Transcription of SAMPLE MANAGEMENT LETTER - Community Development …
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SAMPLE MANAGEMENT LETTER - Community Development …
SAMPLE MANAGEMENT LETTER . DISCLAIMER: The SAMPLE MANAGEMENT LETTER below is being provided by the Community Development Financial Institutions Fund (CDFI Fund) as a courtesy to Applicants to demonstrate the types of information and statements that may be found in MANAGEMENT Letters meeting the requirements of the CDFI/NACA Program Application. The MANAGEMENT LETTER submitted by an Applicant may include different information than that presented in this SAMPLE LETTER and should reflect the actual findings of the Applicant organization's audit. Please note that the text below is for demonstration purposes only and should not be relied upon by Applicant organizations or auditors for purposes of meeting any applicable federal, state, or local legal requirements or accounting standards.
Management should ensure the estimate of fair value of impaired loans and foreclosed assets is thoroughly documented and supported with the use of either external valuation (i.e., appraisal or broker opinion of value) or internal valuation of fair value.
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