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 $278 million.
AmeriCorps has been unable to produce auditable financial statements for the last nine years. This year, independent auditors issued another disclaimer of opinion, reporting five material weaknesses and one significant deficiency and added two new recommendations. The auditors, however, verified that AmeriCorps took appropriate actions to close 4 of the 32 prior year recommendations. As a result of this audit, there are now 30 open recommendations.
