FAC Explorer

Audit 16105

FY End
2023-06-30
Total Expended
$35.99M
Findings
10
Programs
5
Organization: Park University (MO)
Year: 2023 Accepted: 2024-02-07
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
12074 2023-001 - - N
12075 2023-001 - - N
12076 2023-001 - - N
12077 2023-001 - - N
12078 2023-001 - - N
588516 2023-001 - - N
588517 2023-001 - - N
588518 2023-001 - - N
588519 2023-001 - - N
588520 2023-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $23.70M Yes 1
84.063 Federal Pell Grant Program $11.44M Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $471,993 Yes 1
84.033 Federal Work-Study Program $339,456 Yes 1
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $31,583 Yes 1

Contacts

Name Title Type
Z6RMFND8KLN9 Scott Fergerson Auditee
8165846352 Dustin Haywood Auditor
No contacts on file

Notes to SEFA

Title: Note 1: Basis of Presentation Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: Park University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Park University under programs of the federal government 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). Because the Schedule presents only a selected portion of the operations of Park University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Park University.
Title: Note 2: Summary of Significant Accounting Policies Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: Park University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3: Indirect Cost Rate Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: Park University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Park University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-001
Student Financial Aid Cluster U.S. Department of Education Federal Direct Student loans 84.268, Federal Work-Study Program 84.033, Federal Pell Grant Program 84.063, Federal Supplemental Educational Opportunities Grant 84.007, Teacher Education Assistance for College and Higher Education Grants 84.379 Award Year - Academic year 2022-2023 Criteria or Specific Requirement - The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires financial institutions to explain their information-sharing to their customers and to safeguard sensitive data (16 CFR 314). The Federal Trade Commission considers Title IV-eligible institutions that participate in Title IV Educational Assistance Program as "financial institutions" and subject to the Gramm-Leach-Bliley Act because they appear to be significantly engaged in wiring funds to consumers (16 CFR 313.3(k)(2)(vi)). Under 16 CFR 314, institutions are required to develop, implement and maintain a comprehensive information security program that address the implementation eight minimum safeguards. Condition - The University does not have a written information security program that addresses the minimum safeguards identified in 16 CFR 314.4(c)(1) through (8). Questioned Costs - None noted. Context - Through inquiry of management and review of information policies published on the University's website it was determined the eight requirements were not all included in a comprehensive policy. Effect - The University was not in compliance with the Gramm-Leach-Bliley Act . Cause - The University's policy was not finalized. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend management takes necessary steps to finalize a written information security policy which at minimum has the eight safeguards within 16 CFR 314. View of Responsible Official and Planned Corrective Actions - Management agrees with the stated finding and has implemented a corrective action plan.