Audit 11815

FY End
2023-06-30
Total Expended
$7.65M
Findings
8
Programs
13
Organization: Beloit College (WI)
Year: 2023 Accepted: 2024-01-16
Auditor: Rsm US LLP

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
8652 2023-002 Significant Deficiency Yes N
8653 2023-002 Significant Deficiency Yes N
8654 2023-002 Significant Deficiency Yes N
8655 2023-002 Significant Deficiency Yes N
585094 2023-002 Significant Deficiency Yes N
585095 2023-002 Significant Deficiency Yes N
585096 2023-002 Significant Deficiency Yes N
585097 2023-002 Significant Deficiency Yes N

Contacts

Name Title Type
YRL1VL5N6225 Stacie Scott Auditee
6083632250 Kelly Kirkman Auditor
No contacts on file

Notes to SEFA

Title: Federal Perkins Loan Program Accounting Policies: The accompanying schedule of expenditures of federal and state awards (Schedule) includes the federal and state award activity of Beloit College and Subsidiaries (the College) under programs of the federal and state governments for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines issued by the Wisconsin Department of Administration. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position, changes in net assets, or cash flows of the College. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10 percent de minimum indirect cost rate as allowed under the Uniform Guidance. The Federal Perkins Loan Program is administered by the College and balances and transactions relating to the program are included in the College's consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023 were $722,064. The Federal Perkins Loan Program expired September 30, 2017 and the College could not disburse Perkins loans to any student on or after October 1, 2017, except for subsequent disbursements of loans first disbursed between June 30, 2017 and September 30, 2017. The College will be liquidating its Federal Perkins Loan Program at the direction of the Department of Education. The liquidation will likely involve the College assigning all eligible outstanding loans to the Department of Education and the remittance of federal share of remaining Perkins cash assets to the Department of Education.
Title: Federal Student Loan Program Accounting Policies: The accompanying schedule of expenditures of federal and state awards (Schedule) includes the federal and state award activity of Beloit College and Subsidiaries (the College) under programs of the federal and state governments for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines issued by the Wisconsin Department of Administration. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position, changes in net assets, or cash flows of the College. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10 percent de minimum indirect cost rate as allowed under the Uniform Guidance. During the fiscal year ended June 30, 2023, the College issued new loans to students under the Federal Direct Student Loan Program (Assistance Listing Number 84.268). The loan program includes subsidized and unsubsidized Stafford Loans and PLUS loans. The value of loans issued for the Federal Direct Student Loan Program is based on disbursed amounts. The loan amounts issued during the year are disclosed in the Schedule. The College is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the College's consolidated financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the College at June 30, 2023.

Finding Details

Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.
Finding 2023-002: Special Tests and Provisions – Enrollment Reporting Criteria: Per 34 CFR 685.309(b) and 690.83(b)(2), Institutions must report any enrollment status changes for students within 30 days; however, if a roster file is used, then the College may use the roster file to provide the update within 60 days. Condition: One student’s enrollment status change was reported 14 days later than was required under the 60 days timeline. Cause: Beloit College uses the National Student Clearinghouse’s enrollment roster to report enrollment information which is then shared with the National Student Loan Database System (NSLDS). The student requested a later graduation date upon enrollment in a summer course. Subsequently, the student informed the College of the desire to graduate instead upon completion of the Spring 2023 semester, as originally planned. College subsequently submitted an ad hoc enrollment report to report the student’s graduation upon discovering the student was never reported as graduated, which resulted in a late reporting by 14 days. Effect: Noncompliance with federal regulations could result in the loss of future financial aid funding. In addition, not reporting enrollment status changes within the required timeframe can impact an individual student’s loan deferment and repayment schedule. Questioned Costs: None Context: One out of 13 students tested from a population of 130 students with enrollment status changes were not reported in the required timeframe. Repeat finding: Yes, finding 2022-002 Recommendation: We recommend that management consider continuing the use of the ad hoc reporting option in NSLDS for students determined to graduate late, as well as, implement a formal review process over reporting of graduated students’ enrollment status to ensure all students certified to have graduated are reported as such on a timely basis. Views of Responsible Official: Management agrees with this finding. Please see corrective action plan attached.