

municipalities, and other eligible external organizations. Grants become budgetary 

obligations, but not liabilities, at the time they are awarded. Although most grantees 

request funds prior to incurring expenses, some incur expenditures prior to initiating a 

request for drawdown of funds based on the nature of their expenditures. Grant 

recipients report their cash disbursements quarterly in the Department of Health and 

Human Services Payment Management System. Since the disbursement information is 

due after the quarter-end, AmeriCorps must conduct an accrual to accurately reflect 

financial position as of a quarter-end. Therefore, at the end of each quarter, 

AmeriCorps calculates and applies grants accrual transactions to the population of 

unliquidated advances and unpaid expenses. 

AmeriCorps performs the grants accrual and allocation process as of the end of each 

quarter using a compound methodology. AmeriCorps’ first step was to use eGrants 

Federal Financial Report data to estimate the unreported expenses Incurred But Not 

Reported as of the end of each quarter. The eGrants Federal Financial Report data 

covers roughly 90% of the grants issued by the agency. The grants not covered are the 

fixed price grants not requiring a Federal Financial Report in eGrants. AmeriCorps 

assumed flat spending for these non-covered grants to calculate the spending as of a 

quarter-end and then subtracts the Department of Health and Human Services 

reported spending to calculate an Incurred But Not Reported. The calculated Incurred 

But Not Reported for each grant is summed for each quarter. The calculated grants 

accrual represents the total financial statement level estimate. The total calculated 

accrual estimate is first allocated to advances to each individual grant by an Average 

Allocation Rate, which is determined by using the available liquidation rates for prior 

available quarters. The balance of the calculated accrual estimate is then allocated to 

the payables of each individual grant using a percentage distribution of payables. 

NOTE 17. COVID-19 ACTIVITY (UNAUDITED) 

The American Rescue Plan provided $1 billion in The Technology Management Fund 

(TMF) funds to address government-wide urgent IT modernization challenges, bolster 

cybersecurity defenses, and respond to the COVID-19 crisis. The TMF was enacted in 

2018 pursuant to Public Law 115-141 (132 STAT. 571), and the TMF Board has prioritized 

funding projects that cut across agencies, address immediate security gaps, and 

improve the public’s ability to access services.

85
Financial Section (Unaudited) 

These investments are directly response to the President’s Executive Order 14018 on 

Improving the Nation’s Cybersecurity. The approved projects aim to strengthen the 

security of data and privacy protections for $2 million civilian federal employees whose 

data is housed in the Office of Personnel Management’s systems, the over $100 million 

students and borrowers the Department of Education supports, and hundreds of 

facilities under the control of the General Services Administration. 

The Modernization Government Technology Act of 2017 authorizes funds to support 

qualifying projects, and agencies receive funding via an SF-1151 Non-Expenditure 

Transfer Authorization. The Budget Authority for the TMF American Rescue Plan program 

is classified as Mandatory, and the funding can be full or incremental. The agreed upon 

schedule and Interagency agreement provides detail for both the transfer out (nonexpenditure) and repayments to General Services Administration (expenditure). 

Repayments, in accordance with the written agreement, must occur within five years of 

the last transfer to the recipient agency. More detailed information is available at 

https://tmf.cio.gov/. Additionally, the Modernizing Government Technology Act does 

not require agencies to reimburse the TMF on a full cost recovery basis, and the Act 

permits partial or minimal repayment for TMF transfers if the repayments are sufficient to 

ensure solvency of the fund. 

AmeriCorps’ TMF Funding

AmeriCorps was awarded a Technology Modernization Fund grant for $14 million to 

support a grants management system modernization effort. In FY 2022 AmeriCorps 

received $7 million, of which $5.25 million will be paid back in future years. This 

investment aims to deliver simple, secure, and effective digital solutions for more than 

2,800 local, nonprofit, faith, and community-based organizations managing their 

AmeriCorps grants and improve the customer experience. This investment is a key 

component in AmeriCorps’ execution of the PMA item “Delivering Excellent, Equitable,

and Secure Federal Services and Customer Experience,” specifically, “Delivering 

Service Powered by 21st Century Technology.”

NOTE 18. CORRECTION OF ERRORS (UNAUDITED) 

AmeriCorps recorded Appropriations Received for Reimbursable Funds in FY2017 and 

FY2019. These balances were included in the conversion data migrated to Oracle in 

FY2021 and subsequently corrected in FY2022. 

(In Thousands) 

Unaudited 

2022 

Unaudited 

2021 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CNCS Reimbursable Fund Correction - $ 568 $ -

CNCS Reimbursable Fund Correction - (73) -

Total Corrections of Errors for PY $ 495 $ -

86
FINANCIAL SECTION (UNAUDITED)

F. INDEPENDENT AUDITORS’ REPORT ON NATIONAL SERVICE TRUST 

FUNDS FINANCIAL STATEMENTS (UNAUDITED) 

87
 

 

OFFICE OF INSPECTOR GENERAL 

AUDIT OF AMERICORPS’ FISCAL YEAR 2022 

NATIONAL SERVICE TRUST FUND 

FINANCIAL STATEMENTS 

OIG Report 23-02 

Prepared by: 

RMA Associates LLC 

1005 North Glebe Road, Suite 610 

Arlington, VA 22201 

88
 

 

 

 

 

 

 

 

 

 

 

Assistant Inspector General for Audit 

November 19, 2022 

MEMORANDUM TO: Michael D. Smith 

Chief Executive Officer 

FROM: Monique P. Colter 

SUBJECT: Audit of AmeriCorps’ Fiscal Year 2022 National Service Trust Fund 

Financial Statement, OIG Report 23-02 

We contracted with the independent certified public accounting firm of RMA Associates LLC 

(RMA) to audit AmeriCorps’ National Service Trust Fund financial statements (Trust financial 

statements) for the fiscal year (FY) ended September 30, 2022. The contract required RMA to 

express an opinion on whether AmeriCorps’ FY 2022 financial statements are fairly presented, in all 

material respects; report on internal controls over financial reporting; and report on compliance 

with the provisions of laws, regulations, contracts, and grant agreements. The contract also 

required RMA to conduct the audit in accordance with the Generally Accepted Government 

Auditing Standards (GAGAS) and other applicable standards. 

• Disclaimer of Opinion: AmeriCorps could not provide sufficient appropriate evidential 

matter to support the amounts in the Trust financial statements due to inadequate 

processes, controls, and records to support transaction and account balances. As a result, 

RMA could not determine the effect of the lack of sufficient appropriate audit evidence on 

AmeriCorps’ Trust financial statements as of and for the year ended September 30, 2022. 

Furthermore, due to the limitations described above, RMA was not able to perform the 

required tests of controls and compliance. 

• Six material weaknesses and one significant deficiency in the Trust’s internal control over 

financial reporting. RMA reported the following material weaknesses and one significant 

deficiency, Information Technology Security Controls (Modified Repeat), as described in 

Exhibit I of this report: 

1. Knowledge Gap throughout Financial Management Operations (New) 

2. Internal Controls Program (FMFIA)- (Modified Repeat) 

3. Financial Reporting (Modified Repeat) 

AmeriCorpsOIG.gov AmeriCorps 

Hotline@AmeriCorpsOIG.gov Office of Inspector General 

Hotline: 800-452-8210 250 E St., SW, Suite 4100 

Washington, DC 20525 

89
 

 

 

 

 

 

 

 

4. General Ledger Adjustments (Modified Repeat) 

5. Trust Obligations and Liability Model (Modified Repeat) 

6. Migration to Shared Service (Modified Repeat) 

• RMA considered AmeriCorps’ compliance with certain provisions of laws, regulations, 

contracts, and grant agreements, noncompliance with which could have a direct and 

material effect on the financial statements. However, providing an opinion on compliance 

with those provisions was not an objective of our engagement, and accordingly, RMA does 

not express such an opinion. 

Had RMA been able to obtain sufficient appropriate audit evidence to express an opinion on 

the Trust financial statements, other material weaknesses or significant deficiencies, or 

instances of noncompliance or other matters may have been identified and reported. 

In connection with the contract, we reviewed RMA’s report and related documentation and 

inquired of its representatives. Our review, as differentiated from an audit of the Trust 

financial statements in accordance with GAGAS, was not intended to enable us to express, and 

we do not express, an opinion on the Trust financial statements. 

RMA is responsible for the attached independent auditors’ report, dated November 18, 2022, 

and the conclusions expressed therein. However, our review disclosed no instances where 

RMA did not comply, in all material respects, with GAGAS. 

cc: Jenny Mauk, Chief of Staff 

Gina Cross, Chief Operating Officer 

Malena Brookshire, Chief Financial Officer 

Syed Murshed, Acting Chief Information Officer 

Fernando Laguarda, General Counsel 

Jill Graham, Chief Risk Officer 

Rachel Turner, Audits and Investigations Program Manager 

Debra Thomas, Partner, RMA Associates LLC 

AmeriCorpsOIG.gov AmeriCorps 

Hotline@AmeriCorpsOIG.gov Office of Inspector General 

Hotline: 800-452-8210 250 E St., SW, Suite 4100 

Washington, DC 20525 

90
 

 

 

 

 

1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

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Independent Auditor’s Report 

To the Board of Directors, Chief Executive Officer, and Inspector General of AmeriCorps: 

Report on the Audit of the Financial Statements 

We were engaged by AmeriCorps’ Office of Inspector General to audit the accompanying financial 

statements of AmeriCorps’ Trust Fund, which comprise the balance sheet as of September 30, 

2022, the related statements of net cost and changes in net position, and the statement of budgetary 

resources for the fiscal year then ended, and the related notes to the financial statements (referred 

to herein as the financial statements). 

Disclaimer of Opinion 

Due to the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, 

we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit 

opinion. Accordingly, we do not express an opinion on the fiscal year 2022 financial statements. 

Basis for Disclaimer of Opinion 

AmeriCorps could not provide sufficient appropriate evidential matter to support the amounts in 

the financial statements due to inadequate processes, controls, and records to support transaction 

and account balances. As a result, we cannot determine the effect of the lack of sufficient 

appropriate audit evidence on AmeriCorps’ financial statements as of and for the year ended 

September 30, 2022. Due to the limitations described above, we were not able to perform the 

required tests of controls and compliance. Furthermore, the Trust Fund financial statements and 

accompanying notes as of and for the year ended September 30, 2022 (1) were not in accordance 

with U.S. Generally Accepted Accounting Principles (U.S. GAAP), (2) were not in compliance 

with the Office of Management and Budget (OMB) Circular No. A-136, Financial Reporting 

Requirements, (OMB A-136), and (3) had mathematical errors and inconsistencies. 

Other Matter 

The financial statements of the prior period were engaged to be audited by a predecessor auditor. 

The predecessor auditor issued a disclaimer of opinion as of and for the year ended September 30, 

2021. The predecessor auditor report was dated November 12, 2021. 

Responsibilities of Management for the Financial Statements 

Management is responsible for the preparation and fair presentation of the financial statements in 

accordance with accounting principles generally accepted in the United States of America, and for 

the design, implementation, and maintenance of internal control relevant to the preparation and 

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fair presentation of financial statements that are free from material misstatement, whether due to 

fraud or error. 

Auditor's Responsibilities for the Audit of the Financial Statements 

Our responsibility is to express an opinion on these financial statements based on conducting the 

audit in accordance with the U.S. generally accepted auditing standards; the standards applicable 

to financial audits contained in the Government Auditing Standards, issued by the Comptroller 

General of the U.S.; and OMB Bulletin No. 22-01, Audit Requirements for Federal Financial 

Statements. Because of the matters described in the Basis for Disclaimer of Opinion paragraph, 

however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an 

audit opinion. 

Required Supplementary Information 

Accounting principles generally accepted in the United States of America require management’s 

discussion and analysis be presented to supplement the basic financial statements. Such 

information is the responsibility of management and, although not a part of the basic financial 

statements, is required by the Federal Accounting Standards Advisory Board (FASAB), who 

considers it to be an essential part of financial reporting for placing the basic financial statements 

in an appropriate operational, economic, or historical context. 

We were unable to apply certain limited procedures to the required supplementary information in 

accordance with auditing standards generally accepted in the United States of America because 

we were not provided with the information timely. We do not express an opinion or provide any 

assurance on the information. 

Other Information 

Management is responsible for the other information presented in the Annual Management Report. 

The Message from the Chief Executive Officer and Other Information are presented for purposes 

of additional analysis and are not a required part of the basic financial statements. Such information 

has not been subjected to the auditing procedures applied in the audits of the financial statements, 

and we do not express an opinion or any form of assurance thereon. 

In connection with our engagement to audit the basic financial statements, our responsibility is to 

read the other information and consider whether a material inconsistency exists between the other 

information that otherwise appears to be materially misstated. If, based on the work performed, 

we conclude that an uncorrected material misstatement of the other information exists, we are 

required to describe it in our report. 

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Other Reporting Required by Government Auditing Standards 

Report on Internal Control over Financial Reporting 

In accordance with Government Auditing Standards, we are required to report material weaknesses 

and significant deficiencies. A deficiency in internal control exists when the design or operation 

of a control does not allow management or employees, in the normal course of performing their 

assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material 

weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a 

reasonable possibility that a material misstatement of the financial statement will not be prevented 

or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a 

combination of deficiencies, in internal control that is less severe than a material weakness, yet 

important enough to merit the attention of those charged with governance. 

Our consideration of internal control was for the limited purpose described in the first paragraph 

of this section and was not designed to identify all deficiencies in internal control that might be 

material weaknesses or significant deficiencies and therefore, material weaknesses or significant 

deficiencies may exist that were not identified. However, as described in Exhibit I and Exhibit II, 

we identified certain deficiencies in internal control that we consider to be material weaknesses 

and a significant deficiency, respectively. The status of prior year recommendations is in Exhibit 

III. 

Furthermore, we were not able to perform the applicable tests of controls due to the aforementioned 

scope limitation and inability to obtain sufficient appropriate audit evidence to enable us to express 

an opinion on the financial statements. 

Report on Compliance and Other Matters 

In connection with our engagement to audit the basic financial statements, we considered 

AmeriCorps’ compliance with certain provisions of laws, regulations, contracts, and grant 

agreements, noncompliance with which could have a direct and material effect on the financial 

statements. However, providing an opinion on compliance with those provisions was not an 

objective of our engagement, and accordingly, we do not express such an opinion. 

Furthermore, we were not able to perform the applicable tests of compliance due to the 

aforementioned scope limitation and inability to obtain sufficient appropriate audit evidence to 

enable us to express an opinion on the financial statements. 

Management’s Response to Audit Findings and Recommendations 

AmeriCorps’ Response to Audit Findings and Recommendations comments can be found in 

Exhibit IV. AmeriCorps did not express concurrence or nonoccurrence to our findings and 

recommendations. AmeriCorps’ response was not subject to the auditing procedures applied in the 

audit of the financial statements and, accordingly, we express no opinion on it. 

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The Purpose of the Other Reporting Required by Government Auditing Standards 

The purpose of the communication described in the Other Reporting Required by Government 

Auditing Standards section of this report is solely to describe deficiencies we consider to be 

material weaknesses and significant deficiencies, the scope of our testing of compliance and results 

of that testing, and not to provide an opinion on compliance. Accordingly, this communication is 

not suitable for any other purpose. 

Arlington, VA 

November 18, 2022 

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Exhibit I – Material Weaknesses 

I. Knowledge Gap throughout Financial Management Operations (New) 

The recurring annual disclaimer of opinion on AmeriCorps’ financial statements and the repeat 

material weaknesses are indicative of knowledge gaps at all levels of AmeriCorps’ financial 

management operation. Management has not demonstrated adequate knowledge and 

understanding of (1) Federal accounting standards, U.S. GAAP promulgated by FASAB, (2) 

Federal financial reporting requirements provided by OMB A-136, (3) effective financial 

management practices (i.e., people, processes, and systems), and (4) the internal control 

environment necessary to mitigate the associated risks. Without the proper subject matter experts 

that can assist in creating sustainable processes and systems that operate effectively in a U.S. 

GAAP-compliant environment, AmeriCorps is unable to develop, implement, and execute an 

effective internal control environment, which includes people, processes, and systems. 

Furthermore, AmeriCorps inability to invest sufficient resources to recruit, train, and retain 

financial management personnel at all levels with the requisite knowledge, skill, and experience 

in sound financial management has led to its (1) ineffective operations, (2) repeat deficiencies in 

internal control, and (3) inadequate processes to address changes to accounting standards issued 

by FASAB and reporting requirements provided by OMB. Without sound financial management, 

AmeriCorps cannot report accurately to Congress, the public, and other stakeholders about its 

stewardship of Federal funds and credibly hold grantees accountable for their financial 

management practices. 

We recommend AmeriCorps: 

1. Complete a detailed performance diagnostic and gap analysis on AmeriCorps’ financial 

management personnel, processes, and systems, including a root cause analysis, and then 

develop, design, and implement a plan toward short- and long-term goals. (New) 

2. Perform intermediate assessments of the effectiveness of its executed plans and final 

evaluations of its financial management operations to ensure desired results are achieved. 

(New) 

3. Recruit financial leaders with relevant Federal financial management capabilities. (New) 

4. Implement core and specialized training to develop competencies in internal control and 

financial management, including the development of hands-on workshops to address existing 

and future standards and financial management and reporting requirements. (New) 

II. Internal Controls Program (FMFIA) (Modified Repeat) 

An effective system of internal control is necessary to provide reasonable assurance that a 

Federal entity conducts its programmatic activities effectively and efficiently, has a reliable 

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financial reporting system, and complies with applicable laws and regulations. Without a fully 

functional internal controls program, AmeriCorps might not meet its financial, programmatic, 

and compliance objectives. Establishing internal controls that meet Federal standards is a core 

responsibility of the management of a Federal agency, as required by the Federal Managers 

Financial Integrity Act of 1982 (FMFIA), OMB Circular No. A-123, Management’s 

Responsibility for Enterprise Risk Management and Internal Control, (OMB A-123), and GAO's 

Standards for Internal Control in the Federal Government (GAO Green Book). In management’s 

statement of no assurance dated October 28, 2022, AmeriCorps acknowledged that its system of 

internal controls does not currently provide the necessary level of assurance in any of the three 

required areas. 

Although AmeriCorps made some improvements in developing and monitoring Corrective 

Action Plans (CAPs) and hired additional resources to help support financial operations, 

AmeriCorps continues to have internal control deficiencies. More specifically: 

• As management recognized, AmeriCorps lacked the capacity to effectively implement all its 

CAPs during FY 2022 sufficiently to resolve the nine material weaknesses and one 

significant deficiency reported in the prior year’s audit report. 

• AmeriCorps did not conduct tests of design and effectiveness to ensure its CAPs resolved 

the prior year’s findings. 

• AmeriCorps advised that it had completed CAPs for material weaknesses, but the new 

controls and revised procedures intended to address the prior year’s identified issues did not 

remedy them. 

• AmeriCorps’ entity-level control risk assessment is not consistent with the prior years’ audit 

results nor with observations of the current year’s results. AmeriCorps rated 15 of the 17 

entity-level control principles as medium risk and two as high risk. We disagree with some 

of these ratings: 

o Medium Risk - Principle 9 – Identify, Analyze, and Respond to Changes that could 

impact the internal control system.

1 AmeriCorps did not originally appreciate the 

magnitude of the risks associated with the data migration to the Administrative Resource 

Center (ARC) within the U.S. Treasury Department’s Bureau of Fiscal Services, such as 

interface issues between Momentum and Oracle, and did not devote the necessary level 

of effort and resources to clean-up and support financial information prior to the 

migration. These difficulties, which AmeriCorps knew of by FY 2022, plus the delays in 

implementing changes to the Trust Model, Grant Accrual, and Accounts Payable 

methodologies, together contributed substantially to this year’s disclaimer. Accordingly, 

we do not see how this principle could reasonably be regarded as medium risk. 

o Medium Risk - Principle 17 – Management remediates identified internal control 

deficiencies on a timely basis.

2 The repeated material weaknesses and disclaimer status 

since FY 2017 demonstrate that internal control deficiencies are not being remediated in 

a timely manner. The likelihood and impact of this risk are both extremely high. 

1 GAO’s Standards for Internal Control in the Federal Government (GAO Green Book), Section 9.01 2 GAO’s Standards for Internal Control in the Federal Government (GAO Green Book), Section 17.01 

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We recommend AmeriCorps: 

5. Develop a process to understand the root causes and conditions behind each control 

deficiency and the discrepancies between the control deficiencies identified by AmeriCorps’ 

internal control testing and those reported by the external auditors. The document should 

consider the information presented to the Risk Management Council and their decisions, as 

well as any other considerations used in determining the classification of the control 

deficiency. Furthermore, this understanding should be used to develop and implement CAPs 

to address the deficiencies. (Modified Repeat) 

6. Require each department head to be responsible and accountable for timely developing and 

implementing CAPs and require each department’s staff to test the design and effectiveness 

of each CAP as implemented to ensure that it achieves the desired results. (New) 

7. Revise the Business Process Narratives to incorporate significant changes in the current 

financial and control environment. (New) 

III. Financial Reporting (Modified Repeat) 

OMB A-123 requires agency management to establish and maintain internal controls to achieve, 

among other objectives, reliable financial reporting. All aspects of AmeriCorps’ operations roll 

into its financial reporting and affect AmeriCorps’ ability to produce reliable financial statements 

and disclosures. AmeriCorps’ process for preparing and reviewing its financial statements 

continues to lack sufficient controls, and AmeriCorps did not produce financial information in a 

timely manner. When combined, the following deficiencies give rise to a material weakness in 

financial reporting: 

(1) Financial statements and accompanying notes were not prepared in accordance with U.S. 

GAAP, 

(2) Financial statements and accompanying notes were not prepared in compliance with the 

OMB A-136, 

(3) AmeriCorps did not provide sufficient quality control review and validation processes to 

identify inaccurate and abnormal balances on the financial statements, 

(4) The final draft of the Annual Management Report (AMR) was provided the late afternoon, 

November 14, 2022, which is the day before it was due with continued mathematical errors, 

inaccuracies, and prior year amounts that did not agree, and 

(5) AmeriCorps did not verify that its note disclosures were complete and accurate. 

A. Preparing and Reviewing Financial Reports (Modified Repeat) 

AmeriCorps failed to correct errors identified and communicated by the auditors relating to 

its June 30, 2022, Trust Fund financial statements and some of the same errors continued to 

exist in the Draft September 30, 2022, Trust Fund financial statements provided for audit. 

Therefore, AmeriCorps’ draft Trust Fund financial statements and accompanying notes as of 

and for the year ended September 30, 2022 were not in accordance with U.S. GAAP nor in 

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compliance with OMB A-136. More specifically, AmeriCorps financial statements and 

accompanying notes had prior year balances that did not agree with the reported prior year 

financial statements, balances that did not agree with provided evidential matter, note 

disclosures that were missing, incomplete, inaccurate, or incorrect and misleading, 

mathematical errors, and formatting errors. 

For example, the following required note disclosures were missing on the Draft Trust Fund 

financial statements: 

• Liabilities Not Covered by Budgetary Resources 

• Commitments and Contingencies 

• Unobligated Balances Brought Forward 

• Undelivered Orders 

• Reconciliation of Net Cost to Net Outlays 

• Classified Activities 

Additionally, AmeriCorps did not properly present financial information and identify errors 

in its Trust Fund financial statements and accompanying notes. For instance: 

• The Statement of Net Cost reported an abnormal balance of $(42.5) million in gross cost 

for the period ended June 30, 2022. AmeriCorps provided no explanation of why the 

abnormal balance existed. Additionally, this amount did not agree with the balance 

reported in Note 4, Trust Service Award Liability. 

• The Statement of Changes in Net Position was mathematically incorrect because the 

balance for Donations was omitted from the statement. 

• The Statement of Budgetary Resources improperly reported the financial statement line 

item ‘Disbursements, net.’ This financial statement line-item only reports non-budgetary 

credit reform financing activity, which is not applicable to AmeriCorps. 

• Certain balances and line items in the financial statement did not agree with the trial 

balance provided as of and for the year ended September 30, 2022. 

• Note 4, Trust Service Award Liability (1) misstated the amount of authority received for 

the year ended September 30, 2022; (2) did not agree with the amount reported in the 

Balance Sheet as of June 30, 2022, which was an $86.2 million difference. 

• AmeriCorps’ note disclosure stated that the financial statements were reclassified but did 

not annotate which financial statements and notes were reclassified. Additionally, the 

reclassified narrative stated that certain “FY 2023 and FY 2022” balances have been 

reclassified.” This disclosure is inaccurate as AmeriCorps has not yet reported its FY 

2023 balances, nor are the FY 2022 financial statements reclassified since they have not 

yet been reported. 

B. Adequate Support for Financial Information in a Timely Manner (Modified Repeat) 

Similar to prior years, AmeriCorps continued to struggle throughout FY 2022 in preparing, 

reviewing, and providing documentation to support its reported financial activity. In some 

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cases, the information was not provided timely or completely, and in others, it was not 

provided. For example: 

• AmeriCorps did not provide a fluctuation analysis for its Trust Fund financial activity 

during FY 2022. 

• AmeriCorps reported ‘Unapportioned, Unexpired Accounts’ of approximately $200 

million for the year ended September 30, 2022. AmeriCorps was unable to provide 

evidential matter to substantiate the reported balance. 

• AmeriCorps did not reconcile its abnormal balances reported in the Government-wide 

Account (GWA) Statements. Specifically, the GWA Statement reported the following 

abnormal balances: 

o Gross Disbursements as of June 30, 2022 and September 30, 2022 reported abnormal 

balances of ($132.1) million and ($89.1) million, respectively. 

o Offsetting Collections as of September 30, 2022 reported an abnormal balance of 

($205.9) million. 

• A significant number of reclassification issues were identified between the Central 

Accounting Reporting System (CARS) and the Oracle system relating to the use of 

incorrect Business Event Transaction Codes (BETC)3

. Specifically, we noted material 

differences between the amounts recorded in CARS and Oracle related to the authority 

and transfers for $340.0 million, gross disbursements, and offsetting collections for 

$205.9 million. 

• AmeriCorps’ current process over the SF 132, Apportionment and Reapportionment 

Schedule, to SF 133, Report on Budget Execution and Budgetary Resources, 

reconciliation, is not adequately documented to ensure amounts are consistent and 

accurate. 

We recommend AmeriCorps: 

8. Develop and implement effective controls, including a quality assurance process, 

necessary to ensure that: (New) 

a. accounting and reporting are in accordance with U.S. GAAP and financial 

information is presented in compliance with OMB A-136. 

b. account balances are accurate as of and through the reporting period. 

c. the proper validation, review, and approval over financial reporting and the AMR 

compilation. 

9. Develop, identify, and make available the training necessary to ensure that staff obtain 

and update the skills necessary to ensure compliance with: (New) 

a. FASAB concepts and accounting standards. 

b. OMB A-123. 

c. OMB A-136. 

d. GAO Disclosure checklist. 

3 Business Event Type Code (BETC) indicates the type of activity being reported for a specific transaction (e.g., 

disbursements, payments, collections, borrowing, refund, etc.). 

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e. Treasury’s U.S. Standard General Ledger annual update. 

f. the correct use of the BETC code when submitting transactions to Treasury. 

IV. General Ledger Adjustments (Modified Repeat) 

AmeriCorps did not properly design and implement internal controls over manual journal entries 

and other adjustments to the General Ledger (GL). Management continues to rely heavily on 

journal entries (JEs) to correct financial reporting issues instead of addressing the root causes 

driving the need for many JEs. For the nine months ended June 30, 2022, AmeriCorps used JEs 

to record approximately $8.5 billion in transactions (absolute value). 

(Reported in millions) June 30, 2020 June 30, 2021 June 30, 2022 

Count of JEs 22 93 102 

Total $ Value of JEs $3,436.0 $6,320.2 $8,513.1 

While the large dollar transactions in FY 2020 may have been attributable to clean-up efforts 

preceding the conversion to shared services, the use of manual journal entries continues to be 

substantial following the migration. 

Therefore, the prior audit recommendations in Exhibit III remain open and unimplemented. 

We recommend AmeriCorps: 

10. Develop and implement financial reporting internal controls to analyze and address the root 

causes of the need for journal entries and the corrective actions in financial management 

systems to reduce the necessity of future journal entries. (New) 

V. Trust Obligations and Liability Model (Modified Repeat) 

The National Service Trust holds the funds set aside to pay the education awards of national 

service members who successfully complete their service terms. Responsibility for the education 

awards that have been earned or will be earned in the near future is the largest liability on 

AmeriCorps’ financial statements at $340 million. The liability is estimated based on historical 

data, including the number of filled member slots, the percentage of numbers who earn an 

education award by successfully completing their service terms, the rate and time at which 

members use the education awards that they have earned, and similar factors. In first quarter of 

FY 2019, AmeriCorps began to apply a new actuarial model (the Trust Obligation Liability 

Model or TOLM) to the member data. Although AmeriCorps originally committed to perform 

data validation in the third quarter of 2023, the validation is not scheduled to be completed until 

FY 2024. Further, management advised that the methodology is subject to change after the 

agency conducts its data validation, depending on the results. 

We recommend AmeriCorps: 

11. Verify and validate the underlying input data to the TOLM. (New) 

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12. After the verification and validation, reassess its assumptions and consider expanding the 

subjective elements of the calculation (i.e., those based on changes to the economy and the 

job market) to include changes in the way awards are utilized. (New) 

VI. Migration to Shared Service (Modified Repeat) 

Changes in conditions affecting the entity and its environment often require changes to the 

entity’s internal control system, as existing controls may not be effective for meeting objectives 

or addressing risks under changed conditions. Management analyzes the effect of identified 

changes on the internal control system and responds by revising the internal control system on a 

timely basis, when necessary, to maintain its effectiveness. Further, changing conditions often 

prompt new risks or changes to existing risks that need to be assessed. As part of analyzing and 

responding to change, management performs a risk assessment to identify, analyze, and respond 

to any new risks prompted by the changes. As part of the FY 2022 risk assessment, OCRO 

determined risks associated with the changes going to a shared service provider platform. 

However, management did not take action in response to the identified risks. AmeriCorps did 

not devote sufficient resources to complete general ledger account configuration and 

compatibility issues. Existing risks may require further assessment to determine whether the 

defined risk tolerances and risk responses need to be revised 

Therefore, the prior audit recommendations remain open and unimplemented. 

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Exhibit II – Significant Deficiency 

I. Information Technology Security Controls (Modified Repeat) 

AmeriCorps relies extensively on information technology (IT) systems to initiate, authorize, 

record, process, summarize and report financial transactions in the preparation of its financial 

statements. Internal controls over these financial and supporting operations are essential to 

ensure the integrity, confidentiality, and reliability of critical data while reducing the risk of 

errors, fraud, and other illegal acts. 

To balance high levels of service and reduce costs, AmeriCorps’ Office of Information 

Technology has outsourced the operation, maintenance, and support of most of its IT systems. 

This was also the second year that AmeriCorps outsourced its financial operations to a shared 

service provider. Shared service provider systems interface with Momentum for the purpose of 

retrieving grants management data from eSPAN. Outsourcing introduces special considerations 

and risks regarding the protection of information and information systems. Despite the 

outsourcing of IT systems, AmeriCorps, by law, retains responsibility for complying with the 

requirements of the security control implementation. 

With respect to AmeriCorps’ internal IT systems, we noted that certain new control activities 

have been introduced to address prior weaknesses. Examples include conducting background 

investigations and reinvestigations of current IT employees and enhancing physical access 

controls to safeguard personally identifiable information. 

Nevertheless, AmeriCorps continues to face challenges in the consistent implementation of its 

information security program and monitoring of security controls. We identified new and 

continued control weaknesses in the information security program that need to be addressed, 

most importantly pertaining to configuration management controls, including vulnerability 

management, access controls, and organization-wide risk management. 

Configuration Management 

• AmeriCorps did not resolve critical and high-risk vulnerabilities within the timeframes 

specified by its internal operating policies. As a result, vulnerabilities related to patch 

management, configuration management, and unsupported software continue to expose 

AmeriCorps’ network to critical and high-severity vulnerabilities. An independent 

penetration test performed by the OIG noted exploitable vulnerabilities that could 

compromise a complete system. The vulnerability could allow unauthorized access to the 

target's system, and there were no effective controls to identify malicious activities on the 

system. If an exploitable system were compromised, the malicious attacker could operate 

for an extended time without detection. In addition, testing showed an unacceptable number 

of users who succumbed to a phishing attempt by interacting with the content of a spam 

email. (Modified Repeat) 

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• AmeriCorps did not consistently maintain an up-to-date inventory of hardware assets 

connected to the network. Specifically, the required fields used to track the assets were not 

completed. (New) 

• Mobile Device Management System did not manage all mobile devices. The Mobile Device 

Management (MDM) software did not protect all its mobile devices. Also, of those mobile 

devices covered by the MDM, the security features to prevent the execution of unauthorized 

software were not implemented. Security and operating system updates were not updated 

within a prescribed period, and users were not prevented from installing/downloading 

unauthorized software on their official mobile devices. (Modified Repeat) 

Access Control 

• AmeriCorps did not consistently implement mandatory enforcement of Personal Identity 

Verification (PIV) multifactor4 for all privileged and non-privileged users. (Modified 

Repeat) 

Security Management 

• AmeriCorps did not develop, document, and communicate an overall Supply Chain Risk 

Management strategy, implementation plan, and related policies and procedures to guide and 

govern supply chain risk management activities. (Repeat) 

• AmeriCorps did not ensure individuals with access to personal identifiable information (PII) 

completed annual privacy-role-based training. (Repeat) 

• AmeriCorps did not consistently implement its policies, procedures, and processes to manage 

the cybersecurity risks associated with operating and maintaining its information systems. 

Specifically, AmeriCorps did not perform an annual assessment, including security and 

privacy controls and risk assessment for one of the four systems selected for testing in 

accordance with its policies. The most recent security control assessment and risk assessment 

for Momentum was conducted in January 2021. (New) 

Contingency Planning 

• AmeriCorps did not update the Continuity of Operations Plan (COOP) within its annual 

review process. The last version of COOP was in 2020. (New) 

Many of these weaknesses can be attributed to inconsistent enforcement of the agency-wide 

information security program across the enterprise partly caused by the turnover in personnel 

and leadership changes. These deficiencies can increase the risk of unauthorized access to 

AmeriCorps’ systems used to capture, process, and report financial transactions and balances. 

Effective system security begins with strong governance, including agency-level oversight and 

controls monitoring of AmeriCorps’ field offices. This includes ensuring accountability within 

the Office of Information Technology leadership for accomplishing milestones and achieving 

4 Multifactor authentication requires two or more credentials when logging on to information systems. Credentials include something an individual 

knows, such as a password, and something an individual possess, such as a PIV card or fingerprint. 

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measurable results in support of a strategy to achieve an effective level of information security 

at AmeriCorps. 

By not effectively implementing and enforcing IT policies and procedures and working towards 

automation, continuous monitoring, and consistent application of controls, there is an increased 

risk that financial information and PII may be inadvertently or deliberately misused and may 

result in improper disclosure or theft without detection. Without remediating all significant 

security vulnerabilities, systems could be compromised resulting in potential harm to the 

confidentiality, integrity, and availability of AmeriCorps’ financial and sensitive data. 

Therefore, the prior audit recommendations in Exhibit III remain open and unimplemented. 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Exhibit III – Status of Prior Year Recommendations 

AmeriCorps’ latest full scope Trust financial statement audit was in fiscal year 2019. As there was no Trust financial statement audit 

conducted in FY 2020, we are presenting the status of FY 2019 recommendations in FY 2021. The scope of the audit in FY 2021 was 

limited, and we are also presenting the status of FY 2021 recommendations in FY 2022. These open recommendations were not 

duplicated as recommendations in the report on internal control and report on compliance (reports). The modified repeat 

recommendations in FY 2022 were recommendations from FY 2019 and FY 2021 but were adapted to the FY 2021 results. The summary 

of the status of the FY 2019 and FY 2021 Trust financial statement audit recommendations in FY 2022 is in Table 1. The detail of each 

FY 2019 recommendation is presented in Table 2 and the detail of each FY 2021 recommendation is presented in Table 3. 

Table 1: Summary of the Status of FY 2019 and FY 2021 Trust Financial Statement Audit Recommendations in FY 2022 

Status in FY22 

Count of 

Recommendations 

in FY19 

FY19 Audit Trust Report 

Recommendation Number 

Count of 

Recommendations 

in FY21 

FY21 Audit Trust Report 

Recommendation Number 

Recommendation Closed 4 2, 7, 13, 14 2 5, 8 

Open and Modified Repeat 

Recommendations 

25 11 

Total: 29 13 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Table 2: Status in FY 2022 and Detail Description of Each Recommendation from FY 2019 Financial Statement Audit 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

Material 

Weakness 

Internal 

Control 

Program 

(FMFIA) 

2 (2) 

Provide training to AmeriCorps officials participating in the entity-level control 

assessment to ensure that they have a full understanding of the internal control 

principles and how these principles relate to their operations. The training shall 

also address how the outstanding audit recommendations concerning their 

operations should be considered when assessing the entity-level controls. 

Closed 

7 (8) 

Update AmeriCorps Standard Operating Procedure: Statement on Standards for 

Attestation Engagements (SSAE) 18 Report Review to explain how AmeriCorps 

will address the SSAE 18 audit reporting gaps for its external systems’ service 

providers and establish time requirement for conducting the SSAE 18 report 

reviews. 

Closed 

Material 

Weakness 

Financial 

System and 

Reporting 

9 (10) 

Develop comprehensive policies and procedures for the financial statements 

preparation process and related internal controls. The policies and procedures 

should address, among other subjects: 

a. The process to determine and document AmeriCorps balance fluctuation 

expectations. Expectations should be documented based on a combination of 

internal and external operating factors, and program and financial relevant 

information available. 

b. The materiality threshold used to determine significant balance fluctuations that 

require further research should be more conservative than that used by external 

auditors. 

c. Detailed process to research significant balance fluctuations. AmeriCorps 

should research and explain all significant balance fluctuations at the account 

and transaction level. Maintain and have the supporting documentation readily 

available. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

d. Research and retain supporting documents required for any identified account 

balance differences derived from its abnormal balance review or the tie point 

analysis. 

e. Address fatal and non-fatal Government-wide Treasury Account Symbol Trial 

Balance edit failures. 

f. Address all balance differences and retain supporting documentation of related 

research. 

g. Document and maintain support for all prior period adjustments and changes to 

Net Position accounts, Cumulative Result of Operations, and Unexpended 

Appropriations. 

10 (11) 

Monitor outstanding balances resulting from financial system configuration issues 

and fix these issues prior to data migration to the future shared service provider 

(Department of Treasury’s Administrative Resource Center) in FY 2021. While 

waiting to transition, AmeriCorps should strengthen its current trial balance review 

including tie-point analysis and review of abnormal balances. 

Repeat – MW 

Open Recommendation 

11 (12) 

Coordinate with the future shared service provider to ensure that its accounting 

platform is compatible with AmeriCorps’ operations and the type of accounting 

transactions that the AmeriCorps process. 

Repeat – MW 

Open Recommendation 

12 (13) 

Develop a plan to clean up AmeriCorps’ balances prior to migration to the shared 

service provider’s system (Department of Treasury’s Administrative Resource 

Center). The plan should include coordination with the future service provider to 

review AmeriCorps’ balances in detail to ensure they are properly supported and 

can be mapped into the Administrative Resource Center’s platform. Maintain all 

documentation regarding meeting minutes and any mapping of account balances 

developed as part of the migration effort. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

13 (14) Complete its efforts to be fully compliant with the Office of Management and 

Budget Circular No. A-11, Preparing, Submitting, and Executing the Budget. Closed 

14 (15) 

Provide mandatory training to AmeriCorps accounting staff on the proper use of 

object class, sub general ledger accounts, and document/transaction types on all 

obligation and expense transactions. 

Closed 

15 (16) Validate and ensure Journal entries are properly supported, documented, and are 

readily available for examination. 

Repeat – MW 

Open Recommendation 

16 (17) 

Strengthen coordination between Accounting and Financial Management Services 

and the Office of Budget to ensure that transactions are recorded accurately and 

timely. 

Repeat – MW 

Open Recommendation 

17 (18) 

Develop and implement policies and procedures for the Journal entries (JE) process 

that include: 

a. tracking the sequence of JEs for completeness; 

b. appropriate use of JEs; 

c. determining and maintaining relevant documentation to support each JEs; 

d. use of specific and accurate JE descriptions; and 

e. timely review and approval of JEs for accuracy and propriety. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Trust 

Obligations 

and 

Liability 

Model 

20 (21) 

Complete the Trust Accounting Handbook to clearly reflect the assumptions used 

in the Trust Obligation and Liability Model and the Monthly Obligation and 

Liability Calculator, including establishing control activities; finalize materiality 

thresholds applied; update accounting transactions, and clearly identify periods 

when adjustments will be made regardless of materiality. 

Repeat – MW 

Open Recommendation 

21 (22) 

Develop for a more standardized, secure, and automated method to estimate the 

Trust obligations and Trust Service Award Liability that ensures minimal human 

errors. As part of the ongoing AmeriCorps’ transition to shared service, coordinate 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

with the service provider to determine methods that would enhance the security and 

quality of the existing estimation models. 

22 (23) 

Strengthen controls to ensure the Trust modeling is performed by trained personnel 

to: 

a. Conduct detailed analysis and validation of data sources. 

b. Review and ensure the reasonableness of assumptions used and document the 

rationale behind estimation assumptions. 

c. Consider changes in conditions or programs that require further research and 

analysis. Update the assumptions when necessary. 

d. Compare estimates with subsequent results to assess the reliability of the 

assumptions and data used to develop estimates. 

Repeat – MW 

Open Recommendation 

23 (24) 

Document and implement policies and procedures to include the following: 

a. establish a thorough and robust quality control process to ensure that the Trust 

Obligation and Liability Model (TOLM) and Monthly Obligation and Liability 

Calculator (Calculator) are reviewed by qualified AmeriCorps personnel prior 

to relying on its outputs to record transactions. All errors identified for which 

management ultimately decided against making updates to the TOLM or 

Calculator should be documented along with an explanation as to how 

management arrived at the final decision; 

b. perform monthly reviews and reconciliations of the recorded new and 

outstanding obligations to ensure the accounting information is valid and proper; 

review obligation amounts to ensure amounts accurately reflect the status of the 

obligation; 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

c. review obligations to verify that amounts, timeframe (i.e., grant dates are 

correctly reflected in the obligation); 

d. ensure obligations are sufficiently supported (i.e., by documentary evidence); 

and 

e. perform complete reconciliations of all outstanding obligations monthly, and 

ensure any discrepancies identified are promptly researched and resolved. 

24 (25) 

Coordinate with the Office of the Chief Risk Officer (OCRO) to properly identify 

the National Service Trust Fund’s financial reporting risks and incorporate those 

risks into the OCRO’s annual testing of key controls. 

Repeat – MW 

Open Recommendation 

25 (26) 

Develop a succession plan to ensure the required expertise is available in 

anticipation of planned employee turnover, particularly with respect to the complex 

trust calculations. AmeriCorps needs to: 

a. Train, mentor, and work to retain qualified employees; 

b. Cross-train employees so that knowledge of the model will reside with multiple 

staff rather than with one person; and 

c. Implement a peer review process to carry out the necessary quality control 

reviews of the Trust Obligation and Liability Model and the Monthly Obligation 

and Liability Calculator. 

Repeat – MW 

Open Recommendation 

Significant 

Deficiency 

(SD) 

IT Security 

Controls 

26 (58) 

Develop a multi-year strategy to better strategically prioritize and allocate 

resources to address the new and continuing weaknesses identified and work 

towards automation, continuous monitoring, and consistent application of controls. 

Repeat – MW 

Open Recommendation 

27 (59) 

Enforce the agency-wide information security program across the enterprise and 

improve performance monitoring to ensure controls are operating as intended at all 

facilities. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

28 (60) 

Strengthen and refine the process for communicating AmeriCorps facility-specific 

control deficiencies to AmeriCorps facility personnel, and coordinate remediation 

of the control deficiencies. 

Repeat – MW 

Open Recommendation 

29 (61) 

Strengthen and refine the process for holding system owners and information 

system security officers accountable for remediation of control deficiencies and 

ensuring that the appropriate security posture is maintained for AmeriCorps 

information systems. 

Repeat – MW 

Open Recommendation 

30 (62) Strengthen and refine the process for holding contractors accountable for 

remediation of control deficiencies in AmeriCorps information systems. 

Repeat – MW 

Open Recommendation 

31 (63) Implement all detailed recommendations in the FY 2019 FISMA Evaluation report. Repeat – MW 

Open Recommendation 

32 (70) Develop, implement, and document procedures to identify all AmeriCorps grantees 

that are required to submit single audit reports with their due dates. 

Repeat – NonCompliance 

Open Recommendation 

NonCompliance 

Single 

Audit 

Compliance 

33 (71) 

Develop, implement, and document procedures on timely follow-up for those 

grantees whose audits have become past due, and to ascertain why report 

submission was late, when the audit report will be submitted to the Federal Audit 

Clearinghouse, and what corrective action has been taken to prevent a report 

submission delay in future. 

Repeat – NonCompliance 

Open Recommendation 

34 (72) Develop a practice to capture the single audit data to assess the effectiveness of the 

single audit report submission for all its grantees. 

Repeat – NonCompliance 

Open Recommendation 

35 (73) 

Develop and implement and document procedures for implementing Office of 

Budget and Management (OMB) approved single audit report submission 

extensions, so that OMB approved extension approvals are documented and 

tracked as part of the single audit monitoring process. 

Repeat – NonCompliance 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

 FY19 

Audit 

Report 

Finding 

Area 

FY19 Trust 

Audit Report 

Rec. Number 

(FY 19 

Consolidated 

FS Report 

Recommendati 

on Number) 

Recommendation Description 

Status of FY19 

Recommendations in 

FY22 

36 (74) 

Update the Single Audit Resolution Policy to: 

• Reflect the current monitoring process to track all audit findings related to 

AmeriCorps-funded grants, and 

• Address AmeriCorps’ responsibilities as the cognizant/oversight agency and 

how these responsibilities would be carried out. 

Repeat – NonCompliance 

Open Recommendation 

37 (75) 

Develop and implement procedures to monitor the effectiveness of the single 

audit monitoring process in accordance with the Uniform Grant Guidance, 2 Code 

of Federal Regulation §200.513 Responsibilities, (a) (3) (iv), related to 

monitoring the effectiveness of single audit findings follow-up and the 

effectiveness of single audits in improving grantee accountability and in their use 

by AmeriCorps in making award decisions. 

Repeat – NonCompliance 

Open Recommendation 

Table 3: Status in FY 2022 and Detail Description of Each Recommendation from FY 2021 Financial Statement Audit 

FY 2021 

Audit 

Report 

Finding 

Area 

FY21 Trust 

Audit Report 

Rec. Number 

(FY21 

Consolidated 

FS Report Rec. 

Number) 

Recommendation Description 

Status of FY 2021 

Recommendations in 

FY 2022 

Material 

Weakness 1 (1) 

Perform a risk assessment over the current state of the conversion to ARC and work 

jointly with ARC, senior leadership, Office of Chief Risk Officer, and functional 

groups affected by the risk to develop a mitigation strategy and execute a realistic 

and properly designed corrective action plan. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

FY 2021 

Audit 

Report 

Finding 

Area 

FY21 Trust 

Audit Report 

Rec. Number 

(FY21 

Consolidated 

FS Report Rec. 

Number) 

Recommendation Description 

Status of FY 2021 

Recommendations in 

FY 2022 

Migration 

to Shared 

Service 

2 (2) 

Fix incorrect outstanding balances, missing data, and missing supporting contract 

documentation resulting from financial system configuration issues and ensure 

future interfaces with Oracle do not have the same issues. 

Repeat – MW 

Open Recommendation 

3 (3) 

Continue coordinating with ARC to ensure that its accounting platform is 

compatible with AmeriCorps’ operations and the type of accounting transactions 

that AmeriCorps processes. 

Repeat – MW 

Open Recommendation 

4 (4) 

Conduct a review of transactions processed in Momentum and already migrated to 

Oracle through interface or reported in Oracle using journal entries, to ensure that 

correct object class codes were applied. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 

Internal 

Controls 

Program 

(FMFIA) 

5 (5) 

For each material weakness and significant deficiency, develop an appropriate and 

actionable corrective plan (CAP) that specifies the interim steps for long-term 

CAPs, milestones and target completion dates, person(s) responsible for executing 

the corrective action and the resources available to assist, sufficient and appropriate 

documentation required, and quality review and approval process. 

Closed 

6 (6) 

Develop a process to explain the discrepancies between material weaknesses 

reported on the CEO Statement of Assurance and those identified by the external 

auditors, and document the explanation, as well as the basis for classifying internal 

control findings as either material weakness or significant deficiency. 

Modified Repeat – MW 

FY 22 Recommendation 

#5 

7 (8) 

Establish controls and training to ensure that each functional office/unit performs 

an independent assessment of internal controls to inform the CEO’s statement of 

assurance, even if unfavorable outcomes are expected. This proactive approach will 

promote the early detection of potential findings and allow for prompt remediation. 

Repeat – MW 

Open Recommendation 

Material 

Weakness 8 (9) 

Develop a strategic plan and corrective actions that will include steps and 

milestones to eventually achieve an audit opinion on AmeriCorps’ financial 

statement. The plan should align directly with and describes in detail the 

implementation plans, specific steps to be taken, resources to be devoted to 

implementation, responsible personnel and their assigned duties, clear 

Closed 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

FY 2021 

Audit 

Report 

Finding 

Area 

FY21 Trust 

Audit Report 

Rec. Number 

(FY21 

Consolidated 

FS Report Rec. 

Number) 

Recommendation Description 

Status of FY 2021 

Recommendations in 

FY 2022 

Financial 

System and 

Reporting 

accountability, project management and target dates to complete. It should also 

include a quality assurance plan to verify effective and timely implementation. 

9 (10) 

Develop and implement audit readiness procedures to ensure that audit information 

is complete, accurate, has undergone proper quality control procedures, and readily 

available or can be retrieved timely. The audit readiness procedures should include 

audit coordination protocol with ARC that clearly define roles and responsibilities 

of all parties involved in the process. 

Repeat – MW 

Open Recommendation 

10 (11) 

Develop comprehensive policies and procedures to document its financial 

statement preparation process. The policies and procedures should clearly delineate 

responsibilities among various members of the Accounting and Financial 

Management Service (AFMS) group and team leads and those performed by 

AmeriCorps’ shared services provider, clarifying the responsibility of AmeriCorps 

for the accuracy of the reported information. The policies and procedures should 

address the following aspects: 

a. The process to determine and document AmeriCorps’ balance fluctuation 

expectations based on a combination of internal and external operating factors, 

and program and financial relevant information available. 

b. Detailed process to research significant balance fluctuations. AmeriCorps 

should research and explain all significant balance fluctuations at the account 

Repeat – MW 

Open Recommendation 

and transaction level. Maintain and have the supporting documentation readily 

available. 

c. Research and retain supporting documents required for any identified account 

balance differences derived from its abnormal balance review or the tie point 

analysis. 

d. Address fatal and non-fatal Government-wide Treasury Account Symbol edit 

failures prior to GTAS certification. 

e. Document resolution for all balance differences and retain supporting 

documentation of related research. 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

FY 2021 

Audit 

Report 

Finding 

Area 

FY21 Trust 

Audit Report 

Rec. Number 

(FY21 

Consolidated 

FS Report Rec. 

Number) 

Recommendation Description 

Status of FY 2021 

Recommendations in 

FY 2022 

11 (12) 

Continue working with Administrative Resource Center to review and correct 

AmeriCorps’ balances in detail to ensure they are properly supported and that 

balances migrated to the ARC platform are complete, accurate, and reliable. 

Repeat – MW 

Open Recommendation 

12 (13) 

Strengthen its policies and procedures over the processing of JEs going forward 

now that AmeriCorps has transitioned to the shared service environment. The 

policies and procedures should cover the following: 

a. A process to track the sequence of JE transactions for completeness. 

b. A policy as to when it is appropriate to use a JE and approval procedures for JEs 

recorded to ensure segregation of duties. 

c. A requirement to provide a fact-specific description of the purpose of the JE, 

along with adequate supporting documentation. 

d. Documentation needed to support JEs and how it will be maintained. 

Repeat – MW 

Open Recommendation 

13 (14) Validate and ensure JEs are properly supported, documented, and are readily 

available for examination. 

Repeat – MW 

Open Recommendation 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

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Exhibit III – Status of Prior Year Recommendations 

G. MANAGEMENT’S RESPONSE TO AUDIT OF NATIONAL SERVICE

TRUST FUNDS FINANCIAL STATEMENTS (UNAUDITED) 

116
 

1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Exhibit IV – Management’s Response 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 26 

117
 

1005 N. Glebe Road, Suite 610 

Arlington, VA 22201 

Phone: (571) 429-6600 

www.rmafed.com 

Member of the American Institute of Certified Public Accountants’ Government Audit Quality Center 

Page 27 

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OFFICE OF INSPECTOR GENERAL 250 E St., SW, Suite 4100 

HOTLINE: 1.800.452.8210 Washington, DC 20525 HOTLINE@AmeriCorpsOIG.gov | AmeriCorpsOIG.gov 119
 

 

 

 

 

FINANCIAL SECTION (UNAUDITED)

H. NATIONAL SERVICE TRUST FUND FINANCIAL STATEMENTS 

(UNAUDITED) 

AmeriCorps 

National Service Trust Fund 

Balance Sheets 

As of September 30, 2022 and 2021 

(in thousands) 

Unaudited 

2022 

Unaudited 

2021 

Assets 

Intragovernmental 

Fund Balance with Treasury (Note 2) 

Investment, Net (Note 3) 

$ 353,063 

1,078,367 

$ 145,848 

1,011,223 

Total Intragovernmental 1,431,430 1,157,071 

Total Assets $ 1,431,430 $ 1,157,071 

Liabilities 

With the Public 

Trust Service Award Liability (Note 4) 

Total With the Public 

Total Liabilities $ 

339,761 

339,761 

339,761 $ 

355,824 

355,824 

355,824 

Net Position 

Cumulative Results of Operations 

Total Net Position 

$ 

$ 

1,091,669 

1,091,669 

$ 

$ 

801,247 

801,247 

Total Liabilities and Net Position $ 1,431,430 $ 1,157,071 

The accompanying notes are an integral part of these statements. 

120
 

 

FINANCIAL SECTION (UNAUDITED)

AmeriCorps 

National Service Trust Fund 

Statements of Net Cost 

For the Years Ended September 30, 2022 and 2021 

(in thousands) 

Unaudited 

2022 

Unaudited 

2021 

Gross Program Costs: 

VISTA 

Gross Costs $ 11,989 $ 5,543 

Less: Earned Revenue - -

Net Program Costs $ 11,989 $ 5,543 

NCCC 

Gross Costs 

Less: Earned Revenue 

$ 729 

-

$ 880 

-

Net Program Costs $ 729 $ 880 

STATE AND NATIONAL 

Gross Costs 

Less: Earned Revenue 

$ 88,044 

(6,112) 

$ 40,710 

(930) 

Net Program Costs $ 81,932 $ 39,780 

Net Cost of Operations $ 94,650 $ 46,203 

The accompanying notes are an integral part of these statements. 

121
FINANCIAL SECTION (UNAUDITED)

AmeriCorps 

National Service Trust Fund 

Statements of Changes in Net Position 

For the Years Ended September 30, 2022 and 2021 

(in thousands) 

Unaudited 

2022 

Unaudited 

2021 

 

 

 

 

Cumulative Results of Operations: 

Beginning Balances $ 801,247 $ 644,070 

Donations and Forfeitures of Cash and Cash 

Equivalents 

Transfers In/Out Without Reimbursement 

Net Cost of Operations 

$ 23 

385,049 

(94,650) 

$ -0-

203,380 

(46,203) 

Net Change in Cumulative Results of 

Operations $ 290,422 $ 157,177 

Cumulative Results of Operations - Ending $ 1,091,669 $ 801,247 

Net Position $ 1,091,669 $ 801,247 

The accompanying notes are an integral part of these statements. 

122
FINANCIAL SECTION (UNAUDITED)

AmeriCorps 

National Service Trust Fund 

Statements of Budgetary Resources 

For the Years Ended September 30, 2022 and 2021 

(in thousands) 

Unaudited 

2022 

Unaudited 

2021 

Budgetary Resources: 

Unobligated balance from prior year budget authority, net 

(Note 6) $ 538,713 $ 365,281 

Appropriations 386,504 354,472 

Total Budgetary Resources $ 925,217 $ 719,753 

Status of Budgetary Resources: 

New obligations and upward adjustments (total) $ 272,946 $ 99,180 

Apportioned, unexpired accounts 

Unapportioned, unexpired accounts 

Unexpired unobligated balance, end of year 

452,353 

199,918 

652,271 

140,070 

480,503 

620,573 

Total Budgetary Resources $ 925,217 $ 719,753

Outlays, Net and Disbursements, Net: 

Outlays, net (total) 

Agency outlays, net 

$ 116,802 $ 129,604 

$ 116,802 $ 129,604 

The accompanying notes are an integral part of these statements. 

123
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL SECTION (UNAUDITED)

I. NOTES TO NATIONAL SERVICE TRUST FUND FINANCIAL 

STATEMENTS (UNAUDITED) 

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (UNAUDITED) 

A. Reporting Entity 

AmeriCorps provides opportunities for Americans to make an ongoing, intensive 

commitment to service through the following programs: 

• AmeriCorps State and National, 

• AmeriCorps VISTA, 

• AmeriCorps NCCC, 

• AmeriCorps State Service Commission Support Grants (State Commission 

Support), and 

• AmeriCorps Seniors. 

B. Mission of the Reporting Entity 

AmeriCorps was created by the National and Community Service Trust Act of 1993 

(Public Law 103-82). AmeriCorps’ mission is to improve lives, strengthen communities, 

and foster civic engagement through service and volunteering. To meet its mission, 

AmeriCorps provides grants and other assistance to states, local communities, and 

nonprofit organizations to help communities meet critical challenges in the areas of 

education, healthy futures, environmental stewardship, economic opportunity, disaster 

services, and assisting veterans and military families through volunteer service. 

C. Basis of Presentation 

The financial statements have been prepared to report the financial position and results 

of operations of AmeriCorps. The Balance Sheet presents the financial position of the 

agency. The Statement of Net Cost presents the agency’s operating results. The 

Statement of Changes in Net Position displays the changes in the agency’s net position,

which results from changes to Unexpended Appropriations and Cumulative Results of 

Operations. The Statement of Budgetary Resources presents the sources, status, and 

uses of the agency’s resources and follows the rules for the Budget of the United States 

Government in accordance with Office of Management and Budget OMB Circular A11, Preparation, Submission, and Execution of the Budget. 

The statements are a requirement of the Chief Financial Officers Act of 1990, the 

Government Management Reform Act of 1994, the Accountability of Tax Dollars Act of 

2002, and other applicable legislation. They have been prepared from, and are fully 

supported by, the books and records of AmeriCorps in accordance with the formats 

prescribed by Office of Management and Budget (OMB) Circular No. A-136, Financial 

Reporting Requirements, and with U.S. Generally Accepted Accounting Principles 

(GAAP) for federal entities as prescribed by the Federal Accounting Standards Advisory 

124
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL SECTION (UNAUDITED)

Board (FASAB). The financial statements and associated notes are presented on a 

comparative basis. Unless specified otherwise, all amounts are presented in thousands 

of dollars. 

D. Basis of Accounting 

Transactions are recorded on both an accrual accounting basis and a budgetary basis. 

Under the accrual method, revenues are recognized when earned, and expenses are 

recognized when incurred, without regard to receipt or payment of cash. Budgetary 

accounting facilitates compliance with legal requirements on the use of federal funds. 

The balances and activity of budgetary accounts are used to prepare the Statements 

of Budgetary Resources. 

E. Accounting for Intragovernmental and Transactions With the Public 

Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 4700, provides guidance for 

reporting and reconciling intragovernmental balances. The Statement of Federal 

Financial Accounting Standards (SFFAS 1), Accounting for Selected Assets and

Liabilities, defines recognition, measurement, and disclosure requirements for 

intragovernmental assets and liabilities. 

Intragovernmental assets and liabilities represent transactions that are made between 

Federal reporting entities. Intragovernmental assets are claims that other Federal 

reporting entities owe to AmeriCorps. Intragovernmental liabilities are claims that 

AmeriCorps owes to other Federal reporting entities. With the public assets and liabilities 

represent transactions with public entities, such as state and local government or any 

agency, office or department run by a state and local government. With the public 

assets are claims that public entities owe to AmeriCorps. With the public liabilities are 

claims that AmeriCorps owes to public entities. 

Intragovernmental asset and liability transactions should be reported separately from 

asset and liability transaction with the public. 

F. Fund Balance with Treasury 

Fund Balance with Treasury (FBWT) is an asset of a reporting entity and a liability of the 

General Fund. FBWT represents the aggregate amount of the agency’s accounts with

the Department of Treasury (Treasury) available to pay current liabilities and finance 

authorized purchases, except as restricted by law. AmeriCorps’ Fund Balance with

Treasury balances are primarily appropriated expenditure, receipt, revolving, trust, and 

deposit fund accounts remaining as of the end of the fiscal year. Appropriated funds 

recorded in expenditure accounts are available to pay current liabilities and finance 

authorized purchases. 

AmeriCorps does not maintain bank accounts of its own, has no disbursing authority, 

and does not maintain cash held outside of Treasury. Funds are disbursed for the 

agency on demand. 

125
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL SECTION (UNAUDITED)

For additional information see Note 2, Fund Balance with Treasury. 

G. Investment, Net 

AmeriCorps has the authority in accordance with the standards and requirements 

provided in TFM, Volume I, Part 2, to invest in U.S. Government securities. The securities 

include marketable Treasury securities and/or nonmarketable, market-based securities 

issued by the Bureau of the Fiscal Service. Market-based securities are Treasury 

securities that are not traded on any securities exchange but mirror the prices of 

marketable securities with similar terms. It is expected that investments will be held until 

maturity; therefore, they are classified as investment securities held to maturity and are 

carried at historical cost, adjusted for amortization of premiums and discounts. The 

amortization of premiums and discounts are recognized as adjustments to interest 

income using the interest method of effective interest amortization over the term of the 

respective issues. Interest on investments is accrued as it is earned. 

For additional information see Note 3, Investments, Net. 

H. Use of Estimates 

The preparation of the accompanying financial statements in accordance with 

generally accepted accounting principles requires management to make certain 

estimates and assumptions that affect the reported amounts of assets, liabilities, 

revenues, and expenses. Actual results could differ from those estimates. 

I. Contingencies 

Liabilities are deemed contingent when the existence or amount of the liability cannot 

be determined with certainty pending the outcome of future events. AmeriCorps 

recognizes contingent liabilities in the accompanying balance sheet and statement of 

net cost when it is both probable and can be reasonably estimated. AmeriCorps 

discloses contingent liabilities in the notes to the financial statements when the 

conditions for liability recognition are not met or when a loss from the outcome of future 

events is more than remote. 

J. Reclassification 

Federal agency financial statements, including AmeriCorps, are included in the 

Financial Report of the U.S. Government (Financial Report). The FY 2022 FR will be 

published by The Bureau of Fiscal Service upon its release. 

Certain FY 2021 and 2022 balances have been reclassified, retitled, or combined with 

other financial statement line items for consistency with the current year presentation. 

K. Trust Service Award Liability 

The Trust Service Award Liability represents unpaid education awards and eligible 

student loan interest forbearance costs, which are expected to be used upon 

126
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL SECTION (UNAUDITED)

certification. These amounts relate to participants who have completed service based 

on AmeriCorps’s historical experience.

L. National Service Award Expense 

Members serving in approved national service positions are eligible to earn a service 

award to pay for qualified education expenses. The National Service Trust also pays 

interest forbearance costs on qualified student loans during the period members 

perform community service. 

M. Classified Activities 

Accounting standards require all reporting entities to disclose that accounting 

standards allow certain presentations and disclosures to be modified, if needed, to 

prevent the disclosure of classified information. 

NOTE 2. FUND BALANCE WITH TREASURY (UNAUDITED) 

The Fund Balance with Treasury (FBWT) is an asset account that shows the available 

budget spending authority for AmeriCorps. Collections and disbursements increase or 

decrease the balance in the FBWT account. Funds are available only for the purposes 

for which they are appropriated, and AmeriCorps reports changes to this account to 

the Treasury through monthly reporting. 

Fund Balance with Treasury account balances as of September 30, 2022 and 2021, 

were as follows (in thousands): 

Unaudited Unaudited 

2022 2021 

Status of Fund Balance with Treasury: 

Unobligated Balance 

Available 

Unavailable 

Obligated Balance Not Yet Disbursed 

Net of Unamortized Discount 

$ 452,352 

433,875 

540,193 

(1,073,357) 

$ 140,070 

480,503 

536,145 

(1,010,870) 

Total $ 353,063 $ 145,848 

No discrepancies exist between the Fund Balance reflected on the Balance Sheet and 

the balances in the Treasury accounts. 

The available unobligated fund balances represent the current period amount 

available for obligation or commitment. At the start of the next fiscal year, this amount 

will become part of the unavailable balance as described in the following paragraph. 

The unavailable unobligated fund balances consist primarily of funds that are 

precluded from obligation by law. These balances are available for upward 

adjustments of obligations incurred only during the period for which the appropriation 

was available for obligation or for paying claims attributable to the appropriations. 

The obligated balance not yet disbursed includes accounts payable, accrued 

expenses, and undelivered orders that have reduced unexpended appropriations but 

have not yet decreased the fund balance on hand. 

127
FINANCIAL SECTION (UNAUDITED)

NOTE 3. INVESTMENTS, NET (UNAUDITED) 

Investments, Net as of September 30, 2022 consist of the following (in thousands): 

Unaudited 

Intragovernmental: Cost 

Amortization 

Method 

Amortized 

(Premium) 

Discount 

Interest 

Receivable 

Investments, 

Net 

Market 

Value 

Disclosure 

Market-based 

Bills $ 545,381 Interest $ 3,370 $ - $ 548,751 $ 546,166 

Notes 527,977 Interest 1,456 183 529,616 518,589 

Total $ 1,073,358 $ 4,826 $ 183 $ 1,078,367 $ 1,064,755 

Investments as of September 30, 2021 consist of the following (in thousands): 

Unaudited 

Intragovernmental: Cost 

Amortization 

Method 

Amortized 

(Premium) 

Discount 

Interest 

Receivable 

Investments, 

Net 

Market 

Value 

Disclosure 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market-based 

Bills $ 641,000 Interest $ 140 $ - $ 641,140 $ 641,141 

Notes 369,870 Interest 97 116 370,083 369,726 

Total $ 1,010,870 $ 237 $ 116 $ 1,011,223 $ 1,010,867 

NOTE 4. TRUST SERVICE AWARD LIABILITY (UNAUDITED) 

Individuals who successfully complete terms of service in AmeriCorps programs earn 

education awards, which can be used to make payments on qualified student loans or 

for educational expenses at qualified educational institutions. The education award 

generally must be used within seven years of completion date of an approved term of 

national service. If the education award is transferred to an eligible individual or is a 

Summer of Service award (which was available to youth enrolled in grades 6 through 

9), the use period is ten years. These awards, as well as interest forbearance payments 

on qualified student loans during the period members perform their service, are paid 

from the National Service Trust Fund. The Service Award Liability as of September 30, 

2022 and 2021 is as follows: 

Unaudited Unaudited 

(In Thousands) 

Cumulative Education Awards Earned 

Cumulative Interest Forbearance Earned 

Total Cumulative Awards Earned 

Less: Cumulative Awards paid 

Less: Discount for Usage and Statistics 

Total Liability for Awards Earned 

Total Liability for Awards not yet Earned 

$ 

2022 

4,490,202 

132,749 

4,622,951 

(3,399,052) 

(931,129) 

292,770 

46,991 

$ 

2021 

4,326,854 

132,417 

4,459,271 

(3,282,989) 

(869,041) 

307,241 

48,583 

Total $ 339,761 $ 355,824 

As of September 30, 2022 and 2021, the National Service Trust received $190.6 million 

and $208.3 million respectively (unaudited). Under the provisions included in its annual 

128
FINANCIAL SECTION (UNAUDITED)

appropriations and under 42 U.S.C. 12601a, AmeriCorps is also authorized to transfer 

additional amounts from subtitle C program funds to the National Service Trust to 

support the activities of national service participants. 

NOTE 5. NATIONAL SERVICE AWARD EXPENSE (UNAUDITED) 

Members serving in approved national service positions are eligible to earn a service 

award to pay for qualified education expenses. The National Service Trust also pays 

interest forbearance costs on qualified student loans during the period members 

perform community service. 

AmeriCorps estimates the expense for national service awards based on the increase in 

its cumulative service award liability during the year. The total service award liability as 

of September 30, 2021 and 2022 respectively, have been adjusted to reflect the fact 

that earned awards are not always used. 

Unaudited Unaudited 

(In Thousands) 2022 2021 

Estimated Education Awards $ 95,653 $ 44,782 

Estimated Interest Forbearance 5,109 2,351 

National Service Award Expense $ 100,762 $ 47,133 

NOTE 6. NET ADJUSTMENT TO UNOBLIGATED BALANCES (UNAUDITED) 

(In Thousands) 

Unaudited 

2022 

Unaudited 

2021 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unobligated Balance Brought Forward From $ 

Prior Year, October 1 $ 620,574 515,217 

Recoveries of Prior Year Obligations 152,096 64 

Other Changes in Unobligated Balances (233,957) (150,000) 

Unobligated Balance From Prior Year Budget 

Authority, Net (Discretionary and Mandatory) $ 538,713 $ 365,281 

129
 

 

Other Information (Unaudited) 

III. OTHER INFORMATION (UNAUDITED) 

A. SUMMARY OF FINANCIAL STATEMENT AUDIT & MANAGEMENT 

STATEMENT OF NO ASSURANCE 

Table 1. Summary of Financial Statement Audit 

Audit Opinion Disclaimer 

Restatement No 

Material Weaknesses Beginning 

Balance 

New Resolved Consolidat 

ed 

Ending 

Balance 

Migration to Shared 

Services 

1 1 

Internal Controls 

Program (FMFIA) 

1 1 

Trust Obligations and 

Liability Model 

1 1 

Recoveries of Prior Year 

Obligations 

1 1 

General Ledger 

Adjustments 

1 1 

Grant Accruals and 

Advances 

1 1 

Financial Systems and 

Reporting 

1 1 

Grant Undelivered 

Orders and Related 

Grant Expenditures 

1 1 

Non-Grant Undelivered 

Orders and Accounts 

Payable 

1 1 

Knowledge Gap 

throughout Financial 

Management 

Operations 

0 1 1 

Advances from Others 0 1 1 

Other Liabilities 1 1 

Total Material

Weaknesses

9 3 12 

Table 2. Summary of Management Statement of No Assurance 

Effectiveness of Internal Control over Financial Reporting (FMFIA §2) 

Statement of Assurance No Assurance 

Material Weaknesses Beginnin 

g 

Balance 

New Resolved Consolidate 

d 

Reassesse 

d 

Ending Balance 

Trust Fund Unpaid 

Obligations and Liability 

1 1 0 

Undelivered Orders –

Grant 

1 1 0 

130
 

 

Other Information (Unaudited) 

Effectiveness of Internal Control over Financial Reporting (FMFIA §2) (continued)

Beginning

Material Weaknesses Balance New Resolved Consolidated Reassessed Ending Balance

Undelivered Orders and 

Accounts Payable 

1 1 

Property, Plant, and 

Equipment 

1 1 

Fund Balance with 

Treasury 

1 1 

Financial Reporting 0 1 1 

Accounts Receivable 0 1 1 

Complementary User 

Entity Controls- Migration 

to Shared Services 

0 1 1 

Total Material

Weaknesses

5 3 2 6 

Effectiveness of Internal Control over Operations (FMFIA § 2) 

Statement of Assurance No Assurance 

Material Weaknesses Beginnin 

g 

Balance 

New Resolved Consolidate 

d 

Reassesse 

d 

Ending Balance 

Grant Operations 1 1 0 

Total Material

Weaknesses

1 0 

Conformance with Federal Financial Management System Requirements (FMFIA § 4) 

Statement of No 

Assurance 

Federal Systems conform 

Non-Conformances Beginnin 

g 

Balance 

New Resolved Consolidate 

d 

Reassesse 

d 

Ending Balance 

Total non-conformances 0 0 

Compliance with Section 803(a) of the Federal Financial Management Improvement Act (FFMIA) 

Agency Auditor 

1. Federal Financial 

Management 

System Requirements 

No lack of compliance noted, or 

Lack of compliance noted 

No lack of compliance noted, or 

Lack of compliance noted 

2. Applicable Federal 

Accounting 

Standards 

No lack of compliance noted, or 

Lack of compliance noted 

No lack of compliance noted, or 

Lack of compliance noted 

3. USSGL at Transaction Level No lack of compliance noted, or 

Lack of compliance noted 

No lack of compliance noted, or 

Lack of compliance noted 

Beginning Balance: The beginning balance must agree with the ending balance from the prior year. 

New: The total number of material weaknesses/non-conformances identified during the 

current year. 

Resolved: The total number of material weaknesses/nonconformances that dropped below the level of 

materiality in the current year. 

Consolidated: The combining of two or more findings. 

Reassessed: The removal of any finding not attributable to corrective 

actions (e.g., management has re- evaluated and 

determined that a finding does not meet the criteria for 

materiality or is redefined as more correctly classified 

under another heading). 

Ending Balance: The year-end balance that will be the beginning balance next year. 

131
Other Information (Unaudited) 

B. PAYMENT INTEGRITY

AmeriCorps reports its payment integrity information to OMB through the Annual Data 

Call and that information can be found on PaymentAccuracy.gov. 

A recovery audit program is not cost effective for AmeriCorps; therefore, it does not 

have actions around recovery auditor recommendations to report. 

132
 

Other Information (Unaudited) 

C. CIVIL MONETARY PENALTY ADJUSTMENT FOR INFLATION

The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which 

amended the Federal Civil Penalties Inflation Adjustment Act of 1990 (28 U.S.C. §2461, 

note), requires federal agencies to annually adjust the level of civil monetary penalties 

for inflation to improve their effectiveness and maintain their deterrent effect. The 

implementation of this law helps deter violations of law; encourages corrective actions 

for existing violations; and helps prevent fraud, waste, and abuse within the AmeriCorps. 

The civil monetary penalty adjustments for AmeriCorps are published as final rules in the 

Federal Register Additional supporting details about these penalties are available at 

Federal Register Volume 87, pages 2728-2729. 

Statutory 

Authority Penalty 

Year 

Enacted 

Latest Year 

of 

adjustment 

Current Penalty 

Level 

Sub- Agency/ 

Bureau Unit 

Location of 

Penalty 

Update 

Details 

Pub. L. 101-

121,Sec. 319, (31 

U.S.C. 1352); 

Pub. L. 93-113; 

42 

U.S.C. 4951, et 

seq.; 42 U.S.C. 

5060 

The penalty 

associated 

with Restrictions 

on Lobbying 

(45 CFR 

1230.400) 

1990 2022 The current 

range of civil 

monetary 

penalties 

related to 

Restrictions on 

Lobbying is 

from$22,022 

to$220,212. 

AmeriCorps* 87 Fed. 

Reg. 2728 

(Jan. 19, 

2022) 

Pub. L. 99-

509,Secs. 6101-

6104, 

100 Stat. 1874 

(31 U.S.C. 3801-

3812); 42 U.S.C. 

12651c12651d 

The penalty 

associated with 

the Program 

Fraud Civil 

Remedies Act 

(45 CFR2554.1) 

2006 2022 The upper limit 

for civil 

monetary 

penalties for 

the Program 

Fraud Civil 

Remedies Act 

of 1986 is 

$12,537. 

AmeriCorps* 87 Fed. 

Reg. 2728 

(Jan. 19, 

2022) 

*The Federal Register changes were posted under the Corporation for National and 

Community Service, which is the legal name of the AmeriCorps agency. 

133
Other Information (Unaudited) 

D. NATIONAL SERVICE TRUST FUND STATUS REPORT (UNAUDITED)

National Service Trust Fund Status Report 

The National Service Trust Fund (the Trust) was established by the National and 

Community Service Trust Act of 1993 (the Act), 42 USC 12601, et seq. to provide funds 

for Segal AmeriCorps Education Awards for eligible participants who complete 

AmeriCorps service. Funding comes from appropriations, interest earned, transfer of 

program dollars, proceeds from the sale or redemption of Trust investments, partnerships 

with other agencies, and funds collected from disallowed or improperly awarded 

Education Awards. The Trust is also authorized to accept gifts or bequests, Sponsorships, 

and funds from federal partners. Under the Act, funds are available to repay qualified 

student loans, pay educational expenses at qualified educational institutions, and 

repay eligible interest expense on student loans. 

The value of an education award depends on the term of service performed by an 

AmeriCorps member. For Program Year 2022, completion of a full-time term of service, 

requiring a minimum of 1,700 hours of service, entitles an AmeriCorps member to an 

education award of $6495. Completion of a part-time term, requiring a minimum of 900 

hours of service, entitles an AmeriCorps member to an education award of $3247.5. 

Reduced part-time terms, which provide awards of 365.52 to 2474.29, are also offered. 

The education award is indexed to the maximum federal Pell grant; therefore these 

amounts may change each year. 

Education awards earned by AmeriCorps members are generally available to be used 

for seven years from the completion of the service. Payments are made directly to the 

educational institutions and the loan holders as directed by the members and by the 

institutions. Trust funds are not used to pay member stipends or other grant costs. 

Beginning in Program Year 2010, AmeriCorps State and National and Silver Scholar 

members who are age 55 or older when they begin service may also transfer the 

education award to a qualified child, grandchild, or foster child. 

Table 1a shows the planned activity for the current Program Year and actual 

enrollments to date against the plan. Table 1b includes similar data on the prior 

Program Year for comparative purposes. Member positions (slots) classified as “Certified 

Not Awarded” have been approved by AmeriCorps' Chief Executive Officer for award 

to grantees, but for which the final grant award has not been executed. For budgetary 

purposes these positions are considered commitments in the Trust Fund. Positions 

classified as Planned not Certified have not yet been approved by the CEO. 

134
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information (Unaudited) 

Table 1a - AmeriCorps Member Position Award Activity 

Program Year 2022 

Program 

Awarded/ 

Enrolled 

Certified 

Not 

Awarded 

Planned Not 

Certified Total 

State & National 21,186 (7,799) (811) 12,576 

VISTA 3,885 2,129 237 6,251 

NCCC 711 63 666 1,440 

Total 25,782 (5,607) 92 20,267 

Table 1b - AmeriCorps Member position Award Activity 

Program Year 2022 

Program Certified Not 

Awarded 

Planned 

Not 

Certified 

Total 

State & National 326 - 75,095 

VISTA 817 - 6,251 

NCCC 343 - 1,360 

Total 1,486 0 82,706 

The 68,750 Trust positions planned for Program Year 2022 do not include an estimated 

1,350 AmeriCorps VISTA members (1150 full time and 200 Summer Associates) who 

elected an end-of-service stipend instead of an education award. Total estimated 

member positions for Program Year 2022, including VISTA members electing a stipend, is 

70,050. Member enrollment and slot data are periodically adjusted to reflect 

corrections and slot reconfigurations by grantees; therefore, they may change slightly 

from month to month. 

The 82,706 Trust positions for Program Year 2021 do not include an estimated 1,500 

AmeriCorps VISTA members (1,300 full time and 200 Summer Associates) who elected 

an end-of-service stipend instead of an education award. Total estimated member 

positions for Program Year 2021, including VISTA members electing a stipend, is 84,206. 

Of the 6,251 VISTA member positions in the Trust for 2021, 1,835 positions are for Summer 

Associates who receive a Trust award of $1,311. 

Trust Awards 

Since AmeriCorps' inception in 1993, AmeriCorps members have earned over $4.49 

billion in Segal AmeriCorps Education Awards and used over $3.27 billion of that 

amount to fund their education and repay student loans. In addition, AmeriCorps has 

made $132.74 million in interest forbearance payments. Approximately $628.35 million in 

education awards earned have expired without being used. The Trust obligation 

formula has been adjusted to reflect these expired awards. 

135
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information (Unaudited) 

Refilled Positions 

AmeriCorps policy allows grantees limited flexibility to refill positions vacated by a 

member who has served less than 30 percent of his or her service term, provided that 

the departing member had not earned a pro-rated education award. To prevent overenrollment, the policy includes “fail safe” triggers that restrict the overall number of refills

to no more than 5 percent of awarded positions and suspends refilling altogether if total 

AmeriCorps enrollment reaches 97 percent of awarded positions. Table 3 provides 

information on the number of positions refilled. Positions in Program Years 2010 and 

earlier can no longer be refilled. 

- Table 3 Number of Refilled Positions 

Program Years 

Fail2018 2019 2020 2021 2022 safe 

Trigger 

Number of Refilled Positions 998 714 624 351 13 N/A 

Refills as a Percent of 

Awarded State & National 1.50% 1.12% 0.99% 0.47% 0.02% 5% 

Positions 

State & National Enrollment 

as a Percentage of 86.9% 81.5% 80.4% 63.7% 30.4% 97% 

Awarded Positions 

Table 4 shows the most significant factors used to calculate Trust obligations on a 

historical basis. It is important to note that Program Year refers to positions awarded with 

a particular fiscal year’s grant funds. Positions are often filled in time periods after the 

year in which they are awarded. For example, a grantee may receive a grant in fiscal 

136
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information (Unaudited) 

year 2021 but not fill all positions until fiscal 2022. All positions related to this grant would 

be considered Program Year 2021 positions, irrespective of the fiscal year in which they 

are filled. The Reduced Part-time category below includes Reduced Halftime, Quarter 

time, Minimum time, and Abbreviated Time. 

Table 4 - Factors Affecting the National Service Trust Fund 

Program Year 

2018 2019 2020 2021 2022 

Member enrollments in 

the Trust 65,574 59,480 58,001 54,266 25,961 

Percent of members 

who earned an 

education award 

80.19% 84.38% 84.05% 79.51% 61.36% 

Percent of earned 

education awards used 60.75% 51.53% 41.48% 22.76% 13.39% 

Breakout of enrollment 

by term type: 

Full-time 48% 49% 47% 45% 58% 

Part-time 13% 12% 12% 11% 7% 

Reduced Part-time 39% 39% 41% 43% 34% 

The Program Year data used throughout these tables reflect all enrollments recorded 

through the reporting period. Prior year enrollment numbers may change slightly from 

time to time due to corrections or late reporting by grantees. The percentage of 

members who earned an award in Table 4 is calculated by taking the number of 

members who earned an award divided by the total number of members who have 

ended service. For example, for 2021: 

Enrolled: 54,266 

Still Earning: 8,156 

Completed: 46,110 (Enrolled less Still Earning) 

Awards Earned: 36,662 

% Earned: 79.51% (Awards Earned divided by Completed) 

Tables 5 and 6 present information on the budgetary resources and obligations of the 

Trust, including the Trust Reserve. The schedules present information on a budgetary 

basis, which represents the accounting used to determine compliance with the AntiDeficiency Act. AmeriCorps records Trust obligations at the time it awards AmeriCorps 

State and National grants or at the time it enters into an enforceable agreement with 

AmeriCorps VISTA and NCCC members. 

The amounts obligated in the Trust are based on the estimated value of the education 

benefit discounted for the estimated enrollment, earning and usage rate and the time 

value of money. For fiscal 2022, these factors are the ratio of 57.28% between 

137
 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information (Unaudited) 

authorized awards and ultimate payments, a ratio of 63.05% between awards 

expected for members currently earning and ultimate payments and a ratio of 78.37% 

between earned awards and ultimate payments. Under the National and Community 

Service Act, as amended, awards earned by members over age 55 can be transferred 

to an eligible beneficiary. For budgetary purposes we project that all transferable 

awards will eventually be used. Obligations are periodically adjusted to reflect current 

earning and usage projections." 

FEMA Corps is a unit of AmeriCorps' National Civilian Community Corps (NCCC) whose 

members are devoted solely to FEMA disaster response, and recovery efforts. The FEMAAmeriCorps interagency reimbursable work agreement provides for a service corps 

which compliments and supports FEMA's current disaster workforce. While FEMA 

provides funding for the Education Awards for the FEMA Corps members, they are 

shown in tables 5 and 6 as part of our budgetary and obligation activity. 

Table 5 – Schedule of Budgetary Activities (Unaudited) 

AmeriCorps 

National Service Trust 

Schedule of Budgetary Activity 

For the Year Ended September 30, 2022 

(in thousands) 

Recovery Act Other FEMA Corps General 

Fund/ARP Combined 

Funds Available, October 1 $ (1,971) (3) (3,430) (533,287) (538,691) 

Reserve Funds (3,500) (46,697) (50,197) 

Total Starting Funds $ (5,471) (3) (3,430) (579,984) (588,888) 

Budgetary Resources 

Fiscal Year Appropriation $ - - - (191,134) (191,134) 

Less Reserve 3,500 - - 46,697 50,197 

Program Funds Transferred - - - (46,928) (46,928) 

ARP Funds (148,000) (148,000) 

Unapportioned Interest (464) (464) 

Total Budgetary Resources $ (1,971) (3) (3,430) (919,813) (925,217) 

Less Payments/Refunds 

Payments $ 756 116,498 117,255 

Payments ARP Admin 785 785 

Refunds 1,216 1,216 

Net - - 756 118,499 116,824 

Total Available Funds $ (1,971) (3) (2,674) (801,314) (689,137) 

Less - -

Recommended Additional 

Reserve $ 153,432 153,432 

Unapportioned Interest 82,944 82,944 

Temporary Rescission 150,000 150,000 

Net Available Funds $ (422,017) 

138
 

 

 

 

 

 

 

 

Other Information (Unaudited) 

Table 6 – Schedule of Budgetary Activities (Unaudited) 

AmeriCorps 

National Service Trust 

Schedule of Trust Obligations 

For the Year Ended September 30, 2022 

(in thousands) 

Trust FEMA General Resources Recovery Act Trust Other Corps Fund/ARP Combined 

Fund Balance with Treasury $ 8,594.15 56 3,649 340,764 

Investments, Net - - 3,973 1,074,211 

Interest Receivable 1 - (0) 183 

Accounts Receivable - - - -

353,063 

1,078,184 

183 

-

Subtotal 8,595 56 7,622 1,415,158 1,431,430 

Less: 

Cumulative Trust Reserve $ (3,500.00) - - (46,697) 

Receivables Not Available for 

Obligation (1) - (23) (4,986) 

Unapportioned - - - (199,940) 

(50,197) 

(5,010) 

(199,940) 

Total Resources 5,094 56 7,599 1,163,535 1,176,283 

Unliquidated Obligations 

Education 

Awards $ (3,014.85) - (4,717) (510,130) 

Interest Forbearance (126) - (197) (21,255) 

(517,862) 

(21,578) 

Total Unliquidated Obligations (3,141) - (4,914) (531,385) (539,440) 

Commitments 

Education Awards - - - (9,984) 

Interest Forbearance - - - (416) 

(9,984) 

(416) 

Total Commitments - - - (10,400) (10,400) 

Funds Available for Obligation $ 1,953 56 2,685 621,750 626,444 

Enrollment Activity 

Table 7 presents cumulative data to date on Trust enrollments, education awards 

earned and used for Program Years 1994 through 2022 as well as Recovery Act 

positions. 

139
 

 

Other Information (Unaudited) 

Table 7 - Enrollment Activity 

Trust Enrollment Activity – Program Years 1994 through September 30, 2022 

Program Year Type 

Members 

Earning or Not 

Exited 

Earned an 

Award Did Not Earn Amount Earned Amount Used 

1994 Full Time 8 428,148 95,488 2,046,592,927 1,671,513,280 

through Part-time 7 136,865 61,651 322,112,976 229,644,325 

2012 Reduced Part-time 8 267,493 68,080 311,988,871 234,241,773 

Total 23 832,506 225,219 2,680,694,774 2,135,399,378 

2013 Full Time 0 32,239 4,805 173,385,567 144,682,847 

2013 Part-time 0 6,889 1,894 18,664,779 12,233,375 

2013 Reduced Part-time 2 20,517 4,796 27,591,639 19,365,760 

Total 2 59,645 11,495 219,641,985 176,281,982 

2014 Full Time 7 32,782 5,180 179,121,004 145,749,509 

2014 Part-time 0 6,746 1,916 18,555,164 11,350,649 

2014 Reduced Part-time 3 19,343 4,628 26,377,419 17,883,986 

Total 10 58,871 11,724 224,053,586 174,984,143 

2015 Full Time 15 31,593 5,576 174,727,451 135,415,533 

2015 Part-time 5 7,146 2,022 19,879,307 11,583,842 

2015 Reduced Part-time 1 18,492 4,051 25,602,748 16,706,919 

Total 21 57,231 11,649 220,209,506 163,706,294 

2016 Full Time 42 29,751 5,720 165,672,342 120,270,714 

2016 Part-time 0 7,381 2,196 20,689,179 11,346,882 

2016 Reduced Part-time 14 20,228 4,256 28,204,596 18,036,979 

Total 56 57,360 12,172 214,566,116 149,654,576 

2017 Full Time 15 28,236 5,858 157,493,228 108,523,580 

2017 Part-time 2 6,808 2,572 19,163,264 9,959,230 

2017 Reduced Part-time 2 19,905 4,238 28,013,195 17,095,673 

2017 Affiliate 1 413 35 135,154 32,542 

Total 20 55,362 12,703 204,804,841 135,611,026 

2018 Full Time 36 26,200 5,559 148,114,862 94,127,202 

2018 Part-time 1 6,058 2,243 17,289,962 7,907,062 

2018 Reduced Part-time 4 20,215 5,175 32,118,015 17,959,540 

2018 Affiliate 0 76 7 25,320 7,663 

Total 41 52,549 12,984 197,548,158 120,001,466 

140
 

Other Information (Unaudited) 

Table 7-Trust Enrollment Activity – Program Years 1994 through September 30, 2022 (continued)

Members Earning or Earned an 

Program Year Type Not Exited Award Did Not Earn Amount Earned Amount Used

2019 Full Time 

2019 Part-time 

2019 Reduced Part-time 

2019 Affiliate 

55 

3 

39 

0 

24,494 

5,739 

19,865 

12 

4,403 

1,373 

3,497 

0 

141,791,207 

16,322,139 

33,800,268 

4,116 

76,673,571 

6,137,658 

16,081,349 

1,029 

Total 97 50,110 9,273 191,917,730 98,893,608 

2020 Full Time 

2020 Part-time 

2020 Reduced Part-time 

2020 Affiliate 

62 

146 

143 

0 

23,244 

5,192 

19,948 

69 

4,004 

1,456 

3,729 

8 

137,651,378 

15,352,426 

36,296,396 

24,056 

60,248,805 

4,104,653 

14,162,611 

9,216 

Total 351 48,453 9,197 189,324,256 78,525,285 

2021 Full Time 

2021 Part-time 

2021 Reduced Part-time 

2021 Affiliate 

2,686 

1,782 

3,669 

19 

17,325 

3,018 

16,171 

148 

4,612 

1,289 

3,530 

17 

104,653,058 

8,979,121 

29,315,193 

52,134 

25,818,105 

895,204 

5,834,700 

4,999 

Total 8,156 36,662 9,448 142,999,505 32,553,008 

2022 Full Time 

2022 Part-time 

2022 Reduced Part-time 

2022 Affiliate 

13,831 

1,835 

7,518 

49 

432 

1 

1,241 

0 

843 

40 

171 

0 

2,560,579 

1,068 

1,702,032 

0 

218,573 

0 

352,193 

0 

Total 23,233 1,674 1,054 4,263,680 570,766 

Cumulative to Date 32,010 1,310,423 326,918 4,490,024,139 3,266,181,532 

141